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

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

More News Feed Headlines

"Portrait of an Artist (Pool with Two Figures)" (1972) by David Hockney

David Hockney Painting Snags $90.3 Million in New York; Bidder Wants to Whitewash Banksy He Bought in LA

  • November 15, 2018 23:03

David Hockney's sensual pool painting with two male figures became the most expensive work by a ...

Read More

Detail of Salvator Mundi by da Vinci.

Russian Art Collector Dmitry Rybolovlev Detained in Monaco

  • November 08, 2018 13:39

Update 11/9/18: Unspecified charges have been filed, via Bloomberg. Dmitry Rybolovlev, the ...

Read More

Romare Bearden, Cotton, 1964.  Gelatin silver print (photostat) on fiberboard (Ed.  1/6), 39 x 49 in.  (99.1 x 124.5 cm).  Colby College Museum of Art.  The Lunder Collection, 2017.003.  © 2018 Romare Bearden Foundation/Licensed by VAGA at Artists Rights Society (ARS), NY.

Arts Initiative Across Maine Brings Forward Artists' Perspectives on Migration

  • November 01, 2018 19:09

“…and when she went out it seemed to her that she too had migrated, that everyone migrates, even ...

Read More

Hank Willis Thomas and Emily Shur—For Freedoms

Norman Rockwell's Four Freedoms Are Remade by Artists to Reflect America Today

  • October 28, 2018 22:43

Some 75 years after Norman Rockwell created his iconic Four Freedoms images in response to ...

Read More

Related Press Releases

Related Events from ArtfixDaily Calendar

 

ArtfixDaily Artwire