Leigh Keno and the Story of a Philadelphia High Chest

For those of you who attended the fine and decorative arts star studded ISA Annual Conference this past April in Baltimore you may recall Lita Solis Cohen of Maine Antique Digest commenting upon a Chippendale Philadelphia High Chest which had recently been auctioned in New Orleans. The story of the high chest which was purchased by New York Americana dealer Leigh Keno was also prominently included in Maine Antique Digest and now, just recently by the New York times.

The NY Times, recently reporting on the high chest, states "When the high chest arrived in New York, Mr. Keno sat and stared at it for two hours. He said everything about it was right. It had never been cleaned. It had all its original pierced brasses, finials and carving (except for the tip of the cartouche). He saw that it matched a 1753 Colonial Williamsburg high chest that is signed by the Philadelphia Quaker cabinetmakers Henry Clifton and Thomas Carteret." It appears the Mr. Keno was very taken with the high chest, its form, carving and originality.

The New Orleans auction house which sold the high chest incorrectly cataloged the piece as a revival example and had a published estimate of $4,000.00 to $7,000.00. The high chest was hammered down at $660,000.00 ($731,000.00 with premium) to Leigh Keno, with New York dealer Frank Levy of Bernard & S. Dean Levy the under-bidder. It is obvious word got out that the high chest was not as cataloged, and was in fact a period Chippendale Philadelphia high chest in a very original state of preservation.

Now the story starts to get even more interesting. The Philadelphia high chest is now being offered for sale in the Christie's New York, September 25, 2008 Americana sale by Mr. Keno. The estimate is $600,000.00 to $900,000.00.

The questions for connoisseurs and appraiser is why is Mr. Keno not selling the high chest at his New York gallery. Given Mr. Keno's stature within the antique trade, I would assume he would have the means to carry the chest in inventory and the ability to place it with a sophisticated collector of Philadelphia Rococo furniture. Should the chest sell at the low to middle range of the estimate, and factoring in a sellers commission, it appears Mr . Keno might take a loss on this particular transaction. Perhaps Chirstie's is intentionally listing a low estimate to generate interest and discussion (which is working, at least on the AW blog), or perhaps there are other unknown factors and issues involved.

The NY Times reports that when Mr. Keno was asked why he was selling at auction instead of at his gallery, he responded “I consider myself a small link in bringing a masterpiece from a regional auction house to a broader venue. Let the market determine what it is worth.” I did not realize that Mr. Keno was so selfless and altruistic. In my opinion, his explanation for selling at auction instead of his gallery sounds a bit weak. The circumstances certainly give you pause, and leaves much for the imagination.

Given the story behind the chest from surviving Katrina in New Orleans, to being improperly identified by the auction house, to the purchase and now possible sale, it will be very interesting to see the final sale results. Given the course of events, it is easy to come to all sorts of interesting conclusions on what is going on. If you recall the Wall Street Journal article back in July, it did state that the top of the antique furniture markets were also starting to show some signs of weakness. Perhaps that possibly weakness is impacting Mr. Keno's business. (To read the AW post on the WSJ article, click HERE.)

I will of course be following the sale, and will post the results on the AW blog after the sale. Any AW blog readers who care to leave their estimate of a final price are encouraged to do so in the comments section.

To view the lot description at Christie's, click HERE. To read the NY Times article about Mr. Keno and the high chest click HERE.