Lessons in Auctions: The White Hot Chinese Market (aka Sell Aunt Edna's Rhino Horn Right Now!)

19th Century carved Rhinoceros horn. At Brunk on September 24th.
Estimate $60,000-$80,000. Hammer: $220,000.

The Chinese. They own a lot of our debt and, increasingly, a lot of our old antiques.
Well, actually, they were their antiques first. Now, they are just buying them back--for breathtaking prices.

While it might seem strange at first, the auction market has trends. In the eighties, for example, French furniture was tres chic up and down Park Avenue, now it's cooled off considerably and no one thinks that market, given our increasingly casual lifestyles, is coming back any time soon. Victorian furniture sells for bargain basement prices and has earned the derisive nickname among decorators as "big brown furniture". Even Chippendale and Georgian pieces, long considered timeless classics, are incredibly well priced these days, with the originals often selling for thousands less than their contemporary knock offs.

Chinese Republican period vase (circa 1930).
At Skinner for their October 2nd sale. Estimate: $200-300. Hammer price: $1,300.

 But on the flip side, of both the market and the globe, is Asian furniture and decorative objects. The Asian market is hot in general but the Chinese market is ON FIRE right now. The country is getting richer and more sophisticated. Hong Kong auction houses, such as Christie's and Sotheby's, have familiarized the wealthy elite with both the process and advantages of buying at auction. Increasingly, Chinese buyers are bidding online directly at U.S. auction houses, setting record prices wherever they go.

20th century painted fan. At Skinner on October 2nd. Estimate: $100-150. Hammer price: $1,000.

Case in point, Sunday's Asian Works auction at Skinner. The Boston based auction house has long been considered one of the best in the country, employing numerous well-established specialists. In other words: Skinner's estimates are generally an accurate range of what the item is worth at wholesale. On Sunday's sale, however, many items completely jumped the fence.

Chinese 19th century brush pot. Sold at Skinner on October 2nd.
Estimate: $200-300. Hammer price: $700.

And this isn't just happening at Skinner. Record sales and a seemingly insatiable demand have inspired many auction houses to frantically add Asian art sales to their calendars. Skinner now has three Asian sales a year. Leslie Hindman, the Chicago auction house, held an Asian art sale in May, 2011 that was expected to bring in $1 million in revenue, according to a July article on CNBC. The actual result: $4.2 million with 80% of the lots going directly to China. The article, by Jay Carney, goes on to quote Hindman as saying, “Jade that we thought would bring $6,000 to $8,000 was bringing $50,000.” Not surprisingly, the auction house has another Asian sale on the calendar for October. Christie's New York branch had three Chinese themed sales on September 15th-16th: ceramics, jade and a private collection that together generated a total of $60 million in sales, making it one of their most profitable two day stretches of the year.

Rare blue and white Ming moon flask.
Sold at Christie's on September 15th, 2011. Estimate: $500,000 -
$700,000. Price (Including Premium): $2,658,500.

Even smaller markets in which one might not expect the same level of international interest, such as Brunk Auctions in Ashville, North Carolina (highly regarded but even so), are benefiting. In September, a carved rhino horn (pictured up top) estimated at $60,000-80,000 sold for $220,000. And in January, there was this carpet...

Imperial Chinese carpet, circa 1900. Sold at Brunk on January 8th, 2011.
Estimate: $12,000-$18,000. Hammer price: $180,000.

Are these prices too good to last? Many familiar with the wine auction market seem to think so (To wit: "Bordeaux Bubble in China" from Time). I must confess that I agree: prices in this category have simply shot up too much, too quickly--just like all those uninhabited condo developments found in many a Chinese city. And so, my advice, my dearlings, is this: for those of you sitting on a collection of premium Chinese artifacts that you are thinking of selling "soon," don't push your luck. Otherwise...well, you probably won't end up feeling like a shareholder of LEH on September 16th--more like one of those flower breeders in that country with all the clogs.

THIS IS NOT A GUMMY BEAR: rare white jade water pot.
At Christie's on Sept 15th. Estimate: $120,000-$180,000.
Sale Price (including premium): $2,098,500.

 

Good Buy, Friday: Prints

photo: William Waldron
Stacked prints in a bedroom designed by Matthew Patrick Smyth, courtesy of Elle Decor.

Auctions are great for multiples, because the savings is often, well, multiplied. In the last Good Buy, Friday, I covered buying china sets. Purchasing a series of prints, lithographs or watercolors at auction can be just as much of a steal, not to mention a terrific time saver, particularly when the items are well framed, such as this set of six images (three shown) of Pompeii frescos, below, up for bidding at Skinner, in Boston, on July 9th, estimate $500-700.

