Posts Tagged ‘auction’

Capitalists Compete For A Piece Of Lenin

Thursday, December 9th, 2010

This is probably not what he imagined when he commissioned all those paintings and sculptures of himself.

  • The Hungarian government is auctioning off a bunch of Lenin memorabilia to help pay for cleanup of the massive wave of toxic waste that flooded Budapest this October.
  • Ads for the auction featured a picture of Lenin being struck on the head by the hammer from the communist hammer-and-sickle logo, along with the words “Never Again.”
  • Some bourgeois bidders are just picking up kitschy decoration for their homes, but others appear to be having a little communist-bloc nostalgia (see quote below).

Facts & Figures

  • Communism collapsed in Hungary more than 20 years ago
  • A small ceramic bust of Lenin sold to a 22-year-old for $1,000
  • The auction was held at a former warehouse of the Hungarian secret police

Best Quote

“When I was young, I didn’t really look deeply into the faults of the system. I lived a calm, secure life where bread cost 3.5 forints and everyone had a job.” – Gyorgy Torok, a real-estate entrepreneur struggling in the current economic climate

Stocks, Bonds, Diamonds?

Tuesday, December 1st, 2009

A pink diamond sold for a record amount in Hong Kong to… an anonymous bidder.

  • A 5 carat pink diamond, the size of a chickpea, set in a silver ring was auctioned off for a record $10.8 million.
  • The diamond was sold to an unidentified individual. Christie’s International (which held the auction) would not confirm if he or she was Chinese. This unidentified person beat out Chinese millionaire and successful stock investor Liu Yiqian and his wife Wang Wei.
  • Many items that were sold in the auction sold for prices greater than their value due to a drive in Chinese buying and the growing interest in jewelery among the Chinese.

Facts & Figures

  • This pink diamond sale beats out the previous record of $10.5 million for a 7.03 carat blue diamond.
  • A cushion-shaped 16.65 carat sapphire set by Van Cleef & Arpels sold for just under $2.4 million.
  • Total sales at the Christie’s auction came to just under $48 million.

Best Quote

“Some prices were crazy, way above what one would pay even at a jewelry store. There’s a lot of mainland Chinese buying; either they didn’t know what the items are worth or they wanted them so badly that price didn’t matter.” – Donald May, Hong Kong-based Gem Dealer

Investments in Art Roaring Back

Friday, November 13th, 2009

Huge sales continue to beat expectations as collectors and investors start to buy art again.

  • Pieces by Andy Warhol, David Hockney and Alice Neal were among large lots sold for prices that have not been seen since before the recession.
  • Large auction houses like Sotheby’s or Christie’s host auctions and then take a percentage of the sale price of every lot.
  • Auction houses lowered expectations by 50-75% so that when they make large sales, it looks as if the numbers are better than they actually are. Still, selling a large amount of high-priced art is impressive, regardless of the recession.

Facts & Figures

  • Warhol’s 1962 “200 One Dollar Bills” sold at a Sotheby’s auction for $43.8 million. The seller originally paid $385,000 for the piece in 1986.
  • The Sotheby’s auction totaled $134.4 million against the company’s earlier/ estimate of $97.7 million.
  • Sotheby’s highest auction total was $362 million in May of 2008.

Best Quote

“The art vacation is over. Art has come back more than stocks or housing.” – Jack Tilton, New York Art Dealer

Art Auction Draws Attention From Investors of All Types

Wednesday, November 4th, 2009

A batch of prestigious works of art that once hung proudly in the corporate headquarters of Lehman Brothers find new homes at auction in Philadelphia.

  • The works were sold for a total of $1.35 million in order to help repay Lehman creditors.
  • The sale lasted six hours and most pieces sold for significantly more than their presale high estimates.
  • The Lehman name attracted art collectors and investors that were looking for a piece of history.

Facts & Figures

  • 283 pieces were sold at more than double their projected total of $760, 800
  • Lehman owes $250 billion to its creditors
  • The top lot was Roy Lichtenstein’s Statue of Liberty print (1982) for $49,000, estimated presale at $25,000

Best Quote

“I think there was a certain amount of trophy hunting. What’s not to like? It’s nice boardroom art, presented nicely, ready to go up on the walls. People laced it up.” – Alasdair Nichol, Vice Chairman and Auctioneer of Freeman’s Auctioneers in Philadelphia

Turning “Playtime” Into “Pay Time”

Monday, June 15th, 2009

You might want to check out all those toys tossed aside and scattered in your basement or attic – they might be worth something!

  • Donald Kaufman has caused quite a stir in the toy collecting community after announcing he was going to sell his personal collection of antique toys.
  • While he has over 7,000 of these toys, Kaufman claims there are no duplicates, simply “variations.”
  • Most of the toys are cars and trucks, with airplanes coming in a distant third.

Facts & Figures

  • Mr. Kaufman is a co-founder of the now-defunct KB Toys chain and has spent 59 years in the toy business. He bought his first toy, an International Harvester Red Baby truck, in 1950 for $4.
  • At the first auction, Kaufman sold approximately 1,400 toys for $4.2 million – more than twice his $2 million estimate.
  • Kaufman’s Marklin Fidelitas, a three foot long train of delicate hand-painted clown cars, fetched an impressive $103,500.

Best Quote

“These aren’t my toys, I am just taking care of them for now.” – Donald Kaufman, Co-Founder of KB Toys