7/09 The Coeur d’Alene Art Auction ~ The big auction in Reno pulls back on the reins!
7/27/09 ~ I just returned from my annual trek to the famous Coeur d’Alene Art Auction in Reno, Nevada. As is typical of this auction, it offered some phenomenal works, many fresh to the market from old private and institutional collections. While it was obvious the number of high end works offered was significantly down this year due to the economy, there were still some real head turners available to the estimated 1,000 to 1,200 people in attendance as well as the hundreds of absentee and phone bidders who took part in the activities. Due to the difficulty in finding sellers of fine art in this economy, the Coeur d’Alene Art Auction was able to assemble enough to realize nearly $12,000,000 in sales last Saturday. This of course is far from the $37,000,000 realized last year. Of the 281 lots, approximately 11% were no sales not meeting the reserve set by the consignor.
Some of the highlights of the auction included the cover watercolor by C.M. Russell entitled “The Truce”. That painting realized $2,031,000 which was within it’s pre-auction estimate of $2,000,000 to $3,000,000. While it was a very fine and historic image by Russell, some of the patrons at the auction were overheard complaining about having too many “horses asses” predominant in the image. Hence why it may have brought in the lower end of it’s estimate.

"The Truce" by C.M. Russell 19x27 w/c
One of my favorite paintings in the sale was the Z.S. Liang oil entitled “Painted Robe for Powder and Ball, Musselshell Valley, Montana, 1840”. This large oil painting (42×64) was captivating not only by it’s size, but by the story it told and the fine quality in which it was laid down on the canvas. This wonderful piece sold for $345,000 against a pre-auction estimate of $100,000 to $200,000. It appears many others were as excited about this one as I was! As far as I can ascertain, this is a all time record for a Liang work by a long shot.

Z.S. Liang oil "Painted Robes for Powder and Ball ~ Montana 1840"
One of the benefits of the slow down of our entire economy is the ability to get a great buy on some exceptional art. Some examples of very fine paintings which sold under under the money are the 10×7 Gollings oil entitled “Day Herder” executed in 1923 sold for $48,775. In 2007, two paintings of the same size and quality by Gollings sold for $62,000 making “Day Herder” a tremendous value. Another deal a lucky bidder realized was lot number 194, a large oil by Carl Rungius. While it was an early painting, and being a bit more realistic than his later more impressionistic works, it was nonetheless an important and impressive large painting by Rungius with a $300,000 to $500,000 estimate. The lucky buyer got it hammered down at $200,000. They will be happy in a few years they made that purchase!
My favorite painting in the sale was the Philip Goodwin entitled “A Gun for the Man Who Knows”. This was an advertising peice commissioned by Marlin Firearms Company probably for a poster or calender advertising. The 25×18 oil realized $69,000.

Philip R. Goodwin "A Gun for the Man Who Knows" O/C
The partners at Coeur d’Alene Art Auction, Bob Drummond, Mike Overby, Stuart Johnson and Peter Stremmel host such a classy 2 day event the last Saturday of every July. The preview party on Friday is a Five-Star event you just never see at any other auction you will attend in the art and collectibles market. Nope, not in New York, not in L.A., not in Dallas or Sante Fe. You have to go to Reno in July to get the full treatment if you are a collector or dealer of American art. The top shelf cocktails, the huge cocktail shrimp, the prime rib, the sushi, the wondrous “lamb lollipops”, the tortellini alfredo and much more make this hosted preview party one to behold as you are surrounded by all of the best artists of the American Western genre. A standing ovation to Bob, Mike, Stuart and Peter for another job well done in likely the toughest and most challenging year they have had in recent memory. If you collect fine American art and have never attended this event, you need to put it on your calender for future years. You will not regret it.
Mike Raunig, Owner ~ Raunig Art Enterprises
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