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

More News Feed Headlines

"Morning in Brooklyn," supposedly by artist George Ault, sold for $336,500.

FBI Raids Alleged Art Forgery Ring in Michigan Woods

  • Detroit News / July 9th, 2020

A team of more than 30 FBI agents raided the property of Michigan artist Donald "D.B." Henkel this week in relation ...

Read More...
Fitz Henry Lane, Ship Southern Cross in Boston Harbor, 1851.  Oil on canvas, 34 1/4 x 47 x 4 1/2 inches (86.995 x 119.38 x 11.43 cm) framed.  Peabody Essex Museum, Gift of the estate of Stephen Wheatland, 1987, M18639.  Courtesy of Peabody Essex Museum.  Photo by Mark Sexton

Diverse American Stories⁠—Told Through Marine Art Plus Surveys of Crafting and Diego Rivera⁠—Ahead at Crystal Bridges Museum of American Art

  • ArtfixDaily / July 9th, 2020

Crystal Bridges Museum of American Art's 2021 temporary exhibition schedule includes the Crystal Bridges-organized ...

Read More...
Via Twitter: Museums worldwide have been sharing their #bestmuseumbum.  The Minnesota Marine Art Museum's winner for best back-side has to belong to André Derain's "Les Repos" (1905).

Museums Battle on Social Media Over Best Cats, Mystery Objects and Derrières in Art

  • ArtfixDaily / July 8th, 2020

Museums are stepping up on social media with fierce curator's battles over whose collection holds the #BestCat, ...

Read More...
Rodin, The Kiss, 1882, marble.

Musée Rodin to Increase Sculpture Sales During Pandemic-Produced Slump

  • ArtfixDaily / July 8th, 2020

The Rodin Museum in Paris plans to sell more bronze replicas of the artist's original marble masterpieces after four ...

Read More...

Related Events

Goto Calendar
Spencer Helfen Fine Arts - Special Exhibition

ARTFIXdaily Artwire