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.
The Dawson was sitting pretty at home but the plan was already in place. It was to be entered for sale at Sothebys Marine sale of May 1988. I always considered specialist sales much better than general sales. That was the reason I waited for one year. In the meantime Dawson’s work was selling extremely well and that raised my hopes and my expectations for a very successful sale.
I entered the watercolour at Sothebys in February 1988 with an estimate of 6,-8,000 pounds and with a reserve of 6000. That was my guarantee. No problems with authenticity, no problems with the estimate.
The watercolour looked great in the catalogue. Unfortunately, there were another three watercolours in the sale plus several oil paintings. I did not mind the oils but the watercolours were an issue. Too many of the same thing in a sale was a disadvantage.
On the day of the sale the watercolour sold for 6,000.00 and at the reserve. I was disappointed but I was also relieved that it sold and returned me about 2500 profit.
The question was, why did it sell that low?
In my view and with very little doubt about it; the watercolour was not fresh on the market and the trade was not interested in it. It was bought by a private individual, who knew nothing about the Bonhams sale of a year earlier.
Regardless of the disappointing result, I was happy with it and the margin of profit. I slowly learned to be greedy but greediness is not good in business. Reasonable profit and carry on dealing.
Making about 80% profit in less than a year was great!
Reasonable profit worked really well. I could not be more than satisfied with the sale in May 1988. That was about seven months after the October 1987 stock exchanges crash. Making nearly 100% net profit was unquestionably excellent during those months and times. Selling the Penck in New York and making about 3,500 profit was also adding to the beauty of dealing in art. Could it get any better?
Trading and buying paintings of 3-6,000 value was very good business. Did I carry on with that or did I mess up?
It was too good to be true and to carry on in that way for long! Was I stopped in my tracks by events?
