Being Present and Winning

One of the most exciting avenues for acquiring artwork is at auction. It is not, however, for the faint of heart and the right strategy makes all the difference. As a former auction house Specialist, I understand that much of the action happens before the start of the sale. This involves seeing works in person (things often look very different than in the catalog), vetting works for condition, and understanding the estimate. A correct analysis of the data, an understanding of the artist’s practice, the likely competition and the motivations of the seller are all central to a well-constructed bid strategy. It also pays to be present! In 2019, I negotiated the reserve down on a fantastic David Hockney painting prior to a London-based auction, saving my client over $100,000 while winning the work in a single bid. In 2020, I traveled to a Christies auction in New York to view an exceptional Helen Frankenthaler from 1968. Despite the challenges associated with the Pandemic, I understood the importance of viewing this piece in person in order to confirm the strength of the work. This afforded my client the confidence to register to bid, leading us to win this rare piece at a remarkably under market price.

Update, April 2022

Nearly two years later, this Helen Frankenthaler painting is worth an estimated 3.5 times our acquisition price. That’s a trip to New York that was well worth the risk.