Barnebys Online Auction Report, 15 designated designers - Trends and insights

Online Auction Report

15 designated designers Trends and insights

20 TH CENTURY DESIGN AUCTIONS

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Pucci de Rossi

F r e n c h

A u c t i o n

H o u s e

MODERN & CONTEMPORARY DESIGN AUCTIONS ESPACE TAJAN / TAJAN LIVE info@tajan.com

Free Barnebys Online Auction Report

valuation : estimation@tajan.com 37 rue des Mathurins 75008 Paris T +33 1 53 30 30 30 www.tajan.com

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Bradley Theodore ‘The Second Coming’ 21st April - 20th May 2017 Exclusively Maddox - Emerging, Established and Blue Chip artists.

9 Maddox Street, Mayfair, London W1S 2QE Tel 0207 870 7622 I info@maddoxgallery.co.uk www.maddoxgallery.co.uk I @maddoxgallery

Barnebys Online Auction Report

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Barnebys Online Auction Report

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Barnebys Online Auction Report

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Barnebys is the leading search service for arts, antiques and rarities. By listing auction houses and art dealers from around the world, we make unique and beautiful items accessible to everyone.

Barnebys Online Auction Report

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N°1

— 8

The only Intelligent Design we know of

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Summary of principal findings

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Dedicated to design

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The value of design

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Denmark - function and form Arne Jacobsen Hans J. Wegner Finn Juhl

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Sweden – design for all Josef Frank Axel-Einar Hjorth Märta Måås-Fjetterström

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Finland – inspired by nature Alvar Aalto Eero Saarinen Paavo Tynell

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France – industrial and chic Jean Royère Pierre Jeanneret Charlotte Perriand

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United States – design diversity Harry Bertoia Vladimir Kagan Isamu Noguchi

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Notes

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Appendix

Contact Hanna Schiller Project Manager hanna.schiller@barnebys.com

Pontus Silfverstolpe Founder and Head of Content pontus@barnebys.com

Barnebys Online Auction Report

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The only Intelligent Design we know of The other day, a friend of mine was in the process of buying a sideboard from one of the major retail chains.

It was a swift online experience, a click-and-pick environment. I, of course, showed the variety of sideboards available at Barnebys instead, and we soon found one.

The price was about the same, but the lot featuring on Barnebys was one of a kind and an original of what the retailer was attempting to imitate. In other words, in all aspects it was a better deal, but for one crucial factor — the fulfilment process at the listed auction house’s site was anything but smooth.

Unfortunately, in many cases this is still the industry standard. Our industry offers an amazing world of treasures across all price ranges. If only auctioneers became as accomplished in fulfilling their online offer as in putting forward fantastic items, I’m convinced they would attract a vastly greater market.

Anyhow, what my friend was not aware of are the findings of this report, i.e. that buying original design items is the best investment you can make.

The report is based on 31 million realised prices, and shows that buying design is a better investment than, say, buying art, no matter what the price range. Achieving a more personal, beautiful interior is a bonus.

Please enjoy our second business report, this time covering 15 of the most searched for designers at Barnebys.

Christopher Barnekow Founder and CEO

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Summary of principal findings •

The relative performance of sale price to auction estimates, supply levels and sell-through rates are key variables in assessing a market’s health.

•

The period from 2009 to 2016 showed close to 330% growth in accumulated turnover for the designers reviewed in the report.

•

The 15 designated designers’ total market value in 2016 was €38,3 million.

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Arbitrage opportunities arise on design from less competitive markets, as intense bidding over a limited number of top pieces result in record prices at international market hubs.

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Furniture markets tend not to develop an international buying base, except for the most expensive pieces, until they mature and break through the barrier of shipping costs.

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Well-curated feature auctions have significant impact on designers’ markets, bringing attention to their works and building momentum.

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Strong interest and increased online access has led to a massive growth of the design market in the years since the 2008 financial crisis.

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Collectors are paying considerable attention to design, with prices on a limited supply of unique high-end design pieces boosted to fine art market status.

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The auction market’s increased access and transparency, facilitated by the online revolution, is boosting prices on previously undervalued toptier design items in smaller local markets.

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When the novelty and prices of a certain designer starts to fade, the market moves on to the next big name.

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New names combined with new markets, such as the growing demand in Asia, makes the design market stay relevant.

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Dedicated to design

Finn Juhl Early and rare ‘Chieftain’ armchair, model no. FJ 49 A circa 1950, by Niels Vodder HK$ 1,937,500 (€236,000) Phillips Design, Hong Kong 27 November 2016

Strong interest and increased online access has led to a massive growth of the design market in the years since the 2008 financial crisis. From 2009 to 2016, the 15 designers reviewed in this report saw close to 330% growth of accumulated turnover. Collectors are paying considerable attention to design, with prices on a limited supply of unique high-end pieces boosted to fine art market status. Meanwhile, the mass market is exploding.

Increased access means anyone, anywhere, can get their hands on iconic modern design pieces, at any price point.

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Glossy magazines worldwide are

recklessness, a guest was to spill

showcasing stylish homes furnished

some red wine on its white velour

with iconic modern design pieces,

cover.

whilst professional interior designers

Knowledge is power

and collectors seek high and low for tomorrow’s modern design trend.

Previously reserved for the wealthy,

The value of design on the

today’s easily accessed auction

secondary market is determined by

market offers design furniture at all

quality, uniqueness, importance,

prices. Globalisation, and the quest for quality items, means that a new

condition, provenance and not to be forgotten — presentation. Dealers

generation of buyers is discovering

and auction houses that have worked

auctions. For this segment, it is all

actively on curating exhibitions and

about creating a curated interior that

catalogues, are undoubtedly more

is reflective of the owner’s unique

successful than their competitors.

personality and identity. Uniqueness

Presentation has been crucial for prices, which is also reflected in the

is hard to come by, so authenticity has become the highest form of

records displayed in the report.

exclusivity.

More are catching on to this trend,

Elevating design

and dedicated auctions for eras,

collections or even single designers The design category has evolved

— in which knowledge and

from being an integrated part of more

information are central— are

classic auctions to a common stand-

increasingly common. The same goes for the dealer market, where more design dealers are specialising

alone feature at auction houses around the world. Partly to meet a

in one or a few designers or a specific

new and younger audience, but

era or movement when curating

mostly to satisfy the category’s

exhibitions.

radically growing market, which has been further fuelled by a strong market for contemporary art, as many want vintage design furniture to display next to their artwork.

Dealer dialogue

Dealers specialising in the design field have played an important role

As sofa’s by French designer Jean

for the auction market, continuously

Royére sell for a record price of

serving as active buyers and sellers

€600,000, one wonders what would happen if in a moment of

at auction. Equally important, dealers have had a close dialogue with auction houses, often educating

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them on designers, which design is

as being of ‘museum quality’ is a

worth paying attention to and why.

means for auction houses to present

Some years back, hardly anyone

an object of the highest quality and

knew who Axel Einar Hjorth was, not

importance and, ultimately, value.

even in Sweden. Thanks to dedicated

Exhibitions and retrospectives that

dealers such as Eric Philippe of

focus on specific designers are also

France, as of today Hjorth is one of

key when it comes to revitalising the

the most famous Swedish designers

market for a designer’s work.

world wide.

Trash to treasures

Going, going, abroad

That an auction’s geographical For all types of collectibles, seriality is

location has a notable effect on its

a threat to an object’s value. To

outcome is well established, but it is

ensure a limited supply, collectors

becoming less so. The costs of

tend to favour commercially

shipping furniture can determine

unsuccessful prototypes, specially

which works reach an international

commissioned design, or show-

market and which remain locally.

pieces made for expos.

Metropolitan cities, such as London, New York, Miami and Paris, are

While artworks are naturally unique, furniture pieces are intrinsically

usually where the highest auction prices are achieved. This is mainly

intended to be reproduced. Since

because most high-end design

licensed reproductions and pieces

pieces are sold at the major

that have been in continuous

international design auctions, where

production are common in many cases, the early and rarer productions are most coveted. Cabinet made pieces hold a higher quality of craftsmanship than the massproduced exemplars.

Pieces of the highest condition, uniqueness, quality and provenance are scarce and high in demand.

Museum’s collections and exhibitions play a vital role in validating the

distance is less of a factor for the end customer.

Meanwhile, smaller local markets like the Scandinavian countries struggle to keep up with international buying power, and in excess of 90% of toptier design items go to international buyers. Dealers have long capitalised on the arbitrage opportunity of buying furniture locally and selling at international art market hubs, reaping many times their original purchase

significance of designers and specific

price. However, increased access and

design objects. Describing an object

transparency in the auction market,

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facilitated by the online revolution,

finding these forgotten masters. The

are causing prices for high-end

addition of new names combined

objects in smaller markets to rise.

with new markets, like in Asia, will

Above all, the real challenge to the

lead to a growth in the design market

traditional auction market hubs come

for a long time to come.

from new markets such as the Chinese, illustrated by auction house sales in Hong Kong.

Pontus Silfverstolpe Founder and Head of Content

Next big thing

It is clear that when prices and the novelty of a certain designer have declined, the market moves on to the next. So it is important for auction houses, as well as dealers, to continuously explore and collect new information on intriguing designers.

The whole process is reminiscent of the early days of the now longestablished market for art and antiques, which goes to show that design is more than a short-lived trend. Just like artists, great designers can fall into oblivion. Just like the art market, there is great potential of

About the report

Barnebys’ second Online Auction Report, is a special edition focusing on 15 leading furniture designers of the 20th century. Based on popular searches on Barnebys, we have singled out three designers from each of five of the most important markets we cover today.The graphs presented in this reported are based on Barnebys’ realised price database, with more than 31 million lots, gathered from 315 auction houses in 29 countries.

The deliberate inclusion of licensed reproductions and items that have been in continuous production in the dataset is important in showing the demand for the relevant designs across all market segments.

Barnebys Online Auction Report

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The value of design Buying design at auction is growing in popularity. Whether it’s about finding vintage pieces at an affordable price, or a unique collectible, the interest in design items in all price ranges has never been greater. At Barnebys. many of the most frequent searches and saved search alerts are for designers among those highlighted in this report.

Curated design auctions help spur the interest in good design. For those wanting good design at more affordable prices, second-hand licensed reproductions or furniture that have been in continuous production can be found for a fraction of the retail price. There is no question that the market is growing, both in terms of inventory and turnover. Barnebys’ data shows a growth of 330% in the 15 designated designers’ accumulated turnover in the period of 2009 to 2016.

According to the recent TEFAF report for 2016, the auction market for design in Europe and the US is worth a total of $343,6 million (€322,6 million). Our data shows that the 15 designers highlighted here had a combined market value of €38,3 million in 2016 alone, which would mean a 12% share of the total design market. However popular this selection of designers may be, this indicates that the scope and value of the design market is under-appreciated.

