Results: Sotheby's Antiquities Sale

Sometimes auction results can be misleading, and as we know sometimes statistics can mean many different things.  Sotheby's NY just held its Antiquities sale, with thier press release emphasizing the $17.5 million total, and stating it was three times the pre sale high estimate.  Sounds pretty good so far, but then as we look closer and deeper there were 102 lots offered with 79 selling for a 77.4% sold by lot rate.  The sell through rate is very respectable, so where is my issue.  The issue is, and what makes the sale numbers look a misleading as an across the board success is that the top three lots accounted for nearly $15 million of the $17.5 million in sales, or nearly 86% of the total.  Out of the 79 selling lots, 76 lots made a grand total of $2.5 million or just about $33,000.00 per lot.

The three top selling lots sold as follows with the pre sale estimates listed:

• $7.36 million against a pre sale estimate of $800,000 to $1.2 million
• $4.11 million against a pre sale estimate of $600,000 to $900,000
• $3.44 million against a pre sale estimate of $300,000 to $500,000 

Factoring out the three top lots, the sale performed pretty much as expected.  We may have another situation here of some great quality and rare items at the top end of the sale selling at premium prices, while the more average items fall into the same pattern of performing at a lower level.  Although it does not explain how Sotheby's missed on the three estimates, although it could be a bit of marketing to grab attention with unusually low estimates.  As appraisers know, auctions houses can try to manipulate pre sale estimates to their advantage in both selling and for publicity reasons.  It goes to show how subjective the fine and decorative arts marketplace is and how many perceive value differently. Buyers of the top ten included one institution, one US Trade, one Spanish collection, two listed as anonymous, one as a private collection, two as US private collections and two as anonymous private buyers.

The Sotheby's press release stated

In a packed salesroom at Sotheby’s this afternoon, a Marble Torso of an Emperor
(probably Augustus, Tiberius or Claudius), Roman Imperial, Julio Claudian, 1st Half of the 1st Century A.D., surpassed all expectations, selling for a remarkable $7,362,500, more than six times the high estimate of $1.2 million*. At least seven bidders in the room and on numerous telephones pursued the stunning piece, which was from an Austrian family collection. The salesroom erupted in applause when an anonymous bidder, participating over the telephone, cast the winning bid. The Marble Torso of an Emperor was included in a sale of Antiquities which totaled $17,479,940 (est. $3.2/4.8 million), the highest total for a sale in this category at Sotheby’s since December 2007. Of the lots that sold in today’s sale, nearly 90% achieved prices at or above their estimates.

The same Austrian family collection that consigned the aforementioned torso had also consigned Three Satyrs Fighting a Serpent, Roman Imperial, circa 1st century A.D., a rediscovered antiquity from the collection of one of the greatest arts patrons of all time – Lorenzo de’ Medici. As the only ancient sculpture confirmed to have been in ‘il Magnifico’s’ collection, competition was also fierce for the ancient treasure, which finally sold to an anonymous private buyer for $3,442,500, more than six times the high estimate of $500,000. The cover lot of the auction,
a Marble Bust of the Athena Giustiniani, Roman Imperial, circa 2nd Century A.D. was also among the highlights of the day, selling for $4,114,500, surpassing a pre-sale estimate of $600/900,000.