October 2, 2016 4 Comments
The first of several Merton Simpson’s African Tribal art estate auctions took place at Quinn’s Auctions in Falls Church Virginnia (10/01/16). With approximately 400 of the high-end pieces of his collection on sale it proved to be an arduous task, but once the audience was walked through the challenges from the Nigerian government, consignment claims, and catalog mishaps it was pretty smooth sailing.
The prices though…. were a true testament to the reputation and cachet of the ‘Merton Simpson’ brand in the African Tribal art world.
The way it worked was the opening bid (before absentee bids) would be one-half the lower catalog estimate. This worked out to be $150, $400, and $50 … (I know right, too good to be true, and well worth the drive to Virginna from NY). Honestly though, by the time we reached to item #168 I had already drawn a ‘sad’ smiley face next to item #169. The final sale prices came in at $850, $12,500, and $900 respectively. Then you add 20% buyer’s premium, and a 6% sales tax for your effort, and this is without taking the shipping costs into consideration, or the 4% credit card penalty (keep those checkbooks handy) should you choose that option!
So let’s circle back to your basic auction strategy, 1. prior to your must-have items you should always buy a great piece – that way you ALWAYS walk away with something, 2. after your tap out moment don your best kamikaze/guerrilla persona, open up that wallet, and come out focused and swinging!!
Photocredit : Screenshot from Liveauctioneers.com