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V16 2013 INDEX       E-SYLUM ARCHIVE

The E-Sylum: Volume 16, Number 27, June 30, 2013, Article 17

AUCTION BIDDING: STAY IN THE ROOM

George Kolbe forwarded this interesting if off-topic item about auction bidding from the Antiques and The Arts Weekly. Thanks. -Editor

Sometimes the bidder in the room makes the final decisive move.

That happened at a Larchmont, N.Y. sale of antiques and fine art covered by our very own managing editor, David Smith. The winning bidder was there in the room, fighting for a German surrealist masterpiece that was found wrapped in a sheet under a bed during an estate call. The damaged but mostly intact painting was by Richard Oelze and was painted in 1935. The guy in the room almost walked away, but he didn't.

As David witnessed the action first-hand:

"Bids bounced back and forth between the telephones, the Internet and a gentleman standing in the rear of the auction hall as the lot cleared the $50,000 mark. [The auctioneer] jumped the bid increments to $5,000 advances with no sign of slowing down, and as the lot approached the $100,000 mark, she jumped to $10,000 advances. At $200,000, competition had narrowed to a single phone bidder competing with the gentleman standing in the rear of the gallery. The gentleman snapped his hand in the air at $300,000 and the phone bidder took a moment to hit the lot at $310,000.

The bidder in the gallery quickly hit the painting at $320,000; yet the phone bidder came right back at $330,000, causing the bidder in the room to briskly turn and walk out of the gallery and head for the door. Halfway across the lobby, he turned back and abruptly motioned that he was back in at $340,000, with what turned out to be the final uncontested bid. The painting realized $414,800, inclusive of premium."

To read the complete article, see: Long Lost Painting By Oelze Brings $414,800 at Clarke’s (antiquesandthearts.com/news/2013/06/25/long-lost-painting-oelze-brings-414800-clarke-s/184717#.Uc8j0_mNqXg)

Wayne Homren, Editor

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To submit items for publication in The E-Sylum, write to the Editor at this address: whomren@gmail.com

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