Update: Gilbert Stuart at $1 Million

A few weeks ago I mentioned an Athenaeum portrait of George Washington by Gilbert Stuart was going on sale at Cottone Auctions in Genesco, NY (click HERE to read original post).  The pres sale estimate was $200,000.00 to $300,000.00 and it sold for $1.06 million including a 15% buyers premium. The winning bidder was Jeff Bridgman, a dealer from York County, PA.

WGRZ TV reports

Bidding opened at $250,000 and quickly escalated to more than $700,000, when the action slowed down. Grant Holcomb, director of the Memorial Art Gallery in Rochester, was one of the last remaining participants, but bowed out when bidding reached about $750,000.

Jeff Bridgman, the owner of Jeff R. Bridgman American Antiques in York County, Pennsylvania, was the winning bidder.

Bridgman, who deals in antique American flags and American folk art, said that he knew the painting would sell for much more than the estimate of $200,000 to $300,000. While Stuart reportedly painted more than 100 portraits of Washington, they aren't available on the open market very often.

"There hasn't been one sold for five years," said Bridgman. "I'm very pleased."

While the final bid often exceeds the estimate, items don't always sell for more than expected. For example, a Tiffany floor lamp - which finished with the second-highest final bid of the nearly 300 items auctioned on Saturday - sold for $575,000, after being estimated at $500,000 to $800,000.

But based on art market trends and the historical significance of the painting, officials at Cottone Auctions thought the painting would be sold for between $400,000 and $600,000, said Matt Cottone, co-owner of the auction house.

The winning bid ended up being much more, breaking a record for Cottone Auctions. Previously, the most expensive item sold at the auction house was a James A. McNeill Whistler painting that was sold in July 2006 and had a final bid of $910,000.

"High-end pieces are bringing record prices right now," said Cottone.