September HA Auction Looking interesting 1 1

[Rick2you2]

Just casually wondering if anyone has noticed a continuing uptrend in pricing? Star pieces are always stars, and I think some dealers have posted higher prices on a few things than expected (although, that’s a bit like asking whether piranhas still bite), but stuff below $2,000-$5,000  doesn’t seem to be rising like the tides. There also seems to be a goodly amount of stuff on the market which continues to sit. Any thoughts?

[RBerman]

On 8/22/2021 at 5:51 PM, szav said:

So, what is the significance of the Superman Nodding Off (probably during some recent DC movie) painting that its so prominently featured?

Heh. Snarky!

This is Alex Ross from the cover of the treasury-sized "Superman: Peace on Earth" (1999).

[inovrmihd]

Can someone please respond on this thread or send me a direct message if they know of precedent for HA cutting their buyers fees (if so, how much do you have to spend to expect a cut)?  

[Bronty]

On 8/22/2021 at 9:35 PM, szav said:

I saw that in the HA write up.  In all seriousness I was curious if it was considered a masterpiece, or if that particular treasury had been some sort of blockbuster.  I’d never seen the image before and wasn’t really wowed by it, and was curious how/why it was presented a headliner.

Maybe it was a favor  to a consignor?.. or I’m totally missing something about its quality.

It’s the cover to what was a well regarded project - no more.  No less.

[glendgold]

On 8/22/2021 at 8:59 PM, inovrmihd said:

Can someone please respond on this thread or send me a direct message if they know of precedent for HA cutting their buyers fees (if so, how much do you have to spend to expect a cut)?  

[vodou]

On 8/22/2021 at 11:59 PM, inovrmihd said:

Can someone please respond on this thread or send me a direct message if they know of precedent for HA cutting their buyers fees (if so, how much do you have to spend to expect a cut)?  

Underwriting a lot guarantee is a negotiated process resulting in a legally binding contract for all parties. All terms are negotiable including BP.

But really, every negotiation is unique. You should be discussing this with HA directly, not the wider community of parent's basement dwelling trolls  

[G.A.tor]

On 8/22/2021 at 11:59 PM, inovrmihd said:

Can someone please respond on this thread or send me a direct message if they know of precedent for HA cutting their buyers fees (if so, how much do you have to spend to expect a cut)?  

I’ve never heard of a buyer getting a cut. Sellers, yes. Buyers, no 

[Bronty]

On 8/23/2021 at 11:45 AM, vodou said:

Underwriting a lot guarantee is a negotiated process resulting in a legally binding contract for all parties. All terms are negotiable including BP.

But really, every negotiation is unique. You should be discussing this with HA directly, not the wider community of parent's basement dwelling trolls  

 

 

Ha!    That suave gentleman has some Lethal Enforcers guns in his pants.   I've got the OA for that.   Excuse the poor pic but its 30 inches so hard to get a good image and we've got to keep this on an OA point after all

 

 

 

 

 

 

 

 

 

 

 

 

Edited August 23, 2021 by Bronty

[vodou]

On 8/23/2021 at 12:05 PM, G.A.tor said:

I’ve never heard of a buyer getting a cut. Sellers, yes. Buyers, no 

A Side Deal

The reason why the final bidder managed to get a $1 million discount is a side deal that she had made with Christie’s. Christie’s had guaranteed Wynn a certain amount for the painting, in order to persuade him to consign the piece in the first place. That created risk for the auction house: If it couldn’t sell the painting, it risked ending up out $30 million or so, with nothing to show for it but a painting that had just been “burned” at auction. (Failure to sell at auction is the art-world equivalent of a scarlet letter, and the work becomes much more difficult to sell.)

 

In order to avoid that outcome, Christie’s found a bidder willing to guarantee the work by placing something known as an “irrevocable bid” before the sale began. Even if no one else bid on the painting, that irrevocable bid would always be there, which meant that Christie’s knew that the painting was guaranteed to sell.

Why would a bidder show their hand to Christie’s by entering an irrevocable bid weeks before the auction? What’s in it for them? The answer, simply, is money. In return for receiving the irrevocable bid, Christie’s promised to share with the bidder some of its profits on the painting—some of the buyer’s premium payable over and above a certain amount.

Specifically, if the guarantor ended up winning the work, Christie’s would pay her a $1 million “financing fee.” Although that figure isn’t public, it’s easy enough to determine: The guarantor bid $33.5 million, which would typically result in a final price, including premium, of $38 million. After the rebate of the financing fee, however, the final price is actually listed as $37 million. 