€ Million

Turnover for the 15 designated designers, by nationality 45 40 35

9

9

7

30 10

25 20

10

15 10 5 0

12

11 8 8

6 8

8

2

2 2

6

2 4 0 1

8 11 2

1 2 4

6

7

2009

2010

2011

2012

2013

2

2

6

7

2015

2016

Sweden: Frank, Hjorth, Måås-Fjetterström

Finland: Aalto, Saarinen, Tynell

France: Royère, Jeanneret, Perriand

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Denmark: Jacobsen, Juhl, Wegner

United States: Bertoia, Kagan, Noguchi

3

12

10

2014

13

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Denmark - function and form Danish design is widely known for its combination of excellent style and craftsmanship. Many of the designers were trained architects, with great understanding of an object’s function as well as its form. To fulfil the vision of a modernist way of life, they not only designed a building’s exterior and structure, but also its interior.

Scandinavian design has been much in demand for three decades. The demand for danish design is high and stable, with a continuously growing pool of international buyers. After a hectic period of rapidly increasing prices, the general price level has stabilised. However, according to Fredrik Bruun (Director of international Valuation and sales at Bruun Rasmussen), new auction records for rarer pieces are still on the cards, with the most sought-after pieces designed from 1930-40.

“Nordic Design has established itself as a central part of the design market, on par with the best design from Italy, United States, France and alike.”

Frederik Bruun, Director of International Valuation and Sales, Bruun Rasmussen

In 2015, a one-off oak dining table by designer and cabinetmaker Peder Moos, made for the Villa Aubertin in Norway, set a new auction record for Scandinavian design, after selling at more than four times its estimate for €812,712 including fees.

The chief appeal of Moos’s furniture is its craftsmanship, boosted by the fact that he made all of his furniture himself. Collectors seek pieces that are as rare and connected to the designer as possible. The designers listed below, have produced furniture on a much larger scale, but, like Moos, rare high-quality pieces are the most sought after.

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Key Findings Evolution of the annual turnover 2009-2016

€ Millions

Arne Jacobsen, Finn Juhl, Hans J. Wegner

14 12 10 5 5

8

4

6

2 3

4

0

1 1 0 0

2009

1

1

1 1

2

2

3

2010

2011

2012

2013

Jacobsen

•.

2

2

2

2

3 2

Juhl

4

2014

4

4

2015

2016

Wegner

Accumulated auction-market value of €53 million, for the three designated Danish designers between 2009-2016.

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The three designers’ had an average annual growth rate of 34%, between 2009-2016.

•

After a period of strong and steady growth, all three of the designers’ markets saw a downturn in 2016.

•

The market for Arne Jacobsen has seen an explosion in the mass market segment, while his early and rare design is setting new records.

•

The most sought after designs by Finn Juhl, in particular the finest examples of the Chieftain chair, achieve prices in the hundreds of thousands at major international auctions.

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Hans J. Wegner’s market has seen a massive growth in the lower tier, with a notably high sell-through rate at 94% in 2016 reflecting the high demand for affordable design pieces.

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Arne Jacobsen Arne Jacobsen has had a strong collector following for a number of years and now appeals to the mass market.

Having designed objects ranging from Stelton steel kitchen wares and wristwatches to furniture and lighting — many which are still in production — his range offers all kinds of items at every price point. The market may seem flooded with items that have been in continuous production, but the early workshop furniture continue to sell at record levels.

In the aftermath of the financial crisis and the establishment of online auctions as a major selling platform in the years that followed, there was a massive influx to the market of items originally designed by Jacobsen that are still in production (fig. 1). Large volumes of inexpensive items have brought average values down (fig. 2). However, the original workshop pieces are still selling for top prices. In September 2016, an early and unique chest of drawers went under the hammer at Phillips in London, selling for €94,600 including fees (fig.

3) showing that Jacobsen’s rarer, early design are in high demand.

The highest record to date was set in 2010 when a sofa, two armchairs and a sofa table made for the Rothenborg house in 1930s sold at Pierre Bergé & Associés in Brussels for €121,500 including fees. The previous record was set just four months before for the same unique group, which took €29,500 at Danish auction house Bruun Rasmussen. Such a massive hike in price over a short period illustrates the impact of geography.

Moving from Denmark to Belgium for the resale pushed the price up by close to 320%.

In 2011, large volumes of lower priced items as well as fewer major works on offer led to a

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significant drop in average hammer prices (fig. 2). Half of the lots sold below €500, accounting for just 12% of the total value (fig. 4). Sales at record price levels, above €10,000, make up only 1% of lots offered and 13% of total value.

The vast volume of lower tier lots has created an oversupply in the market, deflating prices and causing many lots to sell below estimate. As there often is no reserve price for lower tier lots, sell-through rates tend to be much higher than in 2009 when the majority of lots offered at auction were high-end items (fig. 5). Most buyers in the mass market segment are bargain hunters and few pass on the opportunity to buy Jacobsen design below estimate.

Denmark is the primary market for Jacobsen, both in terms of the number of lots and revenue, followed by neighbouring Sweden (fig. 6). Internationally, the United States and France hold equal volume market shares at 3% each, but the US accounts for the larger share of revenue (10%) compared to France (6%).

1. Sales volume and lots offered by year € 4 500 000 5000 € 3 600 000 4000 € 2 700 000

3000

€ 1 800 000

2000

€ 900 000

1000

€0

0 2009

2010

2011

2012 Turnover

2013

2014

2015

2016

Lots offered

2. Average sales price and pre-sale estimates

€ 4 000

€ 3 000

€ 2 000

€ 1 000

€0 2009 2010 2011 Average hammer price

2012 2013 Average low estimate

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2016

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3. Yearly record sales price € 121 500

€ 96 600

€ 61 000

€ 62 000

€ 64 500

€ 32 000 € 29 500

€ 21 000

2009

2010

2011

2012

2013

2014

2015

2016

4. Distribution of

5. Lots offered and

revenue and lots sold

sell through rate

50k-100k € 25k-50k €

100%

5000

4000

75%

10k-25k € 3000

5k-10k €

50%

1k-5k €

2000

500-1k €

25% 1000

100-500 € 0-100 €

Turnover

Lots sold

Sold

Unsold

2016

2015

0%

2014

50%

2013

40%

2012

30%

2011

20%

2010

10%

2009

0

0%

Sell through rate

6. Distribution of sold lots and revenue by country 3%

3% 4%

7% 6% Denmark

18%

Sweden

10%

United States France 72%

13% 64%

Other

Volume

Value

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Finn Juhl Finn Juhl was one of the leading figures in ‘Danish Design’ in the 1940s and is responsible for bringing Danish Modern to America. Juhl’s furniture has not been mass produced on the same scale as Jacobsen’s, and thus auction volumes have not grown at the same rate. A limited supply of high quality lots on offer, together with more accessibility in the auction market thanks to online presence, has led to an increase in supply and turnover and exceptional results at the top end.

In the two years following the financial crisis, few Juhl lots were offered at auction (fig. 7) and hammer prices remained moderate, averaging barely in line with low estimates (fig. 8). In 2012, the market experienced an upturn, with a visible increase in lots offered, average price levels and sell-through rates (fig.

11). Inventory has continued to increase steadily, so has turnover. However, in 2016 it fell slightly. Fuelled by some exceptional auction sales, average hammer prices peaked in 2013, far exceeding pre-sale estimates (fig. 8). The recent vast increase in lots offered has been at lower values, in line with market expectations.

In 2013 an iconic and rare Chieftain armchair from 1949 sold at Phillips in London for €502,000 (fig. 9). This sale marked a shift in prices for Juhl’s best design, with records since then in the hundreds of thousands. Sales at this level represent only 1% of lots sold, yet account for 18% of revenues. The 35% of lots below €1,000 bring in only 2% of value.

Undoubtedly, the main geographical market for Juhl design is his native Denmark (fig. 12). While a majority — 51% — of lots sell in Denmark, those sales only account for 38% of the total value raised by Juhl. The

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United States, where Juhl introduced the concept of ‘Danish Modern’, accounts for 30% of the market’s revenue. It is striking is that the UK, with only 3% of sales, accounts for 17% of the accumulated value. This indicates that better pieces will travel further and, perhaps that lower value pieces do not justify the additional cost for transportation, in terms of both money and effort, to export them from Denmark.

7. Sales volume and lots offered by year € 3 000 000

500

€ 2 500 000

400

€ 2 000 000 300 € 1 500 000 200 € 1 000 000 100

€ 500 000 €0

0 2009

2010

2011

2012 Turnover

2013

2014

2015

2016

Lots offered

8. Average sales price and pre-sale estimates € 12 500 € 10 000 € 7 500 € 5 000 € 2 500 €0 2009

2010

2011

Average hammer price

2012

2013 Low estimate

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2015

High estimate

2016

22

9. Yearly record sales price

€ 502 000

€ 370 000

€ 235 100 € 262 200

€ 74 000 € 26 000

€ 79 000

€ 30 200 2009

2010

2011

2012

2013

2014

2015

2016

10. Distribution of

11. Lots offered and

revenue and lots sold

sell through rate 500

100%

€ 500k-1m € 100k-500k

400

75%

€ 50k-100k 300

€ 25k-50k

50%

€ 10k-25k 200

€ 5k-10k € 1k-5k

25%

100

€ 500-1k € 0-500

Turnover

Lots sold

Sold

Unsold

2016

2015

2014

40%

2013

30%

2012

20%

2011

10%

2010

0%

0%

2009

0

Sell through rate

12. Distribution of sold lots and revenue by country 12% 3%

7%

4%

5%

Denmark United States 51%

38%

17%

Great Britain France

30%

Other 33%

Volume

Value

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Hans J. Wegner Dubbed the ‘man of chairs’, Hans J. Wegner designed over 100 in his career, many which remain iconic to this day.

Although his design portfolio does include other piece of furniture, it is chairs that gain him the most recognition.

Easily recognised by their sleek lines and balanced proportions, designs by Wegner are timeless.

As with Jacobsen, the market for Wegner has seen a massive increase in the number of lots offered at auction. A restricted market of high-end objects has grown into a more broad-based one with a larger number of lower value examples on offer (fig. 13). The annual turnover has grown from just below €800,000 in 2009 to over €5,000,000 last year. Large numbers of inexpensive items have brought down the average hammer price to less than a third of that in 2009 (fig. 14). The popularity of Wegner furniture shows an average sale price in keeping with average high estimates and a sell-through rate few others can match despite more material coming onto the market (fig. 17).

As every object is unique, the most sought-after high-end designs are likely to grow in value, whilst the mass-produced lines and licensed reproductions supply the lower market tiers with good design. The current record for Wegner was set at Phillips, London, in 2014 for a set of ten 'Cow horn’ dining chairs, model no. JH 505 (circa 1952) which sold for €263,000 (fig. 15). Wegner’s Cow horn chairs and Dolphin chairs are the best performers at auction. Lots over €25,000 account for just 1% of volume but 20% of revenue (fig. 16). Close to 60% of lots sell below €1,000, bringing in only 12% of value. Lots sold for €1,000-5,000 account for a third of both volume and value.

