In early June the catalogue from San Francisco arrived. I was a good buyer and they always sent me the catalogue early. Many paintings I cannot recall. Quality of old and modern, mediocrity of old masters and modern and contemporary.
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The year 1987 was not the best year for me up to that point, the stock exchanges crash in October 1987. I had a few hairy purchases and I lost money in the process. At the same time the Montezin sale in New York ( talked about this earlier) brought me much needed cash and balanced the books nicely. Sold for 24,000 dollars in 1987 at Christies and yet, it remained unsold at Sothebys a year earlier at 5,000 dollars. Read more on The Stock Exchanges Crash of 1987 Offered Opportunities in 1987 and 1988… All auctions of mention insure anything consigned to them for damage, theft etc. This is a necessary expense and many cases it is an expense dealers and sellers resent but at the same time recognise the necessity and value of it. Otto Gebler, March 1988 I have not spoken about Christies South Kensington yet because all the paintings I bought there were not that profitable to mention. However, the following story is unique and I must mention it in passing. Several lessons can be learned and they must be adhered to. Read more on Always Insure Your Auction Consignments- Nagel Auctions 1988… I am still grateful to the late Fieros for his advice, his wise words and his wisdom in dealing with my business associate in Athens. I followed his advice, I remained close to the man in Athens and the initial reward was to come soon after in November 1988. Selling at auction is a roller-coaster activity. It might take you to great heights and impossible lows. I had a small taste of all these emotions already but nothing prepared me for things that were to take place later. Events that would take me to cloud nine and other events that would push me to the brink of disaster. Never Buy Without Having The Funds Ready
I broke the rule as early as August 1987. I did not have the funds in place to pay the Dawson but I had one month credit of time to raise the money. It was plenty of time to do it. Read more on A 3000 Pounds Purchase Without Funds In Place, August 1987!… Bonhams Raise 1.85 Million In A Disapppointing Sale
Lots Offered: 145 Lots Sold: 91 or about 65% Total Colleted with Premiums: 1.85million pounds
Top lots proved to be Moralis and Nicos Lytras with two hundred thousand plus for the first one and 120,000 for the second one. The Greek Economic Problems Play A Role
With just shy of 60% sold by lot, Sothebys must have been happy to see their spring sale of Greek art totalling 4.30 million inclusive of commissions. About 83 lots were sold with some casualties among them Volanakis, Pantazis and Vasiliou. Read more on Sothebys Sell 3.428million pounds Greek Art Sale- Life In Greek Art… The experiences of art dealers with the bureaucracy in France made grim, off putting reading in the 1980s and 1990s. I thought I knew enough about them by March 1987 to be more than careful about their practices and ways of doing business with them. No EU FREE trade days in force yet and so it was not easy to get paintings out of France or consign to auctions there. Read more on So, You Speak French, Watch The French Customs March 1987… |
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