Old Masters New Prices

Michelle Nicholls of Reuters is reporting on the NY Old Master sales being held at Sotheby's and Christie's later this month. The article is a good read for appraisers as it discusses a fair amount of price and validation issues and concerns on the part of the auction houses.

The Old Masters market has shown less volatility than some of the other categories, such as contemporary and modern. The hopes, based upon decent results at the Old Master sales in London during December are for a strong sale. According to the article, Sotehbys has cut reserves, lowered the number of items in the sale to increase quality and expects 70% of the items to sell.

Nicholls states Sotheby's Vice Chairman George Wachter told Reuters that by early October he knew he would have to cut as much mediocrity as possible from the January 29-30 New York sale, so 291 lots are on offer, about 120 less than last year.

"We cut out a tremendous amount of stuff and ... wherever I felt it was appropriate, I lowered estimates," Wachter said. He predicted the sale could earn about $75 million.

Wachter said a painting that might have been estimated to sell for $2 million to $3 million was lowered to $1.5-2.5 million, and art valued at $400,000 to $600,000 might be forecast to fetch $350,000 to $450,000.

At Christie's, which is holding it's New York Old Masters sale on January 28-29, Nicholas Hall, international department head for Old Masters, said several lots will have no reserve price.

"I think that will generate considerable excitement," he told Reuters.

Hall said Christie's has about 300 lots for auction and hopes to sell between $25 million and $35 million.

The Nicholls article in Reuters is an interesting and should be read by all appraisers. To read, click HERE.