February 5, 2010 - Auction Central News

Meltdown no more? Records fall as art sales surge

LONDON (AP) – It only took eight minutes for a wiry sculpture of a striding man to make history.

After a brief but intense bidding war involving at least 10 prospective buyers, Alberto Giacometti’s Walking Man I sold at Sotheby’s in London for just over $104.3 million, by a hair the highest price ever paid for an artwork at auction. [ACN Ed.- Skate’s Art Market Research wrote on Feb. 5, 2010 that, while reserving judgment, the Giacometti may or may not have set a new record, depending on which bank’s rate of exchange is used for the conversion.]

“We were euphoric when the hammer came down,” Melanie Clore, co-chair of Sotheby’s impressionist and modern department, said Thursday.

With good reason. More than a year after the global financial meltdown sent values plummeting, art masterpieces are again the commodity of choice for the world’s superrich, and jaw-dropping prices are back.

At current exchange rates, the sale price for Walking Man – which includes buyer’s premium – beats the previous auction record of $104.17 million paid in New York in 2004 for Pablo Picasso’s Boy With a Pipe (The Young Apprentice).

At the same Sotheby’s sale on Wednesday, Gustav Klimt’s landscape Church in Cassone sold for $42.4 million, almost double the expected price. Just over half the lots went for more than their highest pre-sale estimate.

On Monday, rival auction house Christie’s made a solid $121 million at its impressionist and modern sale, with Picasso’s Tete de Femme (Jacqueline) selling for $12.7 million, double expectations.

Christie’s said the results signaled “a buoyant market,” with previously reluctant sellers bringing masterpieces out of the woodwork and wealthy collectors eager to snap them up.

It all looked very different a year ago, when the hedge fund managers and private equity millionaires who had fueled the boom were reeling from the near-collapse of the global banking system.

On Sept. 15, 2008, Sotheby’s started a two-day auction of works by Britart star Damien Hirst that would generate almost $200 million and come to be seen as the end of an era. The same day, Lehman Brothers bank collapsed and the global economy tipped into crisis. The major auctions of contemporary art later that year generated at least a third less money than predicted and many works went unsold. Auction houses slashed prices as collectors held back from putting works up for sale.

Recently, there have been signs of a turnaround. Last November in New York, Sotheby’s sold Andy Warhol’s silk-screen painting 200 One Dollar Bills for almost $44 million, quadruple the pre-sale estimate. Overall, prices there and at Christie’s were stronger than a year earlier.

“I think that confidence will return even more with these big prices,” said Georgina Adam, editor at large of The Art Newspaper.

Experts caution that this week’s results don’t signal a return to the boom of the last decade, when even mediocre works sold for millions.

“I think it would be premature, and possibly stupid, to think that the art market is just going to race along,” said Judd Tully, editor at large of Art and Auction magazine. “I think it does indicate that there are at least a handful of ultra-rich individuals who want these world-class trophies.”

Sotheby’s attributed Giacometti’s high price to its rarity – the 1961 work is the only cast of the walking man figure created during the Swiss artist’s lifetime that has ever come to auction.

Sotheby’s did not identify the nationality of the work’s buyer, an anonymous telephone bidder. Speculation centered on what Adam called “the usual suspects” – Russian oligarch Roman Abramovich, who spent $120 million on two paintings by Francis Bacon and Lucian Freud in 2008; an American art-lover such as Microsoft co-founder Paul Allen; or a collector from a Gulf emirate such as Abu Dhabi, currently building branches of the Louvre and the Solomon R. Guggenheim museums.

The next test of the market will come next week, when the major London houses hold sales of contemporary art. Sotheby’s and Christie’s both predict they will make at least double last year’s tepid results.

Market-watchers are optimistic, but cautious.

“We had this extraordinary bubble in the art market, especially the contemporary art market, and I don’t think it has reinflated on the back of this one sale,” said Robert Read, head of art and private clients at insurer Hiscox.

“We have returned to normality, but we’d forgotten what normality was.”