Wegner’s native Denmark accounts for 70% of volume, but 45% of the total value (fig. 18). With fewer lots

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sold but at higher prices, the United States and Britain, especially, account for larger shares of value in relation to their respective shares of lots sold. Sweden comes second in terms of the share of lots sold, but, as is the case for Denmark, the lots sold are generally at a lower price point, making up a much smaller share in terms of value. This does not mean that only cheaper items are sold in Denmark and Sweden, but that more expensive lots tend to attract wider interest, and so end up being sold on the international market. Wealthy international buyers and collectors are looking for the very best pieces and are willing to pay a premium.

13. Sales volume and lots offered by year € 6 000 000

4000

€ 5 000 000 3000 € 4 000 000 € 3 000 000

2000

€ 2 000 000 1000 € 1 000 000 €0

0 2009

2010

2011

2012 Turnover

2013

2014

2015

2016

Lots offered

14. Average sales price and pre-sale estimates € 6 000

€ 4 500

€ 3 000

€ 1 500

€0 2009

2010

2011

Average Hammer Price

2012

2013

Average Low Estimate

Barnebys Online Auction Report

2014

2015 Average High Estimate

2016

25

15. Yearly record sales price € 263 000

€ 145 500 € 108 600 € 83 000 € 88 200

€ 84 300 € 43 000

2009

€ 40 400

2010

2011

2012

2013

2014

2015

2016

16 Distribution of

17 Lots offered and

revenue and lots sold

sell through rate

€ 100k-500k

4000

100%

3000

75%

2000

50%

1000

25%

€ 50k-100k € 25k-50k € 10k-25k € 5k-10k € 1k-5k € 500-1k € 100-500 € 0-100

Turnover

Lots sold

Sold

Unsold

2016

2015

2014

0%

2013

40%

2012

30%

2011

20%

2010

10%

2009

0

0%

Sell through rate

18 Distribution of sold lots and revenue by country 3% 5% 9%

16% Denmark

1%

United States 10%

10% 45%

Great Britain Sweden 70%

Other

Volume

31%

Value

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Sweden - design for all The democratisation of well-designed living has long been a part of the Swedish character. With expressions such as ‘a good living for all’ and ‘more beautiful everyday items’ leading the way for the design community, it is a tradition that has left this small nation with a rich heritage of design treasures, especially from the 20th century.

The designers represented in this section may be different in character, but they share ideals in common with others through their core design values. In recent years, Swedish design has attracted great interest, clearly shown by the strength of each designer’s market. Josef Frank’s market is robust, with high demand, a stable price level at the top end and a growing supply of lots in the lower tiers. Axel-Einar Hjorth has seen a more ad-hoc development, with a period of increased interest and new records, building to a peak in 2014, after which

“The first time that I saw Axel-Einar Hjorth’s furniture, I was both moved and taken aback by the obvious simplicity paired with his extreme refinement of perfect lines, craftsmanship and timeless design.”

Pierre Yovanovitch interior designer

the market has matured and levelled off a little.

The Märta Måås-Fjetterström studio has seen a similar development. MMF rugs have soared in demand, reaching price levels that are among the highest in the world for carpets.

Sweden has a limited market for high-end art, design and antiques. Since there are not many there willing to pay a premium price for great design, many of the finest pieces have found buyers in more competitive markets. While this has a positive effect on the status of Swedish design, some fear that the small nation will lose a significant part of its cultural heritage — and re-acquiring it might get costly.

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Key Findings Evolution of the annual turnover 2009-2016

€ Millions

Josef Frank, Axel-Einar Hjorth, Märta Måås-Fjetterström 8 7 6 3

5 3

3

4

2

3 3

2

1 1

1 0

0 0 0

2009

2

1

0

1 0 0

0

1

1

1

1

1

1

2010

2011

2012

2013

2014

2015

2016

Frank

•.

2

Hjorth

Måås-Fjetterström

Accumulated auction-market value of €28 million, for the three designated Swedish designers between 2009-2016.

•

The three designers’ had an average annual growth rate of 38%, between 2009-2016.

•

After a hype in 2013-14, the overall market for the Swedish designers has seen a strong growth in supply but fallen in value.

•

Josef Frank’s strong standing in Sweden makes his market stable and growing with sell-through rates averaging at a staggering 96%.

•

The market for Axel-Einar Hjorth peaked in 2014, and has since fallen in value by close to 60%.

•

Märta-Måås Fjetterström’s carpets have seen a downturn in the market with oversupply causing average hammer prices to fall and unsolds increase.

Barnebys Online Auction Report

28

Josef Frank Josef Franks design is still in production with Svenskt Tenn, the interior store which has become something of an institution for the Swedish middle and upper classes.

With everyone craving a piece of Frank to show off in their homes, items ranging from coasters to lighting and the finest cabinet-made furniture are in high demand. Josef Frank's status on the design market mean he is a consistent top search on Barnebys’ Swedish site.

A wide range of products and an online auction market which is booming at the lower end have led to steady growth in the supply of Frank design (fig. 19). Due to the growth in sales, the turnover has more than doubled since 2009.

Meanwhile, the average sales price has fallen by half since its 2010 peak (fig.

20). The influx of accessories and furniture in continuous production to a more accessible auction market has diluted the average sales price. As seen in fig.

22, almost half of the lots sold are below €500, accounting for only a tenth of the value. The largest share of revenue is found in the €1000-5000 bracket, where value exceeds volume in share. Demand for Frank is also illustrated by the consistently high sell through rate, averaging 96% (fig. 23).

To date, the most expensive Frank item ever to sell at auction was a Flora chest of drawers sold at Christie’s London in 2008 for €72,600 including fees (£55,700).

The Flora series combines two of Frank’s most distinctive trademarks: organic patterns and modernist yet classic mahogany furniture. In fact, six out of the eight record sales, as shown in fig.

21, are of Flora chests or cabinets.

It is no surprise that Swedish buyers completely dominate the secondary

Barnebys Online Auction Report

29

market for Frank (fig. 24). This is largely due to the widespread product development in lower price segments, which has been a central part of Svenskt Tenn’s commercialisation of Frank design. Still accounting for almost 80% of its revenue, many high-end pieces are still traded within Sweden, indicating that shipping cost may still be a barrier to export even at this level.

However, it is clear that the United States and Britain have the upper hand when it comes to the high profile sales — all record sales have taken place outside Sweden. The leading auction house for Frank is Bukowskis in Sweden, while outside of Sweden, Phillips has the lion's share.

19. Sales volume and lots offered by year € 1 500 000

1500

€ 1 200 000

1200

€ 900 000

900

€ 600 000

600

€ 300 000

300

€0

0 2009

2010

2011

2012 Turnover

2013

2014

2015

2016

Lots Offered

20. Average sales price and pre-sale estimates € 2 500

€ 2 000

€ 1 500

€ 1 000

€ 500

€0 2009

2010

2011

Average hammer price

2012

2013

Average low estimate

Barnebys Online Auction Report

2014

2015

Average high estimate

2016

30

21. Yearly record sales price € 69 500

€ 52 600

€ 60 500

2014

2015

€ 52 000

€ 55 700

€ 51 000

€ 25 000 € 23 000

2009

2010

2011

2012

2013

2016

22. Distribution of

23. Lots offered and

revenue and lots sold

sell through rate

€ 50k-100k

1250

100%

1000

80%

750

60%

500

40%

250

20%

€ 25k-50k € 10k-25k € 5k-10k € 1k-5k € 500-1k € 100-500 € 0-100

Turnover

Lots sold

Sold

Unsold

2016

2015

0% 2014

50%

2013

40%

2012

30%

2011

20%

2010

10%

2009

0

0%

Sell through rate

24. Distribution of sold lots and revenue by country 1% 1%1% 1%

3%

1%

8% Sweden

9%

Great Britain United States France Other 79%

96%

Volume

Value

Barnebys Online Auction Report

31

Axel-Einar Hjorth Since being showcased at TEFAF by French gallery owner and tastemaker Eric Philippe in 2009, Axel-Einar Hjorth’s furniture has been in great demand. Apart from his luxurious Swedish Grace design, the rustic furniture series made for Swedish holiday homes is highly sought after.

Well-proportioned and with a refined simplicity, his designs are a favourite among leading interior designers and collectors around the world.

A small number of Hjorth lots were sold at surprisingly high prices in 2009, far exceeding pre-sale estimates (fig. 26). Following the initial hype, the average price level dropped in 2010 before embarking on a more cautious upward climb, with a noticeably consistent ratio between estimate and realised price, indicating solidity in the market. Hjorth’s furniture saw a strong rise in both supply and demand up until 2014 (fig. 25), with new records set each year (fig.

27). In the years since, there has been a downturn in the general auction market, which may have been a factor in the cooling off and maturing of the Hjorth market, with significantly lowered price levels and a drop in the sellthrough rate.

The highest prices for Hjorth’s more rustic design are mainly in the region of €50,000-70,000, while the exclusive Swedish Grace-style showpieces made for world expos come closer to €100,000 (fig.

27). 2014 saw a record sale of a unique ceiling light designed in 1930 for the Tösse bakery in Stockholm, which sold at Phillips Design auction in London for €149,000. This was the by far strongest year for design by Hjorth, with several sales above €50,000, causing a peak in the average of prices and turnover.

Most sold lots — close to 40% — are in the €1,000-5,000 bracket, with value exceeding volume at €5,000-10,0000 (fig. 28).

Barnebys Online Auction Report

32

Though prices have certainly increased in Sweden’s domestic market, they are far from those levels reached on the British, American and French markets.

Dealers capitalise on the arbitrage opportunity of consigning top items from their home markets to foreign auction houses, achieving prices the domestic buyers are not prepared to pay. While 88% of all lots are sold in Sweden, they only account for 68% of the value (fig. 30). Instead, Britain is the leading market for high-end items, with only 3% of lots yet accounting for 17% of value. The United States is not far behind with 4% of lots and 10% of revenue, followed by France at 2% of lots and 3% of value.

