Current American Art Auction News

(A running commentary on recent major sales we have participated in or observed. We may have acted as a buyer or seller in these sales, but no solicitation of art work offered by us is made or intended. We continue to recommend that investors deal directly with us rather than participate in auctions we review. Investment value is much too often sacrificed by those purchasing at auction without professional knowledge. Our purpose here is to comment on results to indicate market direction as suggested by price trends. We endeavor to provide factual commentary, but all information is personal opinion only and should be considered as such. All prices include buyer's premium--unless he hammer price is given.)

The Winter 2011/2012 American Art Auction Round Part III

Christie's (Nov. 30) once again trumped all comers with a magnificent sale on November 30. Prices for the round peaked as Oscar Bluemner's wonderfully color-bright 30 x 40 inch Red Farm at Pochuk (New Jersey), a giant canvas for this artist whose regular offferings barely exceed 4 x 6 inch mini's, sold for $5,346,500 (with premium), setting a record. Other records were broken as well with Louis Ritman, for example, adding $100K to his highest price on the sale of his Giverny oil, Maiden in the Garden for $542.5K--but note tight collector focus once again, as a similar maiden dressing in an interior room, estimated at $200K-$300K, passed at $150K. The focus on targeted items resulted in very poor sell through, with 48 lots passed out of 135, a very high 36% failure rate--despite what you hear from other art reporters of the cheer leader variety. And there were No-Names, like George Lovett Kingsland Morris and William Ritschel, squeezed in between the biggies. And squished in bidders may have reacted negatively, since this was a crowded sale held in a Christie's jerry-built gallery in their offices around the corner from the main salesroom. The American Art was rudely displaced in favor of Elizabeth Taylor's jewels--and who can complain when the movie-star gems saw five lots go for more than $10 million each, and ten lots for more than $1 million. Of course we don't think collectors should go crazy over celebrity wear--a trend that gained strength with Heritage's John Wayne sale that saw belt buckles estimated at $1K go for twice that. Don't throw intrinsic value to the winds--the buckle is only worth $10 as a buckle, and in fifty years when no one remembers John Wayne or even cares about him what will it be worth? Ditto abstract expressionism art with its smears, which is already peaking. The other big wins at Christie's included Church's magnificent luminist Twilight, which brought $3,218,500, more than twice the high estimate; Marsden Hartley's, Movement-Sails, was also strong beating a high estimate of $1.5M on a final price of $1.8745M. Two magnificent petal-paintings by Georgia O'Keeffe went in range, the first called My Autumn hit $2.7705M and Black Iris went for $1.4265M. A superb Cropsey set by Lake Champlain did well at $314.5K vs a high estimate of $250K--again reflecting strength earlier in the round. And Ernest Lawson's River through the Everglades surprised at $170.5K vs a high estimate of $150K. But note that Leutze's, Departure of Columbus, which--stimulated by the featuring of his Washington Crossing the Delaware in the Met's new American wing--brought $1,142,500,  still below a low estimate of $1.2M and sold--continuing a trend of sales below the low estimate even when buyer's premium is included. And speaking of going to the dogs, two of three hunting dog paintings by Perival Leonard Rosseau also went under the low estimate even with premium added. Negative surprises included Arthur Dove's ugly Yours Truly, which passed at $380K, below a low estimate of $500K; Heade without hummingbirds failed at $600K vs an estimate of $700K-$1M--again showing exactly what collectos want from this artist. Figural studies continued weak: Frieseke's Lady Trying on a Hat failed at $600K vs an estimate of $1M-$1.5M; Miller's Nude in Interior (a badly painted hard sell ) passed at $48K vs an estimate of $100K-$150K; Merritt Chase's Lady in White was passed as did his Portrait of a Lady; Hassam's Mrs. Hassam at Villiers-le-Bel passed (as did another Hassam Appledore coast work); Wilmer Dewing's Woman in Black also passed; along with Paxton's The Crystal; and Henri's Portrait of Loretta Hines Howard, his student once; and Fairfield Porter's Aline by the Screen Door also failed well below its estimate. Down Bucks County way, two of three Redfields went in range, inculding the bargain of the sale, Melting Snows, which brought $362.5K, and two of two Garbers sold below the low estimate even with premium added--a disturbing trend for those who think the reserve is set there. Lastly, the older Wyeth, with his book illustrations and history scenes was strong; and Grandma Moses beat the estimate once, went in range on a second work, but a third work passed--still suggesting colllector conservatism is now favoring American values.

Sotheby's (Dec. 1) was next, and this was the last sale for Dara Mitchell, who retired as Head of American Art, and has been replaced by Elizabeth Goldberg. Once again, collectors wanted just what they wanted, and 33 lots passed out of 112 offered, for a rounded 30% failure rate. That was despite a sharp rally in the stock market on the prior day. The slow pace of the sale was another problem with the auctioneer actually dropping below 60 lots per hour--the slowest speed we have ever seen--and indeed a major dealer remarked on what he called "the crawl." Absent as well from the auctioneer was any knowledge of what was being sold--not even a single joke about the artist. That isn't good for prices. Our prices here include buyer's premium--which can make a bigger difference than you might think. Consider that the star of the show, Marsden Hartley's untitled still life showing a potted flowering cactus sitting on red and white striped table top before a window opened on a Western desert/mountain landscape, was hammered down at $2.8M, nicely beating a high-end $900K estimate, and with buyer's premium cost $3.2185M--that's almost a million and a half more! The other main attraction was a group of four George Catlin originals from his Indian Chief portrait gallery that sold for approximately $1M each. Surprises were specific. La Farge's panel of Red Hollyhocks beat its high-end $700K estimate by more than a million, selling for $1.8745M. And Bierstadt's oil of a Trapper and Indian Guide almost doubled its high-end estimate of $80K at $158.5K. His rendition of the Old Faithful geyser also beat its high estimate by $100K at $446.5K. But other Bierstadt's failed to sell. Similarly, Homer's work, Orange Trees with Gate, with a high estimate of $700K went for $1.3145M, while anothe million-dollar Homer (Reverie) passed. Heade did well with his Orchids and Hummingbirds, which  easily doubled a high $700K estimate at $1.9865M! But another Heade passed--showing exactly what collectors want from this artist. Another still-life negative surprise was recorded when a beautiful Severin Roesen passed, and note that Harnett was passed throughout the round. Similarly a dull Sargent pencil portrait failed, along with figure studies by Tarbell and Benson, and Henri just made it with his first Irish child portrait (but his second in the sale didn't). But the biggest negative surprise was chalked up by Edward Hopper's watercolor set in Mexico, estimated at $800K-$1.2M, which passed at $725K. Hassam's Appledore Headland also failed at $440K vs an estimated $500K-$700K. Bellows passed along with Beecher Carles, however, Leon Kroll did well with a Glocester scene estimated at $70K-$100K, which did $170.5K. In the next generation, Avery's Crucifixion passed along with both Andrew Wyeth works. But Grandma Moses is still loved, with two pieces in range and her No School Today beating a high-end estimate of $200K at $374.5K. Results for Norman Rockwell were mixed, owing to subject, but our favorite, Couple With Milkman, showing wealthy depression-era nightowls confronted by an early morning delivery man, made it in range at $1.4265M. Finally collectors continued their love affair with Maxfield Parrish, with his Cascades going for $782.5K vs a high-end estimate of $500K.

News 15

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Clicking Here Will Take You To 2011/2012 Part I

Clicking Here Will Take You To 20ll/2012  Part II