Partial view of set of six images of Pompeii frescos, beautifully framed.
 At auction, July 9th, estimate $500-700.

Almost as much fun as hunting for prints is deciding how to hang your finds, the

possibilities are endless. I love prints stacked above a bed...

photo: Simon Upton
Six matching prints in a bedroom designed by Sig Bergamin, courtesy of Elle Decor.

...and hung in unexpected places, such as the kitchen.

photo: Simon Upton
Matching prints in an London kitchen designed by Alex Papachristidis, courtesy of Elle Decor.

When buying prints at auction, it is important to note that auction houses tend to ignore the value of the frame when determining the estimate. This makes sense: the frame is removable and separate from the art, thus its value is somewhat subjective. But YOU shouldn't ignore the frame! Have you gotten anything framed lately? It's shockingly expensive! Thus, if the item is finished to your liking, you might just walk away with a set of fine artwork that cost less than the current market value of the frames that enclose it. The set of six hand colored English prints, below, also at Skinner, might ultimately prove my point.

One of a set of six hand colored English botanical engravings,
circa 1829. At auction in Boston on July 9th, estimate $750-1,000.

They'd work great in a kitchen. And no one has done a botanical set better than Eliza Bolen.

Eliza Bolen's kitchen, courtesy of Bright Young Things: New York

Many of the multiples that you'll find at auction, however, are not framed. The upside is they will be much cheaper to ship and you can finish them to your liking. They will also be easier to inspect for fading, toning and foxing--issues you need to be aware of when you decide how much to bid (though these should be factored into the estimate already, and appear on the Condition Report, which you will, of course, as for). Some definitions...

Fading - When the colors in the image have degraded, usually due to sunlight.

Foxing

Foxing- Age-related stains and spots that appear on paper and other ephemera, so called (allegedly) because the stains tend to be a reddish brown. The cause of the foxing will vary: it could be mold, it could be oxidation of minerals in the paper. 

Toning -  Refers to a yellowing or darkening of the paper. Sometimes the mat is toned but the image itself is fine.

Note that the latter two conditions can be treated. It will add considerably to the cost, of course, but if you have a sentimental attachment to a print or the item in question has limited foxing, consider taking your find to an expert, such as those at Alvarez Fine Art Services in New York.

All the aformentioned issues afflict this set of nine watercolors by H. Fletcher, below. I don't care, I love them anyway. Perfect for a boy's room, a dressing room or a handsome bathroom, like the one from Elle Decor, pictured beneath them. The watercolors are at Brunk in North Carolina (which always has great finds) on July 19th, estimate $400-800.

Nine naval portraits, watercolor,
at auction on July 19th, estimate $400-800.

photo: Roger Davies
Prints grace a bathroom designed by Laura Sartori Rimini and Roberto
Peregalli, courtesy of Elle Decor.

Brunk also has are several series of grisaille ships by the same artist, H. Fletcher. One set is below, find the others here and here. These are stunning too. How does one ever decide?

Set of eight grisaille watercolors of ships,

at auction July 19th, estimate $300-500.

I could see ships in an elegant, slightly Spartan bedroom, such as the one below. Note how a fourth print is stashed on the bedside table.

photo: Joshua McHugh
Scattered prints in a bedroom designed by J.Randall Powers, courtesy of Elle Decor.

Clearly, I'm in a nautical mood: the wind at my back, the sea spraying my face. What, you're not, you say? You're about meadows and pastures? About animals?

How about cows? Brunk has several sets of cow prints by British artist George Garrard, circa 1800, one of which can be seen below. 

Set of 12 cow prints by George Garrard, circa 1800,

at auction July 19th, estimate $400-800.

I can imagine them in a study, such as the pretty room by Alexa Hampton, below, where nine similar photographs are scattered about the room in interesting arrangements. 

Alexa Hampton

...but if you'd rather talk turkey, these would work too.

Set of four 19c prints, unframed, at auction on July 19th,
estimate $300-600.

I close with some additional ways to hang your finds. Be sure to check out the full catalogs at Brunk and Skinner--they seem to have a lot of prints in their upcoming auctions. In the interim, Happy hunting everyone...and Happy 4th!

photo: Francois Dischinger
Eight matching prints in a bedroom designed by Anne Coyle,
courtesy of Elle Decor.

photo: William Waldron
A matched set of multiples enlivens a bookcase in a room
designed by T. Keller Donovan, courtesy of Elle Decor.

photo: William Waldron
These are framed leases in a bedroom designed by Steven Gambrel,
but you get the idea, courtesy of Elle Decor.

photo: Tim Street-Porter
An elegant arrangement of five prints in a bedroom designed by Martyn Lawrence-Bullard,
courtesy of Elle Decor.