Sotheby's Canadian Sale Misses Mark

The Canadian Press is reporting the recent joint sale between Sotheby's and Ritchie's in Toronto again failed to live up to expectations. Some lots did well, but the sale overall was below most expectations. The Canadian Press reported the sale was expected to generate between $4 million and $5.5 million, and sold 70% of the lots for $3.5 million including buyers premium. Those items that did sell, apparently sold well, but there were still 30% of the 142 lots offered which failed to sell. The top selling lot was a Lawren Harris (see image) oil on board of mountain peaks in British Columbia which realized $175,000.00 including buyers premium.

As has been the case with many other recent auctions and sales, quality is selling, mediocrity in art is not. The catch is with the economy, can sales generate opportunities for those with quality fine and decorative arts to sell in this slow market. A case can certainly be made, that if the quality is there, the current economic situation will not hinder or, at the most have a minor impact on the final price.

The Canadian Press reports, Veteran Winnipeg-based dealer David Loch said that overall the auction was also "weak as far as the content of the paintings."

"You have to remember what we've gone through in the last little while," he said. "People would be very reluctant to put great paintings up for auction this time unless they had to ..."

"Why would you put something into an auction where the market is feeling a bit abused or hurt or whatever?"

Canada's fine-art market is also going through a price correction on previously overhyped paintings, says art collector Ash Prakash.

"The amazing thing that we have learned, even in this market, is that when something rare shows up, it will still stand up, but mediocrity will bring nothing forward, both in results and in interest," he said.

"There are certain iconic painters in Canadian art and the fact is, economic depression or recession aside, their work is genuinely, genuinely scarce, and when it shows up it will do well. It's the stuff in the middle that is subject to fluctuations based on the quality and the economic conditions."

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