Preliminary Results from Americana Week Auctions

On Friday and Saturday Christie's and Sotheby's held their annual Americana week sales. I only have preliminary numbers, and have not yet analyzed percentages of lots sold and sales results versus estimates for 2009, but I hope to have that posted within a few days.

Day one of the Sotheby's sale including American silver and Chinese export totaled $1.83 million, day two of the sale held on Saturday the 24th with mostly furniture totaled $4.35 million. The Laomond single owner sale of fine and decorative arts totaled $1.53 million. Sotheby's total for the American week auctions was $7.71 million. I do know one of the big dollar value items, the Old Jake weather vane, circa 1850 of Winchester VA failed to sell. The estimate on Old Jake was $3-$5 million.

This year the Sotheby's Americana sale had 338 lots, and the Lamond single owner sale had 106 lots for a total of 444 lots.By comparison, the total for Sotheby's two Americana week auctions of 2008 was $13.89 million, This years sale brought about half of last years totaled. I will say, that I believe there was not only more lots, but better offerings at last years sale. I also wish to see the buy in rate for 2009. The 2008 sales had 462 lots, and sold 345, selling about 75% of the lots in the two auctions.

The Christie's2009 important American Silver sale totaled $996,100.00, and the American Furniture and Folk art sale totaled $2.97 million. On the 21st Christie's held two other auctions connected to Americana week, including Chinese Export Porcelain, which totaled $1.45 million, and the Hodroff Collection Part III, totaling $897,587. For an Americana week total of around $6.32 million. The highest selling item at the group of Christie's sales was the George Washington portrait by Charles Peale Polk at $662,600.00 (see image).

In 2008 Christie's had a rather incredible assortment of property and between two single owner sales, the American Furniture and Folk art sale, and the American Silver Sale Christie's and Hodroff Part II totaled over $21.26 million with 1151 lots offer and 993 lots selling. About 86% of the lots selling.

A rather large difference in sales figures, the number of lots Christie's offered this year was much smaller than in 2008. I believe both Christies and Sotheby's had an overall lower level of quality as well.

Remember, all lots prices quoted include buyers premiums, typically 25% on the first $20,000.00, 20% up to $5000,000.00 and 12% thereafter.

At first glance when compared to 2008 the sales seem to be a setback. But we have to consider the number of lots offer, the buy in rate, and the quality of merchandise as well as the state of the economy. So lets not rush to judgment. As soon as I have more details and analysis of the 2009 sales I will post, but I wanted to get some of the early figures out. I hope to have low estimate totals compared to actual sales as well as number of lots offer to sold.