Art Market Monitor

Global Coverage ~ Unique Analysis

  • AMMpro
  • AMM Fantasy Collecting Game
  • Podcast
  • Contact Us

American’s Lowered Expectations

October 6, 2011 by Howard L. Rehs

Howard Rehs specializes in 19th Century art at his family’s gallery, Rehs Galleries on 57th St. in New York.

The action is starting up and late this past month both of the main auction rooms in New York put their toes in the water with mid-level American painting sales. I viewed both sales and while a majority of the items offered fell into the ‘stuff’ category there were some interesting pieces.

The first sale took place on the 27th at Christie’s and taking top honors here was a small Milton Avery titled Porch View that made $158,500 (est. $60-$80K). Coming in second were Norman Rockwell‘s Girl in Spanish Costume (est. $80-$120K) and Thomas Eakins rather unattractive portrait of Mrs. Samuel Hall Williams (est. $8-$12K – yes $8-$12K) at $134,500 and rounding out the top three was Guy Wiggins‘ New York (est. $60-$80K and not a snow scene) at $128,500 – one of the nicer paintings in the sale, at least in my opinion.

There were also a few other works which I liked and most performed pretty well; these included an early J.G. Brown (est. $40-$60K) that brought $104,500; a small A.F. Tait of chicks (est. $12-$18K) that made $10,625; a large E.A. Payne titled Breton Boats ($50-$70K) that brought $92,500; Jack Gray‘s action packed On Deck of Medway in High Seas (est. $30-$50K) which commanded $80,500 and a very nice, but small, Jacobsen from 1876 (est. $7-$10K) that settled in at $18,750.

When the sale was done, of the 208 items offered, 133 sold and 75 were returned to their owners (64% sell-through rate) for a total take of $3.5M – the low end of the presale estimate was $3.1M so they beat it with the buyer’s commissions added in.

On the 28th, Sotheby’s presented their offerings in a two part sale. The first session was comprised of Folk Art, Silver and Furniture … not one I will cover here. The second session featured their mid-level American paintings and had a similar make-up to their competition – some good and then a lot of stuff.

Taking top honors here was an Elie Nadelman sculpture titled Two Female Nudes (est. $30-$50K) that brought $176,500; in second was a Gaston Lachaise sculpture titled Breasts at $104,500 (est. $12-$18K) and in third was Birger Sandzen‘s Autumn Symphony (est. $40-$60K) that made $74,500.

Among the other interesting works (at least those I liked) were 2 paintings by Dunbar Beck that each made $40,625 (est. $30-$40K); a small Francis C. Jones titled Classical Maiden (est. $15-$25K) that brought $28,125; and early Wiggins painting (est. $40-$60K – snow, but no flags) that sold for $62,500 and a Warner Friedman, from his Open Ended Cube series (est. $5-$7K), that fetched $9,375.

When all was said and done, of the 223 works offered, 126 sold and 97 failed creating a 56.5% sell-through rate and a total take of about $1.85M – the low end of the presale estimate was $2.25M; so even with the buyer’s premium added in, they fell far short of their goal.

What these sales continue to show is that the really good paintings, those that are classic examples, in good condition and from the right periods, are still highly sought after and will perform well.

 

More from Art Market Monitor

  • Beneath the Big Names in American Art Lurk Extraordinary BargainsBeneath the Big Names in American Art Lurk Extraordinary Bargains
  • Sotheby's Am Paintings = $27.1mSotheby's Am Paintings = $27.1m
  • Christie's Am Paintings = $22.2mChristie's Am Paintings = $22.2m
  • Randolph Students Still Upset Over Art SaleRandolph Students Still Upset Over Art Sale
  • Wyeth Pops at Christie'sWyeth Pops at Christie's
  • Christie's American Paintings = $3.065mChristie's American Paintings = $3.065m

Filed Under: Auction Results Tagged With: American Paintings

About Howard L. Rehs

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

Top Posts

  • Keith Haring’s 1989 Retrospect Comes to Sotheby’s London Prints Sale
  • Restituted Van Gogh Portrait from London Collection to Sell at Christie’s
  • Tony Podesta's Secret Art Buying
  • Norman Rockwell's Not Gay. But Is He a Great Artist?
  • Four of Picasso's Women Valued at $28m Come to Christie's from Rose-Walters Collection
  • Roy Lichtenstein’s Top Ten Auction Prices
  • How to Chant Like an Auctioneer
  • Christie’s to Sell Its First Fully Digital Work of Art in Test of Emerging Market
  • Basquiat's Last Girlfriend
  • Podcast
  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor