The Blank Page Item Number: 100046 $0.00

DescriptionYou folks probably think that it is a piece of cake to sit here week after week waxing poetically about this passion of ancient art. Some weeks, I must admit, the words do seem to roll off my fingertips. Something triggers in my head an idea that just needs to be put on paper – or the electronic variant. But sadly, there are weeks like this where the flesh is willing, but the mind is blank. I can sit here looking at my screen and nothing speaks to me. Nothing shouts – “the world must hear this!” There is little in the way of news that we have not already touched upon, and quite frankly, most of the major (and even minor) topics have been discussed ad nausaeum.

But, then, like a flash it hits you. Wait, we just saw an auction where prices were so high, so crazy, so out of the realm of reality that we have to discuss it – as it has been discussed well beyond the point of death in more than one chat group… Last weekend, the Millea Brothers Auction house in New Jersey held a poorly-veiled auction for the remnants from the famed Arthur Sackler Collection.

If you know much about art or museums, you probably recognize the name Sackler, since there is an arm of the Smithsonian named for Mr. Sackler, and a museum at Harvard, and wings in several other major museums named for him. Some of the most important pieces of art – ancient and otherwise – have gone through his hands over the years. The question is, however, how big a role should former ownership of a piece of art make in setting the current market value? There were examples in this auction that, had it come from the Bob Dodge Collection, would have sold in the low $100s, but because of the Sackler name, that same piece sold for several $1000s. It was well-known by most dealers I know that many of the items in this auction were heavily restored, and dare I say – some dubious in their authenticity – yet they still fetched very high dollars. Insanity? Perhaps, but let’s call it was it was/is, the only reason prices spiraled out of control was because they were once owned by the famous, now-deceased Mr. Sackler.

Don’t get me wrong, provenance, as I have discussed in several bogs, should play an important role. Items coming from major museums and major collections should be worth more than items coming from “Joe Blow” - but not at a 3x or 5 x or 20x premium. Sackler made mistakes in his collection – hell, when you are buying literally thousands of examples each year, who wouldn’t make major mistakes? And now buyers at this auction were willing to pay such high premiums for his mistakes – it was incredibly insane to watch!

As collectors, and as dealers, I believe we should avoid the temptation to speculate on art that can’t support itself on its own artistic merit. Eventually, people will compare the $5000 Sackler “bog-standard” vase with the $1000 “Joe Blow” bog-standard vase and decide that the “Joe Blow” vase is the better deal. Back in the 1600’s there was a run on Tulip bulbs that had no basis in logic. If I remember correctly, investing in over-valued tulips wasn’t such a great decision then either…

Happy Tulip collecting!
Bob