Low Estimate Means No Low Selling Price
There are so many auctions daily that even the ones we normally visit frequently, we miss at times. That was the case yesterday with the sale at Gorringes Auctions, Lewes in East Sussex. Their quarterly sale and I missed the catalogue and date until the morning of yesterday’s sale when a twitter note alerted me to the sale of the second day. The art sale that is, which is the interest of myself and the site.
It took me about fifteen minutes to view all the items in the fine art sale section and identify a few that were good items but also expensively, highly estimated. However, in nearly every sale there must be a bargain hiding, rather a low estimated item item hiding and this sale was no exception.
Lot 1257 by Maurice Levis, a French artist, shouted bargain at £200-300. I needed no other research as the painting looked very good, in original condition and rather big for the artist, who usually sells very well for small pieces on panel and close to £2000-3000. This was a bigger painting painted on canvas but still beautifully executed!!
I picked the telephone immediately and I left a bid of 800 pounds, which I knew would allow me about 100-150% profit should I decided to sell in the very near future. I needed no research, I needed no comparisons of art and paintings as all those I had in my knowledge bank. This was indeed a very good quality piece of art, of some size and at the estimate I gathered, from a private source. I left the bid and as quickly as I picked the phone. Not even twenty seconds and I was impressed by the efficiency and service at these auctions in our days.
Excitement but really I knew that too many art investors focus on Gorringes and there is NO way to buy a good piece of art at a bargain price and as the estimate suggested. I was so pessimistic that I forgot about my bid until late in the evening and when I looked at my notes. Anxiety takes over and on to the site of the auctioneers to check the results. I really want to see that I was right rather than I bought a bargain even at 800 pounds, my bid. I know it is virtually impossible but there is a glimmer of hope. Number 1257 and there is the price 1800 pounds. No mistake after checking it two and three times.
Muarice Levis sells at £1800
The internet alerted me to the event but it must have done so for many more interested investors. That is the fairness of the game today as opposed to twenty-thirty years earlier when auctions were the privilege of locals and people in the know.
What’s the difference between art exchange and Stock Exchange? Very little as things develop at the moment!!