Update - Leigh Keno and the Philadelphia High Chest

On Monday I posted on the AW blog about Leigh Keno selling his Biddle-Drinker Family High Chest through Christie's Americana sale. If you may recall, I was wonder why Mr. Keno was selling through auction and not his New York City gallery. After Mr Keno purchased the high chest he stated "everything about it was right. It had never been cleaned. It had all its original pierced brasses, finials and carving (except for the tip of the cartouche). He saw that it matched a 1753 Colonial Williamsburg high chest that is signed by the Philadelphia Quaker cabinetmakers Henry Clifton and Thomas Carteret." It sounded like Mr. Keno thought he had purchased the high chest at a bargin price and it likely would turn a nice profit when sold.

He paid over $700,000.00 for the high chest earlier this year, the estimated range for the high chest at Christies American sale was $600,000.00 to $900,000.00.

The high chest just sold a few minutes ago for $1,082,500.00 including buyers premium. Factoring a buyers premium and sellers premium, perhaps Mr. Keno broke even or perhaps made a small profit, even with carrying cost.

There are a lot of unanswered questions about why the chest was being sold at auction instead of through Mr. Keno's gallery, but one thing I can assume is, the final auction sales price at Chritie's is probably much lower than the asking price of the high chest when it was for sale in Mr. Keno's gallery.