The Boston Globe‘s Virginia Bohlin gets the facts and figures from last month’s Americana sales down on paper:
Sotheby’s racked up more than $7.7 million and Christie’s more than $6.3 million, together accounting for more than $14 million in sales during Americana Week in New York last month. A hefty sum, especially in this economic climate, and yet it was millions under the presale estimates. Sotheby’s estimate was in excess of $10 million and Christie’s $9.3 million-$15.1 million.
Although the auctions were fully attended, the buy-in rate was higher than usual. Of the 338 lots offered at Sotheby’s Americana Auction, 145 did not sell, and at Christie’s American Furniture and Folk Art Auction, 73 of the 207 lots offered failed to find buyers.
Heft Meeting Thrift at the Auctions (Boston Globe)