On June 5, 2013 at Sotheby’s New York the Corcoran Gallery of Art auctioned 25 rugs from its William A. Clark Collection. The rugs, which are from the 16th and 17th centuries, brought in $43.7 million, over four times the pre-sale high estimate of $9.6 million, making it the most successful carpet auction ever held. 100% of the lots sold and the auction achieved “White Glove” status, meaning every lot in the sale garnered more than it’s pre-sale high estimate.
The highlight of the auction was the Clark Sickle-Leaf Carpet. An important and iconic rug created by an unknown Persian artist during the first half of the 17th century, the rarely exhibited piece was expected to garner between $5 million and $7 million. The carpet ended up selling for $33.7 million, the highest price paid for any carpet at auction. Mary Jo Otsea, the senior consultant for rugs and carpets at Sotheby’s said, “Selling the Clark Sickle-Leaf Carpet for a record-breaking price of more than three times the previous auction record for a carpet has unquestionably been the highlight of my 30 year career. It is gratifying to see the strength of the market for carpets of this quality and rarity.”
The rugs were part of a bequest from William Clark (1839-1925), a Montana-based entrepreneur-turned-senator, to the Corcoran in 1925. The gift was comprised of 200 paintings and drawings and a number of other works, including the rugs. The Corcoran will use the proceeds from the sale to support future acquisitions that will better fit the institution’s focus on American and contemporary art. While the Corcoran has endured recent financial troubles, the money will not be used for operating expenses in keeping with its deaccession policy.