25. Sales volume and lots offered by year € 3 000 000

300

€ 2 500 000

250

€ 2 000 000

200

€ 1 500 000

150

€ 1 000 000

100

€ 500 000

50

€0

0 2009

2010

2011

2012 Turnover

2013

2014

2015

2016

Lots offered

26. Average sales price and pre-sale estimates € 10 000 € 8 000 € 6 000 € 4 000 € 2 000 €0 2009

2010

2011

Average Hammer Price

2012

2013

Average Low Estimate

Barnebys Online Auction Report

2014

2015

2016

Average High Estimate

33

27. Yearly record sales price € 149 000

€ 150 000 € 125 000 € 110 000 € 100 000 € 75 000

€ 59 300 € 55 000

€ 50 000 € 25 000

€ 67 500

€ 43 800

2015

2016

€ 40 400 € 21 800

€0 2009

2010

2011

2012

2013

2014

28. Distribution of

29. Lots offered and

revenue and lots sold

sell through rate 300

100%

€ 50k-100k 250

80%

€ 25k-50k 200

€ 10K-25K

60%

€ 5k-10k

150

€ 1k-5k

100

€ 500-1k

50

40%

€ 0-500

20%

Turnover

Lots sold

Sold

Unsold

2016

2015

2014

0% 2013

40%

2012

30%

2011

20%

2010

10%

2009

0 0%

Sell through rate

30. Distribution of sold lots and revenue by country 2% 4%

3%

3%

2%

3% 10%

Sweden

Sweden

Great Britain

Great Britain

United States

United States

France

France

Other

Other

17%

68%

88%

Volume

Value

Barnebys Online Auction Report

34

Märta Måås-Fjetterström Not many, even in Sweden, are aware that some of the world’s most expensive carpets are Swedish. Märta MååsFjetterström was a pioneer in carpet weaving, combining geometric modernist style with traditional folk-art pattern.

Carpets from the MMF studio are found in many museum collections and are, with their unique ability to bring any interior together, a favourite among interior designers.

Following a slight but steady increase in supply and turnover in the period 2009-2012 (fig. 31), the market for MMF design soared in 2013, as US buyers bounced back from the 2008 financial crisis. The total turnover and average sale price then made a dramatic jump, as the best half-pile rugs started selling at prices above €100,000 at Phillips’ Design sale in London (fig. 33). In 2014, another record was set as a checkered red half-pile rug went under the hammer for €149,000, again at Phillips.

In the peak period of 2013-2015, the average hammer price for an MMF rug at auction was around €10,000 (fig. 32). In this period, prices far exceeded presale estimates and unsolds were a rare exception (fig. 35). However, following the peak year in 2014, the market started to show signs of maturity, with lower sell-through rates and records. On May 3, 2016, Chicago auction house Wright held its first auction solely dedicated to MMF. Offering a total of 112 lots, this proved to be more than the market could absorb at once and only 37 lots sold. The weak sale caused uncertainty in a previously strong market, denting the auction results for MMF in 2016. This shows how a single badly judged sale can damage a market.

Barnebys Online Auction Report

35

While the large and more expensive carpets come first to mind with MFF, more than 60% of lots are sold below €5,000, those mainly being smaller weavings and tapestries (fig. 34). It is in the €10,000-25,000 bracket that the share of revenue starts exceeding the share of lots sold, and where the real value lies for auction houses. The geographic distribution of lots sold clearly illustrates that Sweden is the origin of MFF, with 83% of lots sold there (fig. 36). However, it is striking to see that it accounts for less than half of the auction sales value.

The largest share of revenue instead comes from American auctions. As indicated by the record prices set at Phillips in London, the British market accounts for the most value relative to its volume share. The Auction house dominating the domestic market — in terms of lots and value — is Bukowskis, while Wright in the US, is the leading international auctioneer for MFF.

31. Sales volume and lots offered by year € 3 500 000

500

€ 3 000 000

400

€ 2 500 000 300

€ 2 000 000 € 1 500 000

200

€ 1 000 000 100

€ 500 000 €0

0 2009

2010

2011

2012 Turnover

2013

2014

2015

2016

Lots offered

32. Average sales price and pre-sale estimates € 12 500

€ 10 000

€ 7 500

€ 5 000

€ 2 500

€0 2009

2010

Average hammer price

2011

2012

2013

Average low estimate

Barnebys Online Auction Report

2014

2015

2016

Average high estimate

36

33. Yearly record sales price € 149 000

€ 127 500

€ 89 000 € 101 000

€ 51 400 € 42 000 € 44 700 € 26 000

2009

2010

2011

2012

2013

34. Distribution of revenue and lots sold

2014

2015

2016

35. Lots offered and sell through rate 500

100%

400

80%

300

60%

200

40%

100

20%

€ 100k-500k € 50k-100k € 25k-50k € 10k-25k € 5k-10k € 1k-5k € 500-1k € 0-500

Turnover

Lots sold

Sold

Unsold

2016

2015

2014

0% 2013

40%

2012

30%

2011

20%

2010

10%

2009

0

0%

Sell through rate

36. Distribution of sold lots and revenue by country 2%

1%

1% 1%

1%

14%

13% Sweden

Sweden

United States

United States

Great Britain

Great Britain

France

France

Other

Other

48%

36%

83%

Volume

Value

Barnebys Online Auction Report

37

Finland - inspired by nature Design from Finland is known for the purity and authenticity of its materials and its clear inspiration from surrounding nature. Led by national icon and ‘starchitect’ Alvar Aalto, Finnish designers developed a humanistic approach to modernism. They emphasised the significance of everyday life and the synthesis of art, architecture and design.

Like several others reviewed in this report, some of the most important Finnish designers were also trained architects. Undoubtedly, the

“Finnish design has a

most famous Finnish architect-cum-designer

unique and obvious

was Alvar Aalto. Finnish-American Eero

expression. Often with

Saarinen was, like Aalto, a trained architect, as

clear inspiration from

well as an industrial designer. Not only did both of them design the interiors of their own buildings, but they were also commissioned by other architects to contribute to the interiors.

The third designer reviewed in this section is

nature" Eva Seeman Specialist Design and 20th Century Works of Art Bukowskis

Paavo Tynell, the artistic industrial designer and metal worker, who founded Finlands first lighting company, Oy Taito AB. Tynell’s brass lights are highly decorative, and are sought after among collectors.

The Finnish market for art, design and antiques mainly consists of dealers. In fact, the leading auction house in Sweden, Bukowskis, is also the main auction house in Finland via its Helsinki branch. The two countries share many cultural values and aesthetics. The limited capacity of Finland’s market means it shares Sweden’s dilemma when it comes to the very best design pieces leaving the country.

Barnebys Online Auction Report

38

Key Findings Evolution of the annual turnover 2009-2016

€ Millions

Alvar Aalto, Eero Saarinen, Paavo Tynell 4

3

2

2 1

0

0

0

1

1

1

1

1

2013

2014

2015

2016

0

1

0

0

0

0 0 0

2009

0 0 0

2010

0 1

1

2011

2012 Aalto

•.

Saarinen

1

1

Tynell

Accumulated auction-market value of €13 million, for the three designated Finnish designers between 2009-2016.

•

The three designers had the highest average annual growth rate at 41%, between 2009-2016.

•

Strong further growth expected for the Finnish designers’, as they have had a positive year-on-year growth throughout the period.

•

After a period of strong and steady growth of both volume and value, the market for Alvar Aalto has plateaued and slightly declined in value due to diluted prices.

•

Sparked by themed sales at auction, design by Eero Saarinen has soared in the las two years, with market value increasing by close to 230%.

•

Paavo Tynell is illuminating the world with his brass lights, the finest chandeliers achieving prices in the six-figures..

Barnebys Online Auction Report

39

Alvar Aalto A trained architect, Alvar Aalto has designed all aspects of modernist living. With a mix of objects ranging from Iittala glassware to Artek furniture, the supply of Aalto objects is both varied and vast. His philosophy was ‘beauty is the harmony of purpose and form’, an approach which shines through in his design and architecture alike.

In 2009, the market for Aalto design was weak, with few lots offered, average hammer prices below pre-sale estimates and a relatively low sell-through rate.

Since then, the number of lots offered has massively increased, passing 1,000 in 2015 (fig. 37). As the number of lots offered grows, especially in the lower tiers, average hammer prices have fallen from a high of €1900 in 2012 to €850 in 2016 (fig. 38). As for Jacobsen, prices have declined yet the sell-through rate is at its highest, since few of the less expensive items by famous designers are left without a buyer. Demand for Aalto design peaked in 2012-14, when records reached new heights and average hammer prices were significantly higher than market predictions. Despite an increase in lots offered, turnover has declined since then, a sign that the market has plateaued.

The highest prices for Aalto design are on 1950s luminaries, such as the Beehive ceiling lights, and armchairs made of bent plywood produced by Paimio, such as that pictured below (fig. 39). Since there are no guarantees for what consignments the auction houses will get, record sales are highly dependent on the right pieces entering the market — in the right place, and at the right time.

The largest auction market for Aalto, in terms of volume, is Sweden with a 48% share of lots sold yet just 17% of the of the market's value (fig.

42). As an early adapter of the online format Sweden has a never-ending supply of lowervalue Aalto design on offer.

Since auctions are not as

Barnebys Online Auction Report

40

common in Finland as in Sweden or Denmark, the country sells a mere 8% of the lots offered across all markets, yet accounts for 17% of revenue as it offers more select pieces. The United Kingdom is the strongest market for Aalto objects, with only 4% of market volume, yet 23% of the value. The United States offers 25% of the market’s lots, accounting for 23% of the value. The leading international auction house when it comes to top-tier Aalto objects is Phillips, while Bukowskis dominates the Finnish and Swedish markets.

37. Sales volume and lots offered by year € 1 250 000

1500

€ 1 000 000

1200

€ 750 000

900

€ 500 000

600

€ 250 000

300

€0

0 2009

2010

2011

2012 Turnover

2013

2014

2015

2016

Lots offered

38. Average sales price and pre-sale estimates € 2 500 € 2 000 € 1 500 € 1 000 € 500 €0 2009

2010

2011

Average hammer price

2012

2013

Average low estimate

Barnebys Online Auction Report

2014

2015

Average high estimate

2016

41

39. Yearly record sales price € 77 800 € 72 400

€ 51 400 € 37 900

€ 37 200 € 34 700

€ 27 300

€ 11 100 2009

2010

2011

2012

2013

2014

2015

2016

40. Distribution of

41. Lots offered and

revenue and lots sold

sell through rate

€ 50k-100k € 25k-50k

1500

100%

1250

€ 10k-25k

80%

1000 60%

€ 5k-10k 750

€ 1k-5k

40% 500

€ 500-1k

20%

250

€ 100-500 € 0-100

Turnover

Lots sold

Sold

Unsold

2016

2015

0%

2014

50%

2013

40%

2012

30%

2011

20%

2010

10%

2009

0

0%

Sell through rate

42. Distribution of sold lots and revenue by country

15%

4%

16% 25%

23%

Great Britain United States Finland

17%

Sweden 8% 48%

23%

Other 21%

Volume

Value

Barnebys Online Auction Report

42

Eero Saarinen Originally from Finland, Eero Saarinen spent most of his life living in the United States. Like Aalto, he was a trained architect and industrial designer. He had his breakthrough in the US after designing a chair with Charles Eames for the ‘Organic Design in Home Furnishings’ competition, held by the Museum of Modern Art in Manhattan, in 1940.

