The Momentary - Bentonville, Arkansas - Feb 22, 2020

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."

Advertisement

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

Advertisement

More News Feed Headlines

Józef Bakós, American, 1891–1977; “Untitled (Frijoles Canyon)”, c.  1920-25; oil on board; 18 × 23 7/8 inches; Saint Louis Art Museum, Gift of John and Susan Horseman 95:2019; © Estate of Józef Bakós

Collection Gift Expands Saint Louis Art Museum’s Holdings of American Modernism

  • ArtfixDaily / December 10th, 2019

John and Susan Horseman have given the Saint Louis Art Museum a major gift of 20th-century American art. The gift ...

Read More...
Harvard University's Arthur M.  Sackler Museum

Harvard Students' Installation in the Sackler Museum Names Opioid Victims

  • ArtfixDaily / December 9th, 2019

A new art installation at Harvard University's Arthur M. Sackler Museum names local victims and survivors of ...

Read More...
Camille Claudel, Sakuntala, marble, 1888, (1905 copy shown, Musée Rodin, Paris).

Google Doodle Honors Innovative French Sculptor Camille Claudel

  • heavy / December 8th, 2019

On her 155th birthday, French artist Camille Claudel (1864-1943) was given major recognition this Sunday (Dec. 8) ...

Read More...
The Turner Prize 2019 nominees are all winners: Lawrence Abu Hamdan, Helen Commack, Oscar Murillo and Tai Shani.

Why the Four Turner Prize Finalists Got a Collective Win

  • NPR / December 8th, 2019

All four finalists — Lawrence Abu Hamdan, Helen Cammock, Tai Shani and Oscar Murillo — for the U.K.'s ...

Read More...
Clarke Auction - December 15
Gianguan Auctions - December 16

ARTFIXdaily Artwire