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On the Net:

Christie’s: www.christies.com

Sotheby’s: www.sothebys.com

AP-WS-02-04-10 1452EST

Quest for clocks leads majority of collectors to trusted online sources

Signed Jean Knaeps, Liege (Belgium), this carillon clock with 24 bells has been rehoused in an 11-foot-tall Victorian oak case. Once owned by a clock museum, it sold at Tom Harris Auctions for $45,200. Image courtesy of Tom Harris Auctions.

NEW YORK (ACNI) – Any way you slice it, time is money. The adage certainly holds true for buyers and sellers of antique clocks, especially those who bid online at auctions through LiveAuctioneers.

Auctioneers are finding that collectors looking for higher-grade and scarce models are “winding up” at their sales online though LiveAuctioneers.

“It’s the convenience factor. A person can save time and expenses by staying at home and bidding through LiveAuctioneers,” said Tom Harris of Tom Harris Auctions, Marshalltown, Iowa.

“It you’re the winning bidder you have the expense of shipping, but it costs you nothing to try,” said Harris, who conducts antique and collectible clock auctions twice a year.”

Buyers save both time and money by searching for valuable clocks being offered at auctions.

“The availability of cream of the crop examples have prompted collectors to online auction portals like LiveAuctioneers,” said Dirk Soulis of Dirk Soulis Auctions, Lone Jack, Missouri.

Soulis believes potential buyers can accurately determine a clock is worth pursuing by examining its listing on LiveAuctioneers.

“You have the ability to post up to 10 images of an item, which can even give some indication of the movement,” he said, referring to the clock mechanism.

“The movement scares a lot of people. They want to see close-ups of the movement – very detailed,” said Jerry Holley, executive vice president and auctioneer at Dallas Auction Gallery. “They want to know if the movement is original to the case.”

Holley said that clock prices in general have slipped in recent years. “A lot of the American-made clocks are fairly common. Prices for the unusual, those in exceptional condition or by a rare maker draw the big buyers,” he said.

Kathleen M. Pica, auctioneer and owner of Auctions Neapolitan in Naples, Fla., said that clocks appeal to two distinct groups of buyers – collectors and individuals who are looking for a clock for decoration.

“For either group it helps to have fabulous-looking shots,” she said.

“Brand is very important. J.C. Brown clocks are very desirable for their cases, but collectors want the original works too,” she said, referring to the 19th-century Connecticut clock maker.

If pictures don’t provide adequate information, she advises asking the seller important questions.

Typical questions are:

What is the condition of the case?

Has the case been refinished?

If the clock is spring driven, in what condition are the springs?

Are parts broken or missing?

Have decorative elements been repainted?

“Surprisingly the question they don’t often ask is, ‘Does it run?’” said Gordon Converse of Wayne Pa., an auctioneer who has appraised antique clocks on PBS Television’s Antiques Roadshow for 10 years. Many collectors don’t often ask the seemingly obvious question about working order because they often have the ability to get a clock running with a thorough cleaning and oiling.

“They often want to know arcane details like the shape of the weights … to confirm their knowledge of what’s original,” said Converse.

Because clocks were in constant use, they are seldom found in perfect condition – finials get lost, glass breaks and parts stop moving. Collectors are not very forgiving, however, when it comes to condition.

“They measure the amount of restoration and it sells accordingly,” said Converse.

Soulis concurred, saying, “Most clocks have turned over a time or two since being in the hands of the original owner. A lot of people like to work on clocks and not all of them are qualified. Collectors want them fresh. … A repainted dial is the kiss of death.”

Pristine, original condition is the ultimate goal for clock collectors.

“That’s true whether it’s a hundred-thousand-dollar handmade clock or a hundred-dollar manufactured clock,” said Robert Cheney, director of Science, Technology and Clocks at Skinner Inc., in Marlborough, Mass.

“If the cataloging, condition reports and photographs are done right, collectors are pretty comfortable bidding online through LiveAuctioneers,” Cheney said.

