Schwenke Auctioneers - August Fine Estates Auction - August 28

Sotheby's Loses $12 Million on Taubman Sale, But Wins Top Auction Price For Americana Week

  • January 25, 2016 13:10

  • Email
Angel Gabriel weathervane from The American Folk Art Collection of Stephen and Petra Levin sold for $1.3 million.
Sotheby's

Sotheby’s secured an overall total of $18.9 million for its Americana Week auctions ending Sunday. The news came after Friday's announcement that the auction house had an estimated $12 million loss in the fourth quarter of 2015 as a result of the A. Alfred Taubman sale, featuring works from the collection of the former Sotheby's chairman that were given an unprecendented guarantee of $500 million for Taubman's heirs.

"As a result of the guarantee shortfall, no net auction commission revenue will be recognized for the Taubman collection in the fourth quarter of 2015 or in 2016," president and CEO Tad Smith said during a Jan.. 22 conference call with investors. "With no revenue from the Taubman Collection in the fourth quarter, auction commission margin is down versus the prior year fourth quarter. Excluding the Taubman collection sales, auction commission margin for the fourth quarter and full year did improve when compared to the prior year."

Good news came over the snowy weekend from the sale of Property from the Collection of Irvin & Anita Schorsch which totaled $10.3 million, with a 100 percent sell-through rate, taking the collection over its pre-sale high estimate of $10.2 million. Also, a weathervane depicting the Angel Gabriel from The American Folk Art Collection of Stephen and Petra Levin sold for $1.3 million, making it the top price sold at any auction house during the Americana Week auctions, according to Sotheby's.


  • Email

More News Feed Headlines

Porsche Type 64

Auction Faux-Pas Stalls Bidding on $20 Million Porsche

  • CNN / August 20th, 2019

An unusual slip up could be behind an early Porsche not becoming the most expensive car from the luxury maker ...

Read More...
San Francisco Fall Antiques Show 2018

Renamed Fall Show, San Francisco's Destination Event Will Mix It Up With Art, Antiques and Design

  • ArtfixDaily / August 20th, 2019

Since 1981, the San Francisco Fall Antiques Show has been a key west coast event in the antiques category. Now in its ...

Read More...
 Pipilotti Rist, International Liquid Finger Prayer, 2019 (still).  Augmented reality.  Courtesy the artist and Apple

Apple and New Museum Launch App-Enabled [AR]T Initiative

  • ArtfixDaily / August 15th, 2019

Apple invited the New Museum to collaborate on a new Augmented Reality initiative to create a series of experiential ...

Read More...
Detail of the Taber Family Tianqiuping from the Philbrook Museum of Art that sold at Christie's Hong Kong in 2018 for HK$130,600,000.

Trump Imposes 10 Percent Tariff on Chinese Art and Antiques Starting September 1

  • ArtfixDaily / August 15th, 2019

U.S. President Trump deepened his trade war with China by imposing a new 10% tariff on Chinese art, antiques and ...

Read More...

ARTFIXdaily Artwire