They won first prize.

Saarinen works have been appearing more frequently at auction since 2009, with a year-on-year increase of 60% from 2014 to 2015 (fig. 43). This resulted in turnover more than doubling. Demand for Saarinen design has strengthened in last two years, as both the average hammer price (fig. 44) and sell-through rates (fig. 47) climbed despite a greater number of lots being offered.

The items going at the highest price points are predominantly designs by Saarinen created in collaboration with Eames, for the Museum of Modern Art Organic Design Competition in 1940 – his breakthrough (fig. 45). Other highs include custom tulip tables from the iconic bar of the Grill Room, in the Four Seasons, located in the Seagram Building in New York City, and sold at Wright in 2016. The ‘Four Seasons’ sale included 13 lots by Saarinen, all but one selling at several times the high estimate. This sale had a significant effect on the turnover for 2016, which was 60% higher than in 2015, and nearly doubled the average hammer price, far exceeding estimates. In fact, seven of the ten highest records set 2009-2016 were achieved at the Seagram sale, emphasising the importance of provenance and impact of feature auctions.

Saarinen’s design is mainly sold at the lower end of the market, with around 50% of lots below €1,000

Barnebys Online Auction Report

43

(fig. 46). Partly due to the more recent strong increase in prices, a very limited share of lots are above €5,000, with the largest share of both volume and value between €1,000-5,000.

As seen in fig. 48, the place where most design by Saarinen is sold is his adopted nation United States (41%), followed by France (22%) and Sweden (20%). The lion’s share of revenue is also from the US (51%). Great Britain is a small market by volume, but accounts for a larger share of revenue from selling a finite number of top tier objects. France and Sweden, in particular, sell more lower-tier lots and thus account for a smaller share of value than volume.

43. Sales volume and lots offered by year € 600 000

300

€ 500 000

250

€ 400 000

200

€ 300 000

150

€ 200 000

100

€ 100 000

50

€0

0 2009

2010

2011

2012 Turnover

2013

2014

2015

2016

Lots offered

44. Average sales price and pre-sale estimates € 3 000 € 2 500 € 2 000 € 1 500 € 1 000 € 500 €0 2009

2010

2011

Average hammer price

2012

2013

Average low estimate

Barnebys Online Auction Report

2014

2015

Average high estimate

2016

44

45. Yearly record sales price € 41 400

€ 41 900

€ 22 700

€ 8 800

€ 11 400

€ 9 100

2013

2014

€ 6 500

€ 6 700 2009

2010

2011

2012

2015

2016

46. Distribution of

47. Lots offered and

revenue and lots sold

sell through rate

€ 25k-50k

300

100%

250

80%

€ 10k-25k 200

€ 5k-10k

60%

€ 1k-5k

150

€ 500-1k

100

€ 100-500

50

40%

€ 0-100

20%

Turnover

Lots sold

Sold

Unsold

2016

2015

2014

2013

60%

2012

40%

2011

20%

2010

0%

0% 2009

0

Sell through rate

48. Distribution of sold lots and revenue by country 8%

13%

7%

4%

United States 41%

France

13%

Sweden

20%

51%

Great Britain Other

21%

22%

Volume

Value

Barnebys Online Auction Report

45

Paavo Tynell Nicknamed ‘the man who illuminated Finland’, Paavo Tynell’s nature-inspired brass lights are a favorite among leading interior designers. Tynell’s aim was to find ways to achieve a perfect distribution of indirect light, creating a well-lit interior with a pleasant atmosphere. With many wanting to acquire one of his ethereal designs, prices for the top items have skyrocketed in recent years.

Supply and turnover have grown steadily since 2009 (fig. 49). Average hammer prices have decreased, but still exceed market expectations (fig. 50). The increase in supply has mainly been in the lower tiers, and the high sell-through rate points to demand being strong for even Tynell’s affordable lighting (fig. 53).

The annual turnover during the review period has risen twelvefold from €128,000 in 2009 to €1,576,000 in 2016. Simultaneously, the volume keeps growing in the lower segments, while the top-tier lots are selling more expensively than ever (fig. 51). In 2013 there were several records and top-tier sales at Phillips’ Design auction in London, taking turnover, prices and the average hammer price to the highest levels they had seen to date. 2016 brought a new all-time record as one of Tynell’s rare and exceptional snowflake chandeliers sold at Wright for €182,400 including fees — almost double the high estimate.

Almost half — 49% — of lots sold are priced from €1,000-5,000 and account for 23% of revenue (fig. 52). Value starts to outperform volume at €5,000-10,000, and the largest share of value is found in the €10,000-25,000 range. Sales over €25,000, represent a mere 3% of lots, but contribute to 30% of the market’s value.

Finland sells more Tynell pieces than anywhere else, but the most expensive pieces tend to make their way to international markets (fig. 54). The United States has a 31% market share by volume compared to Finland’s 48%, but when it

Barnebys Online Auction Report

46

comes to value, the US sales (56%) is more than double that of Finland’s (24%).

The UK also attracts better pieces, which account for 17% of the market’s value but only 7% of its volume. Thanks to its strong standing in Finland, Bukowskis along with Bukowskis Online sell most Tynell designs. Wright and Phillips, however, are the leading auction houses, internationally, when it comes to the very best pieces. Dealers and interior designers in France have been of great importance for Tynell’s design, acquiring the status it has in today’s market. His strong standing in France can also be seen by the two recent records set for his snowflake chandeliers at Piasa in 2014 and 2015.

49. Sales volume and lots offered by year € 2 000 000

400

€ 1 500 000

300

€ 1 000 000

200

€ 500 000

100

€0

0 2009

2010

2011

2012 Turnover

2013

2014

2015

2016

Offered

50. Average sales price and pre-sale estimates € 12 500 € 10 000 € 7 500 € 5 000 € 2 500 €0 2009

2010

2011 Average

2012

2013 Low

Barnebys Online Auction Report

2014 High

2015

2016

47

51. Yearly record sales price € 182 400 € 155 500

€ 80 900 € 76 800

€ 54 600 € 42 300

€ 28 000

2009

2010

€ 25 600 2011

2012

2013

2014

2015

2016

52. Distribution of

53. Lots offered and

revenue and lots sold

sell through rate 375

€ 100k-500k € 50k-100k

100%

300

75%

€ 25k-50k 225 € 10k-25k

50%

€ 5k-10k

150

€ 1k-5k

25%

75

€ 500-1k € 0-500

Turnover

Lots sold

Sold

Unsold

2016

2015

0% 2014

50%

2013

40%

2012

30%

2011

20%

2010

10%

2009

0 0%

Sell through rate

54. Distribution of sold lots and revenue by country 1% 5%

4%

12% 23%

9%

United States Finland

44%

18%

France Great Britain Other 59%

26%

Volume

Value

Barnebys Online Auction Report

48

France - industrial and chic French warm minimalism refers to the scaled back and refined yet inviting interiors advocated by leading interior designers such as Joseph Dirand. With a mix of sculptural, organic shaped pieces and light colours, natural materials and contrasts, the style is a minimal and well-curated blend of industrial with the finest carpentry. These chic interiors make an ideal setting for displaying contemporary art and photography.

Whether it comes to fashion, art, food or design, France has long been considered a

“The 20th century has

standard bearer. A certain allure seems to be

revolutionised the manufacture of furniture and France by its materials, its functionality, its

attached to anything French. Home to some of the most influential modernist designers, France is a strong market for more than just its domestic icons, with Paris serving as a hub for the most influential dealers and auctions of

forms.”

great design from around the world.

We review three of the most sought-after French modern designers in this section: Jean

Frédéric Chambre, General Director and Associate Vice President, Piasa

Royère, Pierre Jeanneret and Charlotte Perriand. While markets for some designers from the Nordic countries and the United States have entered a stage of maturity, or even decline, Barnebys’ price data shows healthy markets for these three French designers. Prices are driven up by a strong domestic market, which is able to challenge international buyers for the most select items. While prices for each of the individual designer’s top items are impressive, collaborative pieces achieve even higher auction results.

Barnebys Online Auction Report

49

Key Findings Evolution of the annual turnover 2009-2016

€ Millions

Jean Royère, Pierre Jeanneret, Charlotte Perriand 14 12 4 3

10 3

8

3

2 3

6

3

3

4 2

1 3

2

2

2 7 5

1 2

3

4

4

3 2

5

3

0 2009

2010

2011 Royère

•.

2012 Jeanneret

2013

2014

2015

2016

Perriand

Accumulated auction-market value of €71, 2 million, for the three designated French designers between 2009-2016.

•

The three designers’ had an average annual growth rate of 17%, between 2009-2016.

•

Strong further growth expected for the French designers’ markets, as demand rises among Asian buyers, with 1% of Perriand’s market value from high-end Hong Kong sales.

•

Several high-profile sales of Jean Royère’s sought after sofas and armchairs, led to an annual turnover of €6,56 million in 2016, a 39% growth from the previous year.

•

Pierre Jeanneret’s market is strong, with average prices at the top-end of market expectations and new records set every year.

•

The Perriand market is strong with a 35% growth in annual turnover in 2016, and the average hammer price well exceeding the market’s expectations.

Barnebys Online Auction Report

50

Jean Royère Jean Royère’s luxurious furniture in voluptuous shapes and rich materials — a reaction against modernist ideals — is right on trend. Since 2009, the average hammer price for designs by Jean Royère has increased by over 300%. In recent years, records have been set at auctions in London, Paris and New York, elevating the status of his furniture to new heights. Royère designs were couture pieces in his time, created only in a limited number.

A decrease in supply, because editions are limited and demand high, has resulted in a stronger prices for Royère furniture, leading to increasing turnover (fig. 55). Declining inventory has helped build suspense, so that on the rare occasion that pieces come to auction, prices push to new levels, while little is left unsold (fig. 59). Average sales prices far exceed pre-sale estimates, a sure indicator of a market strongly on the rise (fig. 56). In recent years, the average price level has been higher than that of any other designer covered in this report, with the exception of Isamu Noguchi’s peak period. In 2014, Phillips New York set a new auction record for Royère when a sofa and two armchairs from the highly sought-after ‘Polaire’ series took €672,000, including buyer’s premium (fig. 57). In June 2016, a single sofa from the same series, again sold

by Phillips in New York, went for a whopping €664,700.

More items by Royère sell between €10,000 and €25,000 (fig. 58). At €50,000-100,000, the share of value exceeds the share of lots sold, while most of the value comes from sales between €100,000-500,000.

It is often the case that designer’s country of origin sells more of their work than anywhere else. As seen in fig.

60, this is true of Royère, with France accounting for 42% of sale

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by volume. However, this only marginally exceeds the share sold in the US and, once again, most top-tier items sell in New York or London – where international buyers gather to get their hands on the very best of Royère that there is to be found. Royère’s reputation rests on specialists and dealers in France and New York, who have defended his work for years and also published an extensive monograph.

