New Season of Auctions

So the latest auction season has officially started. I like to follow the auctions quite closely (or at least those at Sotheby's, Christie's, and Phillips de Pury) to get an idea of the value and valuation of works of art at market right now. It's so difficult to get any price information from galleries unless they think you're a serious buyer, so this is really the most transparent and easily accessible way possible. 

The New York Times, published this story recently on the Old Masters auctions. On the whole, the action didn't do quite as well as "expected" but then again we didn't really think it would. I'm sure the estimates were really just an attempt for the auction house management to appease the consignors. I mean, they have to think they'll get something for the work or they won't bring it to auction. Sometime soon, the auctions will have to rethink their marketing ploys. They can't get works just to fill up their auctions, if none of them are going to sell. It's all about managing expectations of consignors and making them understand that you can't get top dollar at every state of the economy. 

Anyway,  "One of J. M. W. Turner’s classically romantic images brought $13 million at Sotheby’s on Thursday morning, becoming the most expensive work in two days of turbulent old master painting sales." but otherwise there were few notable sales. 

This Hendrick ter Brugghen sold for a record $10.2 million after a bit of a bidding battle between the buyer, Richard Feigen and a phone bidder.