Displaying items by tag: auctioneer

An untitled and undated artwork described as a “painting by Jean-Michel Basquiat that has been authenticated as original,” is up for sale next month in Nashville, Tenn.—and could bring upwards of $2 million.

It is being sold by Aberdeen, Miss.-based Stevens Auction Company, which has been in the business for 31 years.The auctioneer said it can trace the artwork’s ownership back decades.

Christie’s and Sotheby’s have long dominated the auction market for fine art. Now Phillips, the world’s third biggest auctioneer of international contemporary works, is about to open a new flagship salesroom here that it hopes could help challenge that duopoly.

The company, with auction rooms in New York and London, plus offices in eight other cities, has moved its European headquarters from Victoria, near one of London’s main railroad stations, to a 73,000-square-foot building at 30 Berkeley Square, in the heart of the wealthy Mayfair district

The New York Court of Appeals reversed a decision that could have forced auction houses to reveal the identities of consignors. The original ruling was made by the Appellate Division of the New York Supreme Court in 2012 and declared that state law required that buyers be allowed to know the names of sellers in post-auction paperwork in order for the sale to be considered official.  

The ruling stems from a lawsuit filed against New York auctioneer William J. Jenack. After Jenack sold a Russian antique in 2008, the buyer refused to pay, claiming that the post-sale documentation had not identified the seller. The ruling on Tuesday, December 17, stated that Jenack had provided sufficient information to the buyer for the sale to be considered binding.   

The Rijksmuseum in the Netherlands purchased a rare antique Japanese chest once used as a television stand for $9.5 million. London’s Victoria and Albert Museum had been searching for the 17^th century lacquer chest, one of only ten in the world, since 1941.

The saga of the chest began in 1640 when the head of the Dutch East India Company’s Japanese office commissioned the chest along with three others just like it. All four of the chests were later sold to a French diplomat who passed two of the works off to the British poet William Beckford. Beckford, whose daughter was married to the Duke of Hamilton, inherited the chests and they became part of the Hamilton Palace’s collection. During a sale in 1882 to raise funds for the palace’s upkeep, the Victoria and Albert Museum purchased one of the chests while the other eventually went missing. What the museum didn’t know was that an unassuming Shell Oil engineer had purchased the missing chest in 1970 for a mere $150. The elusive chest was used as everything from a television stand to a storage cabinet until auctioneer Philippe Rouillac and his brother, Aymeric, recognized it.  

While the Victoria & Albert Museum would have liked to have been able to bid on the chest when it went to auction, they simply didn’t have the funds. Julia Hutt, curator of the V&A’s East Asian department, said, “I was delighted to hear the Rijksmuseum had won the auction – it is a very fitting home for the chest.”

On December 23, Swiss auctioneer and art collector, Simon de Pury, stepped down as Chairman of the New York-based auction house, Phillips de Pury & Company. The announcement was a shock to many as de Pury has helmed the business for the past twelve years. The Russian firm, Mercury Group, recently completed the acquisition of de Pury’s remaining shares in the company.

Phillips’ CEO, Michael McGinnis, said, “Simon has served as a tireless ambassador for the Company and a compelling presence at the podium. We thank him for his spirited enthusiasm, leadership and dedication.”  

Beginning in the New Year, the auction house will revert to its original name, Phillips, from its founding in 1796. The company, which specializes in contemporary art and design, has operated under the name Phillips de Pury and Company for the past eight years. In addition, starting in February 2013, the auction house will begin the expansion of its Manhattan headquarters on Park Avenue, adding more gallery and office space.