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Watch for clock sales at these auction houses who us LiveAuctioneers’ Internet live-bidding services:

Auctions Neapolitan

Dallas Auction Gallery

Dirk Soulis Auctions

Gordon S. Converse & Co.

Patrizzi & Co. Auctioneers

Schmidt’s Antiques

Skinner Inc.

Tom Harris Auctions

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ADDITIONAL LOTS OF NOTE

Dallas Auction Gallery sold this 18th-century English chinoiserie long case clock for $5,000 in September. The black lacquered oak case has gilt chinoiserie decoration. It has a brass eight-day time and bell strike movement. Image courtesy of Dallas Auction Gallery.

The blue orb held aloft by two maidens contains the movement of this French Louis XV-style clock, which stands 28 inches high. The late-19th-century timepiece sold for $3,000 in September. Image courtesy of Dallas Auction Gallery.

Dating to the second half of the 19th century, this French boulle cased bracket clock in an ormolu mounted case stands atop its matching wall bracket. The clock, which has a two- train brass movement striking on a wire gong, sold for $1,900 in September. Image courtesy of Dallas Auction Gallery.

The original stencil decoration and reverse-painted glass remain intact on this circa-1830 American shelf clock. With carved paw feet and a wooden geared mechanism, it sold recently at auction for $574. Image courtesy of Gordon S. Converse & Co.

The reverse-painted glasses are original to this rare candlestick shelf clock, which has an ingenious ‘wagon-spring’ mechanism. It sold for $1,840. Image courtesy of Gordon S. Converse & Co.

One-weight regulator clocks, especially American-made models, are unusual and desirable. Dirk Soulis Auctions sold this one-weight regulator produced by Gilbert Clock Co. in Connecticut to an online bidder for $2,090. Image courtesy of Dirk Soulis Auctions.

Close-up shows the carved dog’s head on the Gilbert one-weight regular. Image courtesy of Dirk Soulis Auctions.

The Ithaca No. 3 1/2 double-dial parlor clock also gives the day and date. It sold at Dirk Soulis Auctions in November for $2,100. Image courtesy of Dirk Soulis Auctions.

Stages of Christ’s life, religious figures, Greek gods and Christopher Columbus are all depicted in this rare animated Black Forest astronomical clock in a golden oak case. Tom Harris sold this extraordinary clock at auction for $50,850. Image courtesy of Tom Harris Auctions.

TV director convicted of shoplifting antiques

CHARLOTTESVILLE, VA, (AP) – Veteran TV director and English baron Raymond DeVere-Austin has been convicted of petit larceny in Virginia for taking cast-iron statues from an antique store.

The 76-year-old, who also goes by the name Ray Austin, received a suspended six-month jail sentence Wednesday and must pay a $1,000 fine, The Daily Progress reported.

He was convicted of taking statues of Humpty Dumpty, a dog and a horse head from a shop in October. Neither DeVere-Austin nor his lawyer, David Thomas, returned calls seeking comment.

Austin has been a TV director since the 1960s. His credits include episodes of shows ranging from The Avengers and Hawaii-Five-O to Magnum, P.I. and JAG.

He is a baron by marriage to Wendy Devere-Austin.

AP-CS-02-04-10 0842EST

Hindman to conclude sale of artist Trova’s collection Feb. 10-11

Constant Mayer (French/American, 1832-1911) painted ‘The Mandolin Player’ in oil on canvas, 29 1/2 inches by 23 1/2 inches. The painting, which comes from a private Chicago collection, has a $4,000-$2,000 estimate. Image courtesy of Leslie Hindman Auctioneers.

CHICAGO – For the second time in as many months Leslie Hindman Auctioneers will auction property from the estate of acclaimed St. Louis sculptor Ernest Trova. LiveAuctioneers will again provide Internet live bidding for the Feb. 10-11 auction.

A self-taught artist, Trova lived all his life in Missouri. At age 20 his first painting was exhibited at the St. Louis City Art Museum to much critical and public attention, earning it recognition in Life magazine.

