Art Market Subtleties

Sometimes it is hard to define what happens in the art market.  The uniqueness, subjectivity, value systems, and economic issues, plus many more factors can all come into play.  At at times, it can be hard to explain the nuances and subtleties of the art market. Currently, we have seen trends where the top end of the market has been very strong.  Qualtiy items with good provenance have been selling at premiums.

For example, Christie's was selling Maxfield Parrish's Daybreak, painted in 1922 owned by divorcing couple and movie acotr Mel and his wife, Robyn Gibson.

One makes this particular transaction interesting is we can track several recent sales.  First, the Parrish sold in 2006 to Gibson for a then Parrish auction record of $7.6 million. It was previously on the market 10 years earlier at Sotheby's when it sold for $4.3 million.  It recently sold at Christie's out of the Gibson collection for $5.2 million.  Well within the estimate of $4 to $7 million.

Perhaps it was over exposrue, but being owned by Mel Gibson and his wife did not seen to help, nor did the idea of it being considered one of Parrish's best and more famous works.  In today's market, it would typically be expected, given the quailty and provenance that the painting would have done better. Just when you think you have things figured out the exception to the rule comes along.

It is an interesting valuation chronology for the appraiser to consider and without further study, certainly shows the subjectivity of the art market and buyer/collector motivations.