Submitted by aarAdmin on Wed, 02/26/2014 - 12:00
Philips Auctions first sale for the year on February 16 has had mixed results with most quality items selling well above expectations while others struggled to reach lower estimates.
Typical of the good results was a 19th century Victorian carved emu egg and silver plated epergne which sold for $2124 (including buyers premium) against an upper estimate of $1500, while an antique European after Carcassi violin changed hands for $4012.
An early 1900s small-framed porcelain plaque sold above estimate for $460 and Pro Hart’s sterling silver cast ingot of a dragonfly was knocked down for $944.
Snuff bottles and glassware were equally popular with a Belgian Val St Lambert art nouveau cameo purple glass vase selling for $649, a set of 58 Baccarat glasses changing hands for $1888 (on a $500 upper estimate) and a Baccarat and Georg Jensen sterling silver decanter and Waterford style jug for a healthy $519.
Other items fared well including a Japanese ivory Okimono of an axeman (which brought $1298) and two silk rugs (respectively $1534 and $4720).
Furniture was another encouraging category with a near pair of blackbean and marble coffee tables by David Zoureff bringing $1180 and a striking 1960s French moderne Macassar buffet changing hands for $3186 – more than double its upper estimate.
Results for the Michael and Janet Strachan collection confirm that the Aboriginal art market has dropped another 10 to 20 per cent – with many purchasers using the opportunity to buy paintings for long-term investment purposes.
“People are buying Aboriginal art because they like it, and not because they expect to triple their money overnight,” claims Philips Auctions managing director Tony Philips.
“The Gordon Gekko (fictional character from the 1987 movie Wall Street) type cowboys we saw in the industry a few years ago have now gone and these current prices are a far more realistic indication of where the market is now sitting.”
However, a comparatively soft Aboriginal art market did not stop about 120 people (many of them new to Philips Auctions) attending that section of the auction – and several of the paintings sold well above catalogue estimates.
For example, George Tjangala Wallaby X3’s Floodwater sold for $5664 (against a high estimate of $3000) and Yvonne Bonny Kngwarreye’s Titjambera for $2832.
Examples of paintings that struggled to reach the lower estimate but still sold included Johnny Warangkula Tjupurrula’s Tjikari ( $6490 on an $8000 lower estimate) and Turkey Tolson’s Straightening of the Spears At Lyingaurgau ($5310 against $6000).
Even an untitled work by the iconic Emily Kngwarreye could only manage a modest $3304 on a $3000-$5000 estimate.
Results for the Monday night jewellery sale showed that demand for big, bold pieces is still strong.
For example, a 2.12-carat solitaire diamond ring sold for $4838 on a $3500 upper estimate and an 18-carat gold Etruscan revival style turquoise cocktail ring $1180 ($400 estimate).
The auction also was significant for the sale of antique silver purses and lockets.
