Sotheby's London just concluded its Russian Romanov Heirloom sale with some striking results. As many experts have been stating quality with provenance will bring out the best in collectors, this sale certainly supports these viewpoints. The Romanov Heirloom sale of Duchess Maria Pavlovna totaled $11.66 million. 110 lots were offered and all of the lots in the auction sold. A Faberge cigarette case (see image) was offered with estimates of $82,000.00 to $115,000.00, selling for $1.01 million including buyers premium. The final price paid was a record for a Faberge cigarette case. It was also the top lot of the sale.
Pre sale catalog estimates for the sale ranged from $984,000.00 to $1.5 million. The total of $11.66 million is rather impressive along with the 100% sell through rate for the items. According to Sotheby's only one lot did not top the catalog high estimate.
I cant emphasis more strongly the impact of quality and provenance in today's market place, and all appraisers should be aware of this. While lower quality and or middle market items may be suffering, the very top of the market in many segments remains vital and strong.
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