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The following is from the Camera Obscura Gallery (Denver, Colorado) Newsletter. Dead Link Removed
Auction Report
In the past you have read in this column, "you ain't seen nothing yet" regarding the continuing escalation of the photographic art market. Well, now you have! At Sotheby's special auction of one hundred thirteen duplicate photographs from the Metropolitan Museum of Art, including works from the Gilman Paper Company Collection, on February 14 and 15, 2006, every item sold, generating a staggering $14,982,800, and setting new records in every category. A week before the auction, Feb. 7, Sotheby's held a special preview of the prints to be auctioned and this writer was fortunate enough to attend. There was much excitement and expectation.
Only a few months earlier, Richard Prince's Cowboy had set a record for a photograph sold at an American auction when it surprisingly brought $1,248,000 at Christie's Contemporary Art Sale, November 2005. So everyone was speculating whether Steichen's Moonlight-the Pond might set a new record-maybe $2 million? With an estimate of $700,000-$1,000,000, it went for $2,928,000! An exact replicate of this image, printed by Richard Benson for the Gilman Paper Company book, is now on display at The Camera Obscura Gallery in the Masters' Gallery room (not for sale).
Two other images sold at the Sotheby's sale exceeded the previous record: Alfred Stieglitz' Georgia O'Keeffe-Hands, est. $300,000-500,000, sold for $1,472,000; and his Georgia O'Keeffe-Nude, also est. $300,000-500,000, brought $1,360,000.
I bid on fine lots at bids considerably over the high estimates, but did not win one-most notably Paul Strand's Young Man, Gonderville, Charente, est. $10,000-15,000, which went for $108,000. Other sales of interest: Dmitri Baltermants' Cavalry on Red Square, Moscow, est. $4,000-6,000, brought $33,000; Henri Cartier-Bresson's On the Banks of the Marne, est. $3,000-5,000, sold for $96,000; Walker Evans' Alabama Tenant Farmer, est. $30,000-50,000, went for $307,200; and Dora Maar's Pere Ubu, est. $100,000-150,000, fetched $216,000.
Now speculation is wondering if this new record of almost $3 million might be broken soon, or will it stand for a long period of time? And will the high prices realized by this sale affect the market in general? The spring sales are coming up in New York at Sotheby's on April 22; Christie's on April 24 & 25; and Phillips on April 25 & 26. The estimates appear to be in line; however, Sotheby's lists nothing under $5,000, Christie's has some lots estimated at $2,000-3,000.
Most important is that photographs are being respected as viable investments and fine-art collectibles. Finally!
Quarterly Quotes
" I feel definite in my belief that the approach to photography is through realism." ~ Edward Weston
Auction Report
In the past you have read in this column, "you ain't seen nothing yet" regarding the continuing escalation of the photographic art market. Well, now you have! At Sotheby's special auction of one hundred thirteen duplicate photographs from the Metropolitan Museum of Art, including works from the Gilman Paper Company Collection, on February 14 and 15, 2006, every item sold, generating a staggering $14,982,800, and setting new records in every category. A week before the auction, Feb. 7, Sotheby's held a special preview of the prints to be auctioned and this writer was fortunate enough to attend. There was much excitement and expectation.
Only a few months earlier, Richard Prince's Cowboy had set a record for a photograph sold at an American auction when it surprisingly brought $1,248,000 at Christie's Contemporary Art Sale, November 2005. So everyone was speculating whether Steichen's Moonlight-the Pond might set a new record-maybe $2 million? With an estimate of $700,000-$1,000,000, it went for $2,928,000! An exact replicate of this image, printed by Richard Benson for the Gilman Paper Company book, is now on display at The Camera Obscura Gallery in the Masters' Gallery room (not for sale).
Two other images sold at the Sotheby's sale exceeded the previous record: Alfred Stieglitz' Georgia O'Keeffe-Hands, est. $300,000-500,000, sold for $1,472,000; and his Georgia O'Keeffe-Nude, also est. $300,000-500,000, brought $1,360,000.
I bid on fine lots at bids considerably over the high estimates, but did not win one-most notably Paul Strand's Young Man, Gonderville, Charente, est. $10,000-15,000, which went for $108,000. Other sales of interest: Dmitri Baltermants' Cavalry on Red Square, Moscow, est. $4,000-6,000, brought $33,000; Henri Cartier-Bresson's On the Banks of the Marne, est. $3,000-5,000, sold for $96,000; Walker Evans' Alabama Tenant Farmer, est. $30,000-50,000, went for $307,200; and Dora Maar's Pere Ubu, est. $100,000-150,000, fetched $216,000.
Now speculation is wondering if this new record of almost $3 million might be broken soon, or will it stand for a long period of time? And will the high prices realized by this sale affect the market in general? The spring sales are coming up in New York at Sotheby's on April 22; Christie's on April 24 & 25; and Phillips on April 25 & 26. The estimates appear to be in line; however, Sotheby's lists nothing under $5,000, Christie's has some lots estimated at $2,000-3,000.
Most important is that photographs are being respected as viable investments and fine-art collectibles. Finally!
Quarterly Quotes
" I feel definite in my belief that the approach to photography is through realism." ~ Edward Weston
