Results: Sotheby's American Sales

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The consolidated results are in and Sotheby's had good, and probably successful, but not great round of sales.The three main sales totaled $14.4 million (including buyers premium), beating the pre sale low estimate of $11.5 million. According to early reports in the Art Newspaper, the pre sale high estimate was $23.7 million, so the sales did beat the low estimate but were still pretty far off of the pre sale high estimate total.

The Important Americana sale offered 447 lots with 299 selling and 148 being bought in for a sell through of 66.9%.  That is just a fair sell through rate, and should be higher for this important sale.  The total sales were $7.6 million and the top lot was a Chippendale Cherrywood chest of drawers (see image), estimated to$250,000 to $700,000 selling for $872,500 (including buyers premium). Seven of the top ten lots sold for about the high estimate, the other three within the pre sale range.

The Hascoe sale brought $5,44 million with 407 lots offered, 375 selling and 32 passes. This is a very respectable 92.1% sell through rate.  As we have seen in the past, quality single owner sales have done very well at the upper end of the auction market.  Seven of the top ten lots sold for above the pre sale high estimate, with the other three falling with the pre sale estimates.

The third sale as also a single owner sale but not on the level of the Hascoe property.  The sale offered 132 lots with 96 selling and 36 being passed on for a sell through rate of 72.7%.  Only one lot in the top ten sold for above the pre sale high estimate.

Sotheby's stated about the sales

The day began with the auction of Important Americana from a Private Collection, which brought just under $1 million. The second session of the Important Americana sale in the afternoon was led by An Important Searls Family Chippendale Highly Inlaid Cherrywood and Mahogany Chest of Drawers, Attributed to Nathan Lombard, Sutton, Massachusetts, circa 1800, which achieved $872,500 and was the top lot of the sale (pre-sale est. $250/700,000). Few other comparable American chests are known with a shaped front and ambitious inlaid decoration of this exceptional quality. By the end of the day, the Important Americana auction brought $7,959,947 in total.

Saturday saw additional American furniture that greatly exceeded pre-sale expectations: A Very Fine Federal Flame Birchwood-Veneered and Ivory-Inlaid Mahogany Dressing Table, Attributed to Judkins and Senter, Portsmouth, New Hampshire, circa 1805 from a Massachusetts family soared past its pre-sale high estimate of $30,000 to achieve $278,500, while The Important Wells Family Diminutive Chippendale Carved Mahogany Marble-Top Mixing Table, New York, circa 1765 more than tripled its high estimate to bring $230,500.