The guarantor outbid the person willing to pay $37.44 million, and managed to walk away with a $37 million painting.

https://news.artnet.com/market/guarantees-new-private-sales-rip-off-insurance-became-new-normal-1290542

[G.A.tor]

On 8/23/2021 at 1:42 PM, vodou said:

A Side Deal

The reason why the final bidder managed to get a $1 million discount is a side deal that she had made with Christie’s. Christie’s had guaranteed Wynn a certain amount for the painting, in order to persuade him to consign the piece in the first place. That created risk for the auction house: If it couldn’t sell the painting, it risked ending up out $30 million or so, with nothing to show for it but a painting that had just been “burned” at auction. (Failure to sell at auction is the art-world equivalent of a scarlet letter, and the work becomes much more difficult to sell.)

 

In order to avoid that outcome, Christie’s found a bidder willing to guarantee the work by placing something known as an “irrevocable bid” before the sale began. Even if no one else bid on the painting, that irrevocable bid would always be there, which meant that Christie’s knew that the painting was guaranteed to sell.

Why would a bidder show their hand to Christie’s by entering an irrevocable bid weeks before the auction? What’s in it for them? The answer, simply, is money. In return for receiving the irrevocable bid, Christie’s promised to share with the bidder some of its profits on the painting—some of the buyer’s premium payable over and above a certain amount.

Specifically, if the guarantor ended up winning the work, Christie’s would pay her a $1 million “financing fee.” Although that figure isn’t public, it’s easy enough to determine: The guarantor bid $33.5 million, which would typically result in a final price, including premium, of $38 million. After the rebate of the financing fee, however, the final price is actually listed as $37 million. 

The guarantor outbid the person willing to pay $37.44 million, and managed to walk away with a $37 million painting.

https://news.artnet.com/market/guarantees-new-private-sales-rip-off-insurance-became-new-normal-1290542

What does Christie’s have to do with heritage ?

[batman_fan]

On 8/23/2021 at 11:54 AM, G.A.tor said:

What does Christie’s have to do with heritage ?

Both have a “H”, “R”, “I”, “T”, and “E” in their name and have some involvement with 6G 

[G.A.tor]

On 8/23/2021 at 1:59 PM, batman_fan said:

Both have a “H”, “R”, “I”, “T”, and “E” in their name and have some involvement with 6G 

Ok. Outlier deals on the rare exception probably exist. Maybe even with heritage. But I’ve never heard of any buyer getting a discount. Sellers can certainly negotiate both seller and buyer premium, which I believes answers the initial query 

[vodou]

On 8/23/2021 at 2:00 PM, G.A.tor said:

Ok. Outlier deals on the rare exception probably exist. Maybe even with heritage. But I’ve never heard of any buyer getting a discount. Sellers can certainly negotiate both seller and buyer premium, which I believes answers the initial query 

If you're spending six figures on comic art, it's worth asking about. But...are you?

[G.A.tor]

On 8/23/2021 at 2:45 PM, vodou said:

If you're spending six figures on comic art, it's worth asking about. But...are you?

I’ve spent 7 figures in a single heritage auction and spend that every year easily and gotten zip as a buyer. Have talked with Jim on down. There is no break as a buyer (at least that’s what I’ve been told )

Edited August 23, 2021 by G.A.tor

[vodou]

Clarification: six figures or more on a single lot. Doing so multiple times over time too.

If you're not getting any love, you're not asking or not asking the right way.

And of course that would be asking before the sale, announcing your intention and being contractually bound to it.

[WolverineX]

Sweet

Edited August 24, 2021 by Wolverinex

[Twanj]

On 8/23/2021 at 5:19 PM, Wolverinex said:

Just got two catalogs from Heritage Auctions after a purchase a few months ago.  Is this a one time thing or do they start sending them from now on? 

I've made a couple purchases but I seem to keep getting em

[WolverineX]

On 8/23/2021 at 5:40 PM, Twanj said:

I've made a couple purchases but I seem to keep getting em

Cool!  so at least a year? 

[Twanj]

On 8/23/2021 at 5:50 PM, Wolverinex said:

Cool!  so at least a year? 

I just looked and it's almost been 1.5 years since I bought anything there...

[WolverineX]

On 8/23/2021 at 5:51 PM, Twanj said:

I just looked and it's almost been 1.5 years since I bought anything there...

Sweet, how often do they send these?