NEW YORK – In the wake of a disappointing auction of American furniture, folk art and prints at Christie’s New York on Sept. 30 and the cancellation of Sotheby’s fall Americana auction that had been scheduled for last month, collectors, dealers and auctioneers are attempting to make sense of these developments.
A release issued by Sotheby’s press office in New York stated, “As a company we are committed to offering tightly edited sales of high-quality works – a strategy that has proved successful in our spring and summer and summer sales. Given the importance of January in New York for Americana collectors, when clients travel from around the country to be here for auctions, shows and other events, we have decided this year to focus our efforts on building a strong sale during that season.”
While no one can foresee the future, there’s general agreement the state of the Americana market is one of the glass being half empty or half full.
“We’ve had some weakness and we’ve had some spectacular prices,” said Ronald Pook of Pook & Pook, Downingtown, Pennslyvania.
A Philadelphia Federal satinwood veneered mahogany games table, circa 1795, sold for $76,050, inclusive of the buyer’s premium, at their sale Oct. 2-3.
“There was competitive bidding between retail buyers,” said Pook, but only for the top items. “Dealers are not buying for inventory. Pieces that you could once count on selling for $5,000 are now selling for $3,000 or $2,500. It’s the middle market that’s weak,” he said.
Pook & Pook’s estimate for the Oct. 2-3 auction was $1.2 million to $1.9 million. It grossed $1.5 million with more than 90 percent of the lots selling.
Two days earlier, Christie’s sold 86 of 114 lots (75 percent), totaling $801,875. The presale estimate was $1.9 million. The top two items in the auction, a mid-18th-century Massachusetts Chippendale bombé chest of drawers (est. $500,000-$800,000) and a late-19th-century Canada goose decoy ($200,000-$400,000) failed to reach their reserves.
Cowan’s Auctions Inc. in Cincinnati also conducted an auction on Oct. 2-3, the second day of which consisted of American furniture, folk art, paintings and decorative arts.
While the auction cracked the $1 million mark, Wes Cowan noted “very spotty” prices in some categories.
“Considering the economic uncertainty, overall I was satisfied with the results,” said Cowan. “The top remains healthy and strong. The middle is still viable, but people are readjusting their sights on what they want to pay for it.”
The top in Cowan’s sale was a coin-silver racing presentation pitcher made by John Kitts & Co., which was in business in Louisville, Ky., from 1859 to 1878. The baluster form pitcher was decorated with a chased and repoussé running horse within a floral wreath on one side. Estimated at $2,500-$5,000, the prize pitcher sold for $25,850, inclusive of premium.
Cowan spoke of the democratization of antiques in the sense they have become available to the masses, largely through eBay.
“What most people think of as being antiques are objects from the third and fourth quarters of the 19th century that were made in factories for the middle-class market,” said Cowan, explaining the difference between common pieces and a masterpiece like a mid-18th-century secretary crafted by Rhode Island cabinetmaker John Goddard.
“I don’t believe the middle market will show strength anytime soon,” said Cowan. “The $150 American brilliant-cut glass bowl doesn’t exist anymore.”
Michael and Lori Eckles of Showtime Auctions, Woodhaven, Mich., see the same trend in the Americana they sell, which is focused primarily on general store, saloon, advertising and petroleum items.
“The great stuff brings what we call crazy money,” said Mike Eckles, citing a mahogany front and back bar made by Brunswick-Balke-Collender Co. that sold at their Oct. 3-4 auction. “Good ones sell for $15,000-$20,000 and better ones for $50,000-$100,000 and the best ones sell for crazy money,” he said.
In this instance the winning bidder paid $302,500 including premium. It was only the second time Eckles has sold the top-of-the-line Los Angeles model in 25 years. The bar was 24 feet long and included the matching liquor cabinet. The back bar featured supports between the mirrors in the form of two carved life-size female nudes.
“High-end items are looked at as great investments. Quality and condition must be there. If the quality isn’t there it’s a hard sell these days,” said Eckles.
To attract more bidders Eckles has been promoting a “featured collector” who consigns top merchandise to a particular auction. “We feature a collector with the most items to sell, usually an entire collection. They’re often longtime collectors motivated by financial hardship or health problems,” he said.
Despite the uncertainty in the market, Showtime will add two phone, absentee and Internet-bid auctions next year in addition to their big spring and fall auctions in Ann Arbor, Mich.
The most recent Americana results came from Dan Morphy Auctions of Denver, Pa., which conducted an Oct. 8-10 auction featuring the Joseph and Lilian Shapiro Americana and folk art collection. “The sale did over $1.5 million (inclusive of buyer’s premium), and the usual factors came into play – rarity and condition,” said Morphy’s owner and CEO, Dan Morphy. “We specialize in genuinely fresh to the market collections that have been held for many years. When the quality is there and the antiques legitimately have not been available to the public for several decades, the collectors don’t hold back. They buy.”
Antique advertising signs, salesman’s samples and an extraordinary collection of decorative 19th-century folk art “bride sticks” (implements once used to push down laundry into washing water) generated tremendous presale interest, said Morphy. “A beautiful 1890s paper sign advertising Soapine Soap, which previously had been displayed in the president’s office at Kendall Manufacturing in Providence, Rhode Island, hit the midpoint of its estimate at $17,250. It was a rare and spectacular example.”
Morphy said he was especially pleased to see participation from new buyers as well as adventurous activity from well-established collectors. “One man whom I did not know drove up from North Carolina specifically to bid on – and buy – an antique Pepsi-Cola sign,” Morphy said. “And a New York buyer who is known for collecting something entirely different apparently took a shine to the collection of antique talcum, spice and other advertising tins in the sale and ended up buying 183 lots. The established collectors for talcum tins, in particular, were blown away by the prices. Some had left bids in the $2,000 to $3,000 range for tins estimated around $600, and even then they didn’t get the tins.”
Morphy intends to show his appreciation to the New York buyer by personally delivering the tins to him. “It’s just another way of keeping the auction business vibrant and strong. I’ll personally deliver purchased goods to anyone who spends $100,000 or more in one of my sales.”
Catherine Saunders-Watson contributed to this report.
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