{"id":41190,"date":"2020-12-28T14:47:00","date_gmt":"2020-12-28T19:47:00","guid":{"rendered":"https:\/\/rehs.com\/eng\/?p=41190"},"modified":"2020-12-28T14:47:00","modified_gmt":"2020-12-28T19:47:00","slug":"when-will-the-madness-stop","status":"publish","type":"post","link":"https:\/\/rehs.com\/eng\/2020\/12\/when-will-the-madness-stop\/","title":{"rendered":"When Will The Madness Stop?"},"content":{"rendered":"

Over the past few months, we have talked about the ridiculous amount of material the auction rooms are throwing into the market.\u00a0 They are even having sales that, to me, do not seem to make financial sense \u2026 here is a case in point. (w\/p = with the buyer\u2019s premium)<\/p>\n

\"white,<\/a>

Carnations in a Jar<\/p><\/div>\n

On December 7th<\/sup>, Sotheby\u2019s presented The World Around Us: Still Lifes by Robert Kulicke<\/em>, all of which were the property of A Distinguished Private Collector.\u00a0 I never heard of the artist, but when I saw the listing, I figured he might be one of those high-priced contemporary artists.\u00a0 So, I clicked through, and boy was I surprised.<\/p>\n

The online sale contained 32 lots, almost all of which did not impress me.\u00a0 Most of the works carried estimates in the $400 – $3,500 range.\u00a0 Lot 211 had the highest estimate of $6-8,000. My initial thought was, why are they presenting a standalone sale of this \u2018stuff\u2019?\u00a0 I can only assume that the \u2018Distinguished Private Collector\u2019 is important to them.\u00a0 Of course, I had to watch the sale to see what would happen.\u00a0 Would these works fly through the roof or fall to the floor?\u00a0 I will let you be the judge.<\/p>\n

\"two<\/a>

Pears<\/p><\/div>\n

The top work in the sale was Carnations in a Jar<\/em> that brought $9,000 ($11,340 w\/p \u2013 est. $6-8,000). In second was Pears<\/em> at $4,000 ($5,040 w\/p \u2013 est. $2-3,000); and in third was Table top Floral Still Life<\/em> at $3,500 ($4,410 w\/p \u2013 est. $4-6,000). Rounding out the top five were New Paltz, New York<\/em> at $1,900 ($2,304 w\/p \u2013 est. $1-1,500) and Flowers<\/em>, which made $1,600 ($2,016 w\/p \u2013 est. $2-3,000).<\/p>\n

By the end of the small sale, of the 32 works offered, 24 sold (75% sell-through rate), and the total take was $37,800 ($47,628 w\/p).\u00a0 The low end of their presale estimate range was $49,600, so they really missed the mark, even when you add in the buyer\u2019s premium \u2013 just so you know, when you add in their 26% buyer\u2019s premium to the estimate range, it bumps that number up to $62,496.<\/p>\n

\"pink,<\/a>

Table Top Still Life<\/p><\/div>\n

Of the 24 sold works, 17 were below, 4 within, and 3 above their estimate range, leaving them with an accuracy rate of just 12.5%!\u00a0 I guess the seller really wanted to get rid of these works since a majority of them sold well below their estimate range \u00a0— some, at less than half.<\/p>\n

Putting 32 works, by a little-known artist, into one sale is not a recipe for success. Do not get me wrong, I see nothing wrong with offering inexpensive works of art; however, over a period of time, these works should have been filtered into their general American sales.\u00a0 I bet you that the results for each work would have been a lot stronger.\u00a0 When will this madness (or better yet, stupidity) stop?<\/p>\n","protected":false},"excerpt":{"rendered":"

Over the past few months, we have talked about the ridiculous amount of material the auction rooms are throwing into the market.\u00a0 They are even having sales that, to me, do not seem to make financial sense \u2026 here is … More…<\/a><\/p>\n","protected":false},"author":21,"featured_media":41192,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[72,409,207,20],"class_list":["post-41190","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rehs-contemporary","tag-american-art","tag-auction-failures","tag-auction-news","tag-auction-results"],"yoast_head":"\nWhen Will The Madness Stop? - Rehs Galleries<\/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\/2020\/12\/when-will-the-madness-stop\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"When Will The Madness Stop?\" \/>\n<meta property=\"og:description\" content=\"Over the past few months, we have talked about the ridiculous amount of material the auction rooms are throwing into the market.\u00a0 They are even having sales that, to me, do not seem to make financial sense \u2026 here is … More...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/rehs.com\/eng\/2020\/12\/when-will-the-madness-stop\/\" \/>\n<meta property=\"og:site_name\" content=\"Rehs Galleries\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/RehsGalleriesInc\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/howard.rehs\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-28T19:47:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/rehs.com\/eng\/wp-content\/uploads\/2020\/12\/kulicke_carnations_in_a_jar.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1885\" \/>\n\t<meta property=\"og:image:height\" content=\"2122\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Howard L. 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