55. Sales volume and lots offered by year € 7 000 000

125

€ 6 000 000

100

€ 5 000 000 75

€ 4 000 000 € 3 000 000

50

€ 2 000 000 25

€ 1 000 000 €0

0 2009

2010

2011

2012 Turnover

2013

2014

2015

2016

Lots offered

56. Average sales price and pre-sale estimates € 125 000 € 100 000 € 75 000 € 50 000 € 25 000 €0 2009

2010

Average hammer price

2011

2012

2013

Average low estimate

Barnebys Online Auction Report

2014

2015

Average high estimate

2016

52

57. Yearly record sales price € 672 000

€ 664 700

€ 543 000

€ 505 500 € 361 000 € 300 800 € 324 500

€ 120 300

2009

2010

2011

2012

2013

2014

2015

2016

58. Distribution of

59. Lots offered and

revenue and lots sold

sell through rate

€ 500k-1m € 100k-500k € 50k-100k

125

100%

100

75%

75

€ 25k-50k

50%

€ 10k-25k 50

€ 5k-10k € 1k-5k

25%

25

€ 500-1k € 0-500

Turnover

Sold

Lots sold

Unsold

2016

2015

0% 2014

50%

2013

40%

2012

30%

2011

20%

2010

10%

2009

0

0%

Sell through rate

60. Distribution of sold lots and revenue by country 1%

0%

17%

20% 40%

United States 44%

France Great Britain Other 36%

42%

Volume

Value

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Pierre Jeanneret In the 1960s Pierre Jeanneret helped his cousin, Le Corbusier, plan and design a modernist town in India. The place was meant to represent a new India, and was called Chandigarh. Jeanneret’s unique ability to adapt his design to local use and materials has made the furniture he created for the institutional buildings of Chandigarh stand out, and today they are highly sought after by collectors.

In 2009, the market for Jeanneret design was weak (fig. 61). A sell-through rate of just 43% (fig. 65) and average hammer prices below low estimates (fig. 62) were symptoms of a market dealing with the effects of the financial crisis.

However, in 2010 French auction house Artcurial held two auctions entirely dedicated to the legacy of Le Corbusier and Jeanneret’s work in Chandigarh.

These followed another auction on the theme held in 2006 with great success.

The two dedicated auctions had a great impact on the market, boosting the number of objects sold and attracting attention to Jeanneret’s designs. Drawing inspiration from this success, in 2011 Leclere followed up with their own Jeanneret and Le Corbusier auction. The following year, the market fell again — probably a correction after the sudden hype. Since then, demand for Jeanneret design has been growing in strength with a new peak in 2015 sparked by a themed sale at Chicago auction house Wright.

An indicator of the strength of Jeanneret’s market is the regularity at which auction records are broken (fig. 63). His most coveted pieces are the furniture from Chandigarh, as well as special commissions. Although lots most frequently sell in the €5,000-10,000 range, they account for a relatively small share of value, while the €25,000-50,000 range accounts for the largest share of value in relation to volume (fig. 64).

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France sells slightly more lots sold than the United States, but the US accounts for more value (see fig. 66). The US as well as Britain, account for larger shares of value relative to volume. In contrast to Royère and Perriand, France is not the leading market for the best pieces when it comes to Jeanneret, with most records achieved at auctions in London or New York.

61. Sales volume and lots offered by year € 4 000 000

400

€ 3 000 000

300

€ 2 000 000

200

€ 1 000 000

100

€0

0 2009

2010

2011

2012 Turnover

2013

2014

2015

2016

Lots offered

62. Average sales price and pre-sale estimates € 25 000 € 20 000 € 15 000 € 10 000 € 5 000 €0 2009

2010

Average hammer price

2011

2012

2013

Average low estimate

Barnebys Online Auction Report

2014

2015

2016

Average high estimate

55

63. Yearly record sales price € 223 800

€ 193 700 € 155 100

€ 152 400

€ 105 000

€ 101 000

€ 100 500 € 73 500

2009

2010

2011

2012

2013

2014

2015

2016

64. Distribution of

65. Lots offered and

revenue and lots sold

sell through rate 300

100%

€ 100k-500k

250

€ 50k-100k € 25k-50k

80%

200 60%

€ 10k-25k

150

€ 5k-10k

40% 100

€ 1k-5k

20%

50

€ 500-1k € 0-500

Sold

Lots sold

Unsold

2016

2015

2014

2013

2012

10% 15% 20% 25% 30%

Turnover

2011

5%

2010

0%

0%

2009

0

Sell through rate

66. Distribution of sold lots and revenue by country 2%

1%

1%

3% 9%

16% United States 46%

France

44%

Great Britain Austria 41%

Other

Volume

37%

Value

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56

Charlotte Perriand Charlotte Perriand was a true pioneer and one of the most influential women in modern design. Many iconic design pieces from the 20th century stem from her collaborations with Prouvé, Le Corbusier and Jeanneret.

Perriand’s study bedroom from the Maison du Brésil, recently acquired by the Museum of Modern Art, is currently one of the main features in the exhibition ‘How should we live? Propositions for the Modern Interior’.

Since 2009, prices for Perriand design have been on a stable upward curve (fig.

67), although there are relatively few pieces available for sale. Aside from average hammer prices peaking in 2011, when fewer lots sold and more of those were high-end than in other years, the average hammer price has retained a slight upward curve (fig. 68). However, the fact that this has been sustained as inventory levels grow indicates that demand remains strong and growing.

Sotheby’s set the auction record for Perriand in Paris in 2010, when an extendable table ‘Modèle de Luxe’ sold for €504,800 incl. fees (fig. 69). It is these extendable ‘de Luxe’ tables from 1930, and the monumental ‘bibliothéque murale’ shelving units (as pictured below) that are most sought after. The best examples of these sell for around €400,000. Lots selling at prices above the €100,000 mark make up 6% of all sold lots and 48% of the market’s value.

Perriand’s high status in her native France is illustrated by the fact that not only are the majority of lots sold in France, they also account for an even larger share of revenue (fig. 72). The US is a strong runner-up, with close to a third of lots and revenue equally. Britain has a much smaller share of

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market, but attracts top-tier objects, which boost its share of value, The 1% share of revenue achieved from Hong Kong sales is likely to grow, since the market for great design, as for art, becomes increasingly global. An exhibition featuring Perriand, Jeanneret and Prouvé will be held at Sotheby’s during the Art Basel fair in Hong Kong, a conscious step towards establishing these design masters on the Chinese market.

67. Sales volume and lots offered by year € 4 000 000

250 200

€ 3 000 000

150 € 2 000 000 100 € 1 000 000

50

€0

0 2009

2010

2011

2012 Turnover

2013

2014

2015

2016

Lots offered

68. Average sales price and pre-sale estimates € 35 000 € 30 000 € 25 000 € 20 000 € 15 000 € 10 000 € 5 000 €0 2009

2010

2011

Average hammer price

2012

2013

Average low estimate

Barnebys Online Auction Report

2014

2015

Average high estimate

2016

58

69. Yearly record sales price € 504 800 € 397 000 € 361 500 € 409 500

€ 307 500

€ 286 500 € 249 000

2009

2010

€ 253 000

2011

2012

2013

70. Distribution of revenue and lots sold € 500k-1m

€ 50k-100k

2015

2016

71. Lots offered and sell through rate

€ 100k-500k

2014

200

100%

150

75%

100

50%

50

25%

€ 25k-50k € 10k-25k € 5k-10k € 1k-5k € 500-1k € 0-500

Turnover

Sold

Lots sold

Unsold

2016

2015

0% 2014

50%

2013

40%

2012

30%

2011

20%

2010

10%

2009

0 0%

Sell through rate

72. Distribution of sold lots and revenue by country 1%

0% 8%

1%

11%

8% France United States 52%

Great Britain Hong Kong SAR China

32%

55%

32%

Other

Volume

Value

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United States design diversity With its strong influence on popular culture and the arts, American design acquires worldwide fame through its spread in movies, television series and magazines. A nation built on immigration, it is perhaps no surprise that the designers in this section are all of foreign descent. The differences in cultural backgrounds and the individual designers’ experiences brings a unique diversity to the American design heritage.

The American designers in this section are different in both medium and expression. We start with Harry Bertoia, the Italian-born

“American design is highly sought after by

sculptor and master of welding. He also made

our clients and the

jewellery and designed an iconic collection of

market for certain

wire furniture, still in production with Knoll.

artists has seen a very

Vladimir Kagan was of German decent. Himself

positive development

a trained architect, and son of a master

in the past three to

cabinetmaker, Kagan’s furniture was free in form and true to his vision of ‘less is more’.

Isamu Noguchi was born in Los Angeles to an American mother, his father an acclaimed

five years.”

Carina Villinger Head of the design department, Christie’s, New York

Japanese poet. Known for his sculpture and equally sculptural furniture, the influence of Noguchi’s Japanese heritage clearly shows in his design.

With mixed cultures come eclectic tastes. The US is the world’s leading art market in terms of value and so naturally plays a leading role in great design.

With around 90% share of value for all three of these designers being transacted in America, as well as significant shares for many international designers, it is probably the most valuable and diverse market for design.

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Key Findings Evolution of the annual turnover 2009-2016

€ Millions

Harry Bertoia, Vladimir Kagan, Isamu Noguchi 12

10

4

8

4

6 6

6

5

1 1

1 1

3

4

1 1

2

1 0

3

1

5

5

1 3

3

2

1

5

0 2009

2010

2011

2012 Bertoia

•.

Kagan

2013

2014

2015

2016

Noguchi

Accumulated auction-market value at €62,3 million, for the three designated US designers between 2009-2016.

•

The three designers’ had the lowest average annual growth rate at 15%, between 2009-2016

•

The American designers’ markets are highly concentrated to the US, accounting for the lion’s share of volume as well as vale.

•

The market for Harry Bertoia design has performed well over market expectations in the last 2 years, accounting for 5 of the top-10 records for the period.

•

In 2016, a scarcer supply of design by Vladimir Kagan intensified demand leading to higher sell-through rate and average prices.

•

Isamu Noguchi’s market is highly dependent on singular consignments, with some rare and unique furniture pieces achieving records on par with his sculptures.

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Harry Bertoia Italian-born Harry Bertoia’s monumental sculptures and iconic wire furniture are as modern and cutting edge today as they were when first made. The wire furniture collection he created for Knoll is in production to this day, the diamond chair being a true emblem of design. An acclaimed artist, Bertoia’s sculptures are to be found in many public spaces and in several instances have acquired landmark status.

