{"id":30149,"date":"2018-05-31T12:39:53","date_gmt":"2018-05-31T16:39:53","guid":{"rendered":"https:\/\/rehs.com\/blog\/?p=30149"},"modified":"2024-03-22T01:20:48","modified_gmt":"2024-03-22T05:20:48","slug":"the-americans-take-center-stage-in-new-york","status":"publish","type":"post","link":"https:\/\/rehs.com\/eng\/2018\/05\/the-americans-take-center-stage-in-new-york\/","title":{"rendered":"The Americans Take Center Stage In New York"},"content":{"rendered":"
\"image-georgia_okeeffe_hibiscus\"<\/a>

O’Keeffe<\/p><\/div>\n

Last week, we saw both Sotheby\u2019s and Christie\u2019s take their shot at the American Art market with sales in their New York bases. After seemingly endless sales from the weeks prior, expectations were mixed\u2026 and the results were modest at best.<\/p>\n

\"image-milton_avery_red_nude\"<\/a>

Avery<\/p><\/div>\n

Christie\u2019s was up first and leading the way, as expected, was Georgia O\u2019Keeffe\u2019s Hibiscus<\/em>. Painted in 1939, it came in with the highest estimate of the evening at $4-6M and hit the middle of the range with the help of the buyer\u2019s premium\u2026 the work realized $4.8M ($4M hammer). Behind that was one of the top performing lots of the evening\u2026 Milton Avery\u2019s Red Nude<\/em> more than doubled it\u2019s $1-1.5M estimate as it found a buyer at $3.01M. Rounding out the top three was Norman Rockwell\u2019s Piano Tuner<\/em>, which was actually a bit of a disappointment at $2.7M \u2013 Christie\u2019s had expected the work to bring between $3-5M\u2026 it fell well short of that range when you consider the $2.7M included the buyer\u2019s premium, putting the hammer price at $2.3M. In the end, the sale totaled $32.8M while selling 82% of the material offered\u2026 I wish I could tell you how that compared to the overall estimate range, but Christie\u2019s is a difficult nut to crack sometimes (I tried to figure it out myself, but Christie\u2019s pulls the unsold work from their website once the sale wraps up).<\/p>\n

\"image-rockwell\"<\/a>

Rockwell<\/p><\/div>\n

I am always wary when an auction house is evasive over the final results \u2013 the only press release they issued was lumped in with the Art of the Americas evening sale (Rockefeller collection from weeks prior), which certainly inflated the look of things as the headline boasted $141M for the \u201cSpring Season of American Art.\u201d All that said, I can\u2019t imagine things were too good\u2026 when anything good happens they shout it from the rooftops.<\/p>\n

(update: After writing my report, I was finally granted approval for them to release the presale estimate to me\u2026 Yay! It was $26.7-41.3M, so the $32.8M was towards the middle of that range\u2026 and again, remember the estimate range does not include buyer\u2019s premium and the above-stated total does – I\u2019ve always found that to be a misleading way to report this but hey, what can you do?)<\/p>\n

\"image-norman_rockwell_heel_and_toe\"<\/a>

Rockwell<\/p><\/div>\n

The following day, Sotheby\u2019s had their chance\u2026 they offered up a bulky 120 lot sale and the results showed that no one wanted the \u201cfluff.\u201d Easily taking the top spot was Rockwell\u2019s Blacksmith\u2019s Boy \u2013 Heel and Toe<\/em>, which sold for more than $8.1M ($7M hammer) on a $7-10M estimate. It\u2019s just one of the dozen-plus works that were being sold by the Berkshire Museum, which has caused a national controversy in recent months over museums deaccessioning donated pieces. In fact, this even brought about a small protest outside the auction house the morning of the sale! We can only speculate the impact this may have had on the final results\u2026 that said, only 3 of the 4 works from the museum in this sale found buyers, leaving Frederic Edwin Church\u2019s majestic Valley of Santa Isabel, New Granada<\/em> unsold (est. $5-7M) \u2013 that is the second failure from the museum\u2019s 13 works that have been offered so far (it\u2019s also worth noting that many of the ones that did sell, underperformed based on the auction house estimates\u2026 and yes, after the sale Sotheby\u2019s was able to negotiate a private sale of the Church to the Pennsylvania Academy of Fine Arts for an undisclosed sum).<\/p>\n

\"image-n_c_wyeth\"<\/a>

Wyeth<\/p><\/div>\n

Getting back to the matter at hand, works by NC Wyeth and Rockwell rounded out the top three as they both far surpassed their estimates\u2026 Wyeth\u2019s Portrait of a Farmer<\/em> sold to an American collector for just shy of $6M (est. $2.5-3.5M) and Rockwell\u2019s Boy Playing Flute Surrounded by Animal<\/em>s went to an anonymous buyer for a bit over $4M (est. $1.5-2.5M). At the end of the evening, they moved 80 of the 120 lots (66.67%) for a total of $43.3M\u2026 they were expecting between $40-60M, so they really needed the buyer\u2019s premium to make it into the range.<\/p>\n

\"image-norman-rockwell-boy-playing-flute\"<\/a>

Rockwell<\/p><\/div>\n

At a quick glance, it looks like Christie\u2019s had the better sale\u2026 they sold a higher percentage of the material, leaving just 15 unsold works compared to Sotheby\u2019s 40 \u2026 and they landed pretty close to the middle of the estimate range for the sale as a whole.\u00a0 But for a more accurate comparison of how the sold lots performed, we can look at the average price per lot sold \u2026 that would be about $475K at Christie\u2019s vs. $541K at Sotheby\u2019s.\u00a0 In addition, if we remove the unsold works from the equation we find that Christie\u2019s presale estimate comes in at $23.12-$35.88M with a total of $32.8M vs. Sotheby\u2019s at $27.6-$42.1M and a total of $43.3M.\u00a0 So, while the sale totals when compared to the overall estimate ranges give one impression, a deeper look at the results paint a slightly different picture.<\/p>\n","protected":false},"excerpt":{"rendered":"

Last week, we saw both Sotheby\u2019s and Christie\u2019s take their shot at the American Art market with sales in their New York bases. After seemingly endless sales from the weeks prior, expectations were mixed\u2026 and the results were modest at … More…<\/a><\/p>\n","protected":false},"author":5,"featured_media":30146,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[213,224,207,20,9],"class_list":["post-30149","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rehs-contemporary","tag-19th-century-american","tag-20th-century-american-art","tag-auction-news","tag-auction-results","tag-rehs-galleries-news"],"yoast_head":"\nThe Americans Take Center Stage In New York<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/rehs.com\/eng\/2018\/05\/the-americans-take-center-stage-in-new-york\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Americans Take Center Stage In New York\" \/>\n<meta property=\"og:description\" content=\"Last week, we saw both Sotheby\u2019s and Christie\u2019s take their shot at the American Art market with sales in their New York bases. 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