Art at Auction: Shannon’s Results In, 10k buyer alive?
Sales results are in for Shannon’s Oct 29 Art Auction, and I have been puzzling over them for a few days. With just over 75% of lots sold (as compares to just under 70% for the previous sale), it bodes well for the art market. The offerings as a whole were quite exceptional, and it looks as though demand was robust, as many works in all ranges sold above the high estimate. The top lot of the sale, Colin Campbell Cooper’s 1927 oil “The Terrace at Samarkind” brought 456k, over its estimated range of 2-300k. All in all, I would say that this is a good example of a successful sale and would declare the market for good quality American paintings to be in stable health.
“Terrace at Samarkind”, Colin Campbell Cooper
Except for my earlier declaration that if the Tucker painting didn’t sell, it would be a marker for the death of the 10k buyer. Here’s what happened: The Tucker painting didn’t sell. So, how’s a girl to reconcile? The one pick that I had for gauging the health of the 10k buyer falls flat, while a whole host of other paintings in the same range perform well? There are a few variables that I can think of that might have had negative influence on the performance of the painting. The subject matter is New Mexico, and while that’s undeniably one of the factors that made it such a hot painting in the first place, the auction house is in Connecticut, which might not have led to the spirited bidding that may have taken place should the auction have been held in Santa Fe. And although the painting was new to the auction market, it may not have been new to the marketplace; in other words, it may have already been shopped around to the dealers most likely to drive the bidding, and overexposure in the art market can be deadly. I don’t know, In my eyes, it’s still as hot a painting as ever, and one that, if it is being offered post-sale, would be a smashing investment piece.
The verdict: 10k buyer lives, market for American Art alive and kicking!
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