The market for Bertoia is dominated by the sale of key works, while there has been a steady increase in the number of lots offered at auction, largely because of the continuous production of his popular wire furniture becoming more prevalent at lower tier auctions. Auctions of collections, such as the market-defining sale of Norwegian art dealer, collector — and close friend of Bertoia – Kaare Berntsen, held at Sotheby’s in the fall of 2016, greatly influence annual turnover and overall pricing. The collection, containing several of his master-works, brought in a total of €3,323,500, accounting for 60% of the year’s total Bertoia sales. Similarly, in 2013 Wright held a stand-alone auction featuring a collection of Bertoia's sonambient sculptures from the Standard Oil commission, bringing in €786,500. Sotheby’s also held a feature auction in 2010, compromising 18 sculptures drawn from both private collections and public commissions, which took €1,173,560 in total. These auctions often have a ripple effect on the market, with other works surfacing to create temporary spikes.

The most expensive Bertoia item ever sold at auction was a screen from One Marine Midland Centre in Buffalo, which was part of the Taubman sale at Sotheby’s in 2015, and sold for €733,900 including fees (fig. 75). Bertoia’s most coveted pieces are the so-called

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sonambient sculptures, which create sound through the vibrations in steel rods caused by wind. His wire furniture, made for Knoll, is less expensive. The polarisation of pricing for Bertoia design is illustrated in the distribution of share of lots sold and revenue as seen in figure 76. Nearly 50% of all lots in the Bertoia market sell for less than €1,000 and account for only 1% of the total market value. Instead, the 4% of lots above €100,000 make up 43% of value (fig.

76).

While his furniture has gained traction internationally, the far more valuable sculptures have largely remained in the US (fig. 78). The iconic status of Bertoia in the US combined with strong buying power hugely boosts the average price level, accounting for 96% of the value of transactions for the global Bertoia market.

73. Sales volume and lots offered by year € 6 000 000

300

€ 5 000 000

250

€ 4 000 000

200

€ 3 000 000

150

€ 2 000 000

100

€ 1 000 000

50

€0

0 2009

2010

2011

2012 Turnover

2013

2014

2015

2016

Lots offered

74. Average sales price and pre-sale estimates € 30 000 € 25 000 € 20 000 € 15 000 € 10 000 € 5 000 €0 2009

2010

2011

Average hammer price

2012

2013

Average low estimate

Barnebys Online Auction Report

2014

2015

Average high estimate

2016

63

75. Yearly record sales price € 723 500

€ 454 500 € 447 500

€ 434 800 € 321 600

€ 196 500

€ 163 300

€ 131 000

2009

2010

2011

2012

2013

2014

2015

2016

76. Distribution of

77. Lots offered and

revenue and lots sold

sell through rate 300

100%

€ 500k-1m

250

€ 100k-500k € 50k-100k

80%

200 60%

€ 25k-50k

150

€ 10k-25k

40%

€ 5k-10k

100

€ 1k-5k

20%

50

€ 500-1k € 0-500

Turnover

Lots sold

Sold

Unsold

2016

2015

2014

40%

2013

30%

2012

20%

2011

10%

2010

0%

0%

2009

0

Sell through rate

78. Distribution of sold lots and revenue by country 1% 1% 1% 2% 18% United States

United States

3%

Great Britain

Great Britain France

France

10%

Germany Other

Germany 66%

3%

Other 95%

Volume

Value

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Vladimir Kagan Vladimir Kagan’s sofas have been seen in countless interiors in recent years. With their sensuous lines and understated flare, they make the perfect statement piece for a minimalist living room. Kagan remained active in his company throughout his life, releasing his last design the night before he passed away at the age of 88, in April 2016.

Set apart from most other designers, the market for Kagan’s design has not seen much change since 2009. Apart from slight dips in 2013 and 2016, the number of lots offered has been fairly stable (fig. 79). The annual turnover increased by over 60% from €460,000 in 2009 to €750,000 in 2011, and has since fallen, with sales amounting to €520,000 in 2016. Last year’s decrease in turnover was largely the result of fewer auction consignments. The increased rarity of Kagan pieces sparked a stronger interest in the lots available on the secondary market, raising average hammer prices (fig. 80), as well as resulting in fewer unsolds (fig. 83).

Taking the highest prices, from €25,000-40,000, are usually Kagan’s ‘Freeform’ and ‘Serpentine’ sofas, as well as pieces from the ‘Unicorn’ series (fig. 81).

The highest record, however, was set by a 1963 ‘Modular sofa’ sold by Phillips New York, in 2015, selling for €39,200, including fees. These record-level sales represent 3% of lots sold and account for 15% of turnover. Meanwhile, 60% of the lots sell below €5,000 and account for 20% of value.

Kagan’s design has remained essentially in the US, with 94% of lots sold there (84). However small, the main nondomestic market is France, with 4% of the volume. That there is an interest in Kagan’s high-end design pieces outside America, is illustrated by the larger share of

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value in relation to volume for sales in France, as well as the even smaller market in Great Britain. The barrier of shipping and transporting large furniture, such as Kagan’s sofas, mean there is a limited supply of high-end furniture that have made it to markets outside of the US. Combined with a high demand, this makes the prices for his rare sofa’s soar on the European market.

79. Sales volume and lots offered by year € 750 000

150 125

€ 600 000

100 € 450 000 75 € 300 000 50 € 150 000

25

€0

0 2009

2010

2011

2012 Turnover

2013

2014

2015

2016

Lots offered

80. Average sales price and pre-sale estimates € 8 000

€ 6 000

€ 4 000

€ 2 000

€0 2009

2010

2011

Average hammer price

2012

2013

Average low estimate

Barnebys Online Auction Report

2014

2015

Average high estimate

2016

66

81. Yearly record sales price € 38 600

€ 37 700

€ 39 200 € 33 000

€ 30 300 € 27 800 € 26 800

€ 25 800

2009

2010

2011

2012

2013

2014

2015

2016

82. Distribution of

83. Lots offered and

revenue and lots sold

sell through rate 150

100%

€ 25k-50k 125

80%

€ 10k-25k 100 60%

€ 5k-10k 75

40%

€ 1k-5k 50

€ 500-1k

20%

25

€ 0-500

Turnover

Sold

Lots sold

Unsold

2016

2015

50%

2014

40%

2013

30%

2012

20%

2011

10%

2010

0%

0%

2009

0

Sell through rate

84. Distribution of sold lots and revenue by country 2%

1% 1% 4%

1%

9%

United States France Great Britain Other 88%

94%

Volume

Value

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Isamu Noguchi Everything is sculpture. Isamu Noguchi considered ‘any idea without hindrance born into space as sculpture’. He remains one of the most acclaimed sculptors to this day and applied the same aesthetics to his furniture. This phenomenon is well illustrated in the Goodyear table, as pictured below, which marked his return to abstraction and sparked the creation of the interlocking sculptures he went on to make throughout the 1940s.

Still at low levels, the supply of Noguchi’s art and designs at auction has increased in recent years (fig. 85). The small number of lots offered — a mix of licensed reproductions by Knoll or Herman Miller and Noguchi’s rare original pieces — make the market unstable. However, the increase in lots on the market over the past few years has weakened turnover and sell-through rates (fig. 89), with levels indicating that the market for Isamu Noguchi is on the decline.

As can be seen from the distribution of revenue and lots sold in figure 88, the 10% of lots sold above €100,000 account for 93% of the market’s value. The high price levels on exceptional objects make this a volatile market dependent on one-off major consignments. These record-level prices are typically achieved on Noguchi’s bronze portrait sculptures and rare, specially commissioned furniture (fig. 87). Most expensive of all Noguchi’s design objects and sculptures sold at auction, was his first ever table, commissioned in 1939, by the then president of the Modern Museum of Art; A. Conger Goodyear. This unique and important table was sold at Phillips in New York for €3,549,700, more than double the low estimate. This sale alone was responsible for 60% of the Noguchi market turnover in 2014.

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Licensed reproductions of Noguchi’s coffee tables and rice lamps have meant his design has gained more traction outside the US compared to Kagan. As for Kagan, France is the greatest non-domestic market when it comes to the amount of lots on the market, while Britain’s small share of sales account for more value (fig. 90). There is however no doubt that Noguchi’s native US accounts for the lion’s share of lots sold as well as turnover.

85. Sales volume and lots offered by year € 8 000 000

100

€ 6 000 000

75

€ 4 000 000

50

€ 2 000 000

25

€0

0 2009

2010

2011

2012 Turnover

2013

2014

2015

2016

Lots offered

86. Average sales price and pre-sale estimates € 150 000

€ 120 000

€ 90 000

€ 60 000

€ 30 000

€0 2009

2010

2011

Average hammer price

2012

2013

Average low estimate

Barnebys Online Auction Report

2014

2015

Average high estimate

2016

69

87. Yearly record sales price € 3 549 700 € 3 320 800

€ 2 789 500

€ 2 296 500

€ 1 165 100 € 785 100 € 202 700 2009

€ 215 700 2010

2011

2012

2013

2014

2015

2016

88. Distribution of

89. Lots offered and

revenue and lots sold

sell through rate 100

€ 1m-5m

100%

€ 500k-1m € 100k-500k

75

75%

50

50%

25

25%

€ 50k-100k € 25k-50k € 10k-25k € 5k-10k € 1k-5k € 500-1k € 0-500

Turnover

Lots sold

Sold

Unsold

2016

2015

2014

0%

2013

60%

2012

45%

2011

30%

2010

15%

2009

0

0%

Sell through rate

90. Distribution of sold lots and revenue by country 0% 0% 4%

11% 11%

United States Great Britain

United States

2%

Great Britain

France

France

Other

Other 76% 96%

Volume

Value

Barnebys Online Auction Report

70

Notes

Barnebys price data The data presented in this report is based on Barnebys’ price database, including more than 31 million lots, gathered from 315 auction houses in 29 countries. The prices displayed include buyer’s premium; however, the data may also include results that exclude fees. Prices have not been adjusted to today’s monetary value.

Turnover values displayed in the bar charts in the key findings sections are rounded to the nearest million.

Published by Barnebys, 2017 Prepared by Hanna Schiller Authors: Hanna Schiller and Pontus Silfverstolpe A special thanks to Ivan Macquisten

All rights reserved. No part of this publication may be reproduced or transmitted, in any form or by any means, without the prior permission of the publisher.

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Photo Credentials p. 9: Early and rare ‘Chieftain armchair’, by Finn Juhl, circa 1950. Executed by master cabinetmaker Niels Vodder. Phillips Hong Kong, 27 November 2016 Estimate: HK$ 1,500,000 - 2,000,000 Sold for: HK$ 1,937,500 p. 16: ‘Egg chair’ by Arne Jacobsen, Fritz Hansen 1963.

Bukowskis Stockholm, Contemporary 579, 14 May 2014 Estimate: SEK 35,000 - 40,000 Sold for: SEK 49,000 p. 19: ‘Sofa’, by Finn Juhl, circa 1951 Phillips London, 26 September 2013 Estimate: £35,000 - 40,000 Sold for: £92,500 p. 22: ‘Papa Bear’ easy chair, by Hans J. Wegner 1950s.