Trova is best known for his “Falling Man” series, which he created in 1964. The series was conceived for exhibition at the city’s bicentennial celebration, but much of it was later sent to New York City, with works eventually acquired by the Guggenheim Museum, Museum of Modern Art and Tate Gallery in London.

In 1975 Laumeier Sculpture Park opened to the public on 105 acres. Trova donated 40 of his sculptures to the park’s collection, where most are still shown today. Some larger works are on public display at St. Louis University and at the General American Life Building in downtown St. Louis.

The sale will also feature English and continental furniture, decorations and porcelain objects, among them the remainder of Trova’s Meissen figural groups.

The auction will be held Feb. 10-11 beginning at 11 a.m. Central both days at Hindman’s gallery at 1338 W. Lake St.

For details call John Walcher at 312-280-1212.

To view the fully illustrated catalog and sign up to bid absentee or live via the Internet during the sale at www.LiveAuctioneers.com.

Click here to view Leslie Hindman Auctioneers’ complete catalog.

ADDITIONAL LOTS OF NOTE

Titled ‘Lady and Lolly,’ this painting of a well-dressed lady and her companion is after a portrait by 18th-century English artist Thomas Gainsborough. The oil on canvas laid to board, 39 inches by 28 inches, has an $800-$1,200 estimate. Image courtesy of Leslie Hindman Auctioneers.

Luigi Zuccoli (Italian, 1815-1876) signed his ‘Afternoon Retreat’ lower right. The 39 1/2- by 31-inch oil on canvas has a $2,000-$4,000 estimate. Image courtesy of Leslie Hindman Auctioneers.

‘Chef of the Monastery’ by A. Tamburini (Italian, 1843-1908) is signed and inscribed ‘Florence’ at upper right. The 17 1/2- by 21 1/2-inch oil on canvas has an $800-$1,200 estimate. Image courtesy of Leslie Hindman Auctioneers.

‘River with Ducks’ is by William Hull (British, 1820-1880). The signed oil on canvas, 16 1/4 inches by 24 inches, carries a $800-1,200. Image courtesy of Leslie Hindman Auctioneers.

Compensation approved for Michael Jackson estate administrators

Michael Jackson, on his visit to the White House in 1984. Image courtesy of Wikimedia Commons.

LOS ANGELES (AP) – Two men administering Michael Jackson’s estate will receive a total of 10 percent of its profits minus several sizable assets, a judge agreed Wednesday.

Superior Court Judge Mitchell Beckloff approved the compensation for attorney John Branca and music executive John McClain, who have been administering the singer’s estate since shortly after his death on June 25.

Branca and McClain will each receive 5 percent of the estate’s profits, minus earnings from the recent This Is It movie and Jackson’s interest in lucrative Sony-ATV music catalog.

Beckloff approved the arrangement after discussing it with various attorneys representing Branca, McClain, Jackson’s children and the singer’s mother, Katherine Jackson.

None raised any objections to the arrangement.

Howard Weitzman, an attorney for Branca and McClain, said the men would be fairly compensated but likely receive less money than if they received guideline amounts for administering Jackson’s estate, which has an estimated value of more than $500 million.

“They will be fairly compensated,” Weitzman said.

Katherine Jackson’s attorney, Adam Streisand, agreed.

“I think that this is very reasonable,” he said. “There is an incentive for the executors to grow the business and that will, of course, affect their compensation.”

Weitzman noted that Branca represented Michael Jackson throughout his life and that McClain is a childhood friend of the singer.

Beckloff is retaining some oversight over the payments and scheduled a progress report for September. But he expressed faith in Branca’s leadership of the estate. The judge recalled a hearing last year in which Branca testified by phone about his business connections and a deal Jackson merchandise and a memorabilia exhibition.

“I found him extraordinarily impressive,” Beckloff said, noting that’s not a distinction he normally draws about people from a phone conversation.

AP-WS-02-03-10 1853EST

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