The Coeur d’Alene Art Auction Still Does $8.9 Million!!
In spite of the economic conditions facing our country, folks who collect American and western art still seek fine paintings to surround themselves with. While institutions and major collectors are not as eager to place high end works on the market as they were a few years ago, the partners at the Coeur d’Alene Art Auction (Mike Overby, Stuart Johnson and Peter Stremmel) are still able to put together enough fine art to sell an amazing $1,800,000 per hour during the 5 hour auction. That equates to approximately $33,000 per lot for the approximate 270 lots sold. While many nervous dealers reminisce about the “good old days” of a few years ago, and complain that the market is dead, the CDAA moves forward acquiring an amazing amount of fine art to place in their auction and they still maintain their status as the #1 auction outlet for American and western art. In my view, when weighing the conditions of the economy and the pull back by museums and major collectors to consign these days, the sale was a rousing success!
Some highlights of the sale were the Edgar Paxson small oval oil painting of Chief Joseph which set an all-time world record for a Paxson at $163,800. The large canvas by Gerard Curtis Delano entitled “In Bonnet and Paint” went for $438,750. A sweet little Sydney Laurence snow scene entitled “Cache” sold well over its auction estimate for $35,100. The cover lot, E.I. Couse’s wonderful painting “Kachina Painter” was able to sell for the second highest price realized at auction for his work at $753,000.
The lesson here is that high quality images that are fresh to the market continue to set records and bring premium prices. I personally think this market adjustment is good for the art world as we are at a time where we finally can separate the wheat from the chaff in terms of quality and value. Gone are the days when collectors simply pay high prices for a signature. They now have become much more insistent on quality and provenance and that is a good thing for the market as a whole.
Congratulations to Mike, Stu and Peter on another successful auction and the best party in the art business!
If you would like to discuss the auction, or the purchase of high quality art, feel free to contact Mike at Raunig Art Enterprises or call 303-829-4055.
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