Bukowskis Stockholm, Spring Contemporary 567, 2012 Estimate: SEK 12,000 - 15,000 Sold for SEK 39,200 p. 27: Mahogany cabinet, by Josef Frank. Covered in Frank’s floral chintz fabric ‘Fatima’.

Svenskt Tenn, circa 1937. Bukowskis Stockholm, Modern Autumn Sale 569, 2012 Estimate: SEK 75,000 - 100,000 Sold for: SEK 343,000 p. 30: ‘Utö’ pine easy chair, by Axel-Einar Hjorth, Nordiska Kompaniet, 1930s.

Bukowskis Stockholm, Modern Sale 578. 2014 Estimate: SEK 40,000 - 50,000 Sold for: SEK 171,000 p. 33: ‘Röda Rabatten’ oval knotted pile. Barbro Nilsson, MMF AB, 1944.

Bukowskis Stockholm, Modern & Nordic Design 591, 2016 Estimate: SEK 140,000 - 150,000 Sold for: SEK 257,250 p. 38: ‘Paimio’ armchair model 41, by Alvar Aalto. 1932.

Bukowskis Stockholm, Contemporary 570 Estimate: SEK 30,000 - 40,000 Sold for: SEK 165,375 p. 41: ‘Womb Chair’ armchair 70, by Eero Saarinen for Knoll International, Bukowskis Helsinki, 27 November 2016 Estimate: €1,200 Sold for: €3,000 p. 44: Large ceiling light, designed for the Heinola Cinema, By Paavo Tynell, 1940s.

Phillips London, 25 April 2013 Estimate: £20,000 - 30,000 Sold for £60,000 p. 49: ‘Ours Polaire’ armchair, by Jean Royère, 1950s.

Phillips New York, 11 June 2014 Estimate: $120,000 - 150,000 Sold for: $233,000 p. 52: Set of eight armchairs, model no. PJ-AH-09-A, from the Mill Owner’s Ass. Building, Ahmedabad, India. By Pierre Jeanneret, 1953-1954. Phillips New York, 16 December 2014.

Estimate: $2,000,000 - 3,000,000 Sold for: $4,450,500 p. 55: ‘Bibliothèque Maison du Mexique’, by Charlotte Perriand, 1953 Sotheby’s Paris, Design 22 November 2016 Estimate: €50,000 - 70,000 Sold for: €283,500 p. 60: Large ‘Bush’ sculpture with integrated welded fountain form interior, ca 1970 Phillips New York, 15 December 2010 Estimate: $120,000 - 140,000 Sold for: $170,500 p. 63: ‘Serpentine’ spectacular canapé, by Vladimir Kagan, 1927 Tajan, 2 June 2015 Estimate: €8,000 - 12,000 Sold for: €39,000 p. 66: ‘The Goodyear Table’, for A. Conger Goodyear, by Isamu Noguchi, 1939 Phillips New York, 16 December 2014 Estimate: $2,000,000 - 3,000,000 Sold for: $4,450,500

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Specification of yearly records DK

Arne Jacobsen

Finn Juhl

Hans J. Wegner

2009

€29,500 Estimate: €10,700 13,400

Unique ensemble consisting of a three seat sofa, a pair of armchairs and a sofa table. For the Rothenborg house, 1930s.

Bruun Rasmussen 11-03-2009

€30,200 Estimate: €33,600

“The Egyptian Chair” a set of ten side chairs with frame of rosewood.

Upholstered with original patinated reddish brown leather.

Bruun Rasmussen 11-03-2009

€84,300 Estimate: €66,800 - 89,100

Rare and important long ‘Dolphin’ chair, c, 1950

Phillips New York 30-04-2009

2010

€121,500 Estimate: €60,000 - 80,000

Living room ensemble — a three seat sofa, a pair of armchairs and a sofa table. For the Rothenborg house, 1930s.

Pierre Bergé Associés 28-03-2010

€26,000 Estimate: €21,000 26,000

“Chieftain” armchair, ca.

1949

Phillips New York 09-06-2010

€43,000 Estimate: €13,400 20,200

Very rare and unique desk with matching sideboard

Bruun Rasmussen 09-06-2010

2011

€21,000 Estimate: €5,200 6,200

The Egg’ armchair and ottoman, Fritz Hansen, Denmark 1963

Bukowskis, Stockholm 18-05-2011

€79,000 Estimate: €35,000 47,000

Armchair, model no.

NV-44, c. 1944

Phillips London 17-11-2013

€40,400 Estimate: €13,600 22,700

Eight Hans Wegner Cow Horn Chairs

Skinner 25-06-2011

2012

€32,000 Estimate: €27,300 45,500

Ox Chair and Ottoman

Sotheby’s New York 07-03-2012

€74,000 Estimate: €31,000 44,000

Chieftain' armchair, circa 1949

Phillips, London 27-09-2012

€83,000 Estimate: €63,000 - 101,000

Set of eight 'Cowhorn' dining chairs, model no, JH 505, circa 1952

Phillips London 27-09-2012

2013

€62,000 Estimate: €19,000 - 24,000

Tall-backed ‘Oxford’ chair, designed for the dining hall, St. Catherine's College, Oxford, 1965

Phillips London 26-03-2013

€502,000 Estimate: €59,000 - 89,000

Chieftain' armchair, circa 1949

Phillips London 26-09-2013

€145,500 Estimate: €60,000 - 83,000

Prototype 'Roman' armchair, circa 1960

Phillips London 26-09-2013

2014

€61.000 Estimate: €48,600 - 60,700

Rare desk, designed for the American Scandinavian Foundation, New York 1952

Phillips London 29-04-2014

€370,000 Estimate: €191,000 - 318,400

Chieftain' armchair, circa 1950

Phillips London 24-09-2014

Set of ten 'Cowhorn' dining chairs, model no, JH 505, circa 1952

Phillips London 24-09-2014

2015

€64,500 Estimate: €20,100 26,800

A pair of rare sculptural armchairs with "cut off" back.

Bruun Rasmussen 05-03-2015

€262,200 Estimate: €150,000 - 200,000

Exceptional armchair, FJ 49, ‘Chieftain’, 1949

Artcurial 20-05-2015

€108,600 Estimate: €94,400 121,400

Rare long 'Dolphin' folding armchair, model no, JH511, 1950

Phillips London 01-10-2015

2016

€96,600 Estimate: €83,200 - 118,900

Unique chest of drawers, designed for Bernard Schepler's villa, Vedbaek, Denmark, 1933

Phillips London 21-09-2016

€235,100 Estimate: €182,000 - 242,700

Early and rare 'Chieftain' armchair, model no. FJ 49 A, Circa 1950

Phillips Hong Kong 27-11-2016

€88,200 Estimate: €53,000 70,500

Easy Chair, Model No. JH521

Sotheby’s New York, 08-06-2016

SE

Josef Frank

2009

€23,000 Estimate: €13,000 - 16,200

Flora chest

Christie’s London 25-03-2009

€40,400 Estimate: €10,000 13,500

An oak ‘Utö’ dining table, circa 1930

Christie’s New York 08-12-2009

€42,000 Estimate: €8,300 10,400

Rug "Magdalena, gul". 380 x 300 cm.

Signerad AB MMF BN

Bukowskis Stockholm 30-10-2009

2010

€25,000 Estimate: €20,300 - 28,400

Flora’ cabinet

Christie’s New York 17-06-2010

€21,800 Estimate: €8,400 10,400

Mora’ cabinet, Nordiska Kompaniet, circa 1930

Bukowskis, Stockholm 28-10-2010

€26,000 Estimate: €10,400 13,000

Pile-rug "Rabatten, blå". 431 x 257,5 cm. Design by Barbro Nilsson, MMF AB.

Bukowskis Stockholm 07-05-2010

2011

€51,000 Estimate: €47,000 - 58,500

Dining table and set of dining chairs, Model No. 1165

Phillips London 17-11-2011

€55,000 Estimate: €47,000 70,200

Set of eight ‘Futurum’ dining chairs, model no.

R33715, c. 1928

Phillips London 17-11-2011

€51,400 Estimate: €41,400 55,200

Snäckorna’ (The Shells) carpet, designed 1943

Phillips London 17-11-2011

2012

€69,500 Estimate: €15,000 - 22,600

Table Lamp, model No. M 2997

Phillips London 27-09-2012

€59,300 Estimate: €12,000 16,000

‘Utö’ dining table, ca.

1932

Phillips New York 15-06-2012

€44,700 Estimate: €8,300 11,000

Carpet, 1940s

Phillips London 27-09-2012

2013

€55,700 Estimate: €29,399 - 41,000

"Flora" Cabinet, model no. 852

Phillips New York 25-04-2013

€110,000 Estimate: €36,000 47,500

Desk and chair, circa 1933

Phillips London 26-09-2013

€127,500 Estimate: €34,500 48,300

Large 'Salerno' rug, designed 1948, executed 1951

Phillips London 26-09-2013

2014

€52,600 Estimate: €30,000 - 40,000

Cabinet Flora

Piasa 12-03-2014

€149,000 Estimate: €73,000 97,000

Unique ceiling light, designed for the Tösse bakery, Stockholm, 1930

Phillips London 29-04-2014

‘Rutig röd halvflossa (Chequered red half pile)' rug, designed 1938, executed 1946

Phillips London 29-04-2014

2015

€60,500 Estimate: €25,000 - 35,000

Flora 1050.

Commode

Piasa 07-10-2015

€67,500 Estimate: €40,500 67,500

Set of ten chairs, from the 'Lovö' series, Circa 1932

Phillips London 01-10-2015

€101,000 Estimate: €44,800 62,700

"Grön Äng" rug, designed 1928, executed 1947

Phillips London 09-06-2015

2016

€52,000 Estimate: €23,800 - 35,700

Flora cabinet, model no. 852, Designed 1937, executed 1940

Phillips London 21-09-2016

€43,800 Estimate: €30,000 40,000

Pair of stools

Piasa 17-02-2016

€89,000 Estimate: €39,600 55,400

Kullager pile carpet

Wright Chicago 03-05-2016

Axel-Einar Hjorth

€263,000 Estimate: €89,000 - 114,600

Märta Måås-Fjetterström

Barnebys Online Auction Report

€149,000 Estimate: €61,000 85,000

73

FI

Alvar Aalto

Eero Saarinen

2009

€11,100 Estimate: €18,200 - 27,300

Light fixture

LA Modern 06-12-2009

€6,700 Estimate: €2,700 4,600

2010

€27,300 Estimate: €10,900 - 16,400

Floor lamp, model no. A 809, 1950s

Phillips New York 15-12-2010

2011

€51,400 Estimate: €41,400 - 55,200

Wall relief, 1953–57

2012

€77,800 Estimate: €16,500 - 24,800

2013

Paavo Tynell

Marