What a ride! Item Number: 100053 $0.00

DescriptionI love roller coasters! The thrill of cresting that first hill and hurtling through sharp turns, sudden inclines and those nasty drops - feeling your stomach rise into the back of your throat and then back down toward your netherworld - that's what I call fun! Watching the auctions over the last two weeks has provided a very similar feeling, but in this case, I am not sure it was really all that enjoyable.

From the last week of May through the end of last week, there were several antiquity auctions - including one held by yours truly (Artemis Gallery Live actually, I was just a bit player in this massive production organized by Teresa and Elaine). If you read my ramblings, you know a hobby of mine is closely following and analyzing auction results. Were I not so closely connected to this auction world, I would perhaps enjoy watching people's treasures die on the vine, but I took no joy watching prices plummet and pieces pass.

Starting with Arte Primitivo, the auction season started with a whimper. Nothing really seemed to grab anyone's attention, but by the time the unsold list was published, most lots sold. What I do find fascinating with their auction format, it happens with predictable frequency that lots that could have been obtained during the initial portion of the auction at say $3000, may actually sell after the auction closes through their unsold bidding program for $4000. Human psychology is fascinating! Next came the Artemis "Armageddon.". Okay, maybe it wasn't that bad, but it wasn't good either. If you happened to miss it, don't feel bad because most other bidders missed it, as well. Was it our timing, our offering, starting bids, reserves? We have our theories, but what's past is past. Teresa and Elaine are already starting to analyze results, make some changes, and press forward for late Sept/early October...

Christie's was the finale this season. We watched this one with great interest because we had four lots in the sale and have a dealer friend who had another ten lots included. The difference between this auction and the antiquity auction held there in December 2010 was night and day. I watched in silent horror as lot after lot passed, or struggled to sell at minimum. Sure, there was that handful of lots that did exceptionally well against estimate. But where was that mega-million dollar lot that gets people buzzing? Actually, in my opinion that piece was there in the sale (the incredible Roman marble of Pan), but the bids simply did not come. It may sound funny that a lot passes when the bid reaches $1.2 million, but I figure that was probably a $5 million piece of stone.

And yet, there was one bright spot this season. Sotheby's fooled many of us. With a reduced inventory of available lots and a section of lower end pieces of the type both they and Christie's would normally thumb their noses at, they did well... OK, insanely well. I think they sold through about 97% of their lots and had a couple pieces go through the roof and into the stratosphere. Good for them!

I can't remember the politician who uttered the famous phrase - it's the economy stupid - but my gut tells me that is precisely why this auction season was so schizoid. We all want the economy to be healthy and stable and predictable. Sadly, it just isn't and, gulp, should I dare ask, are we sliding down that slippery slope yet again?

Until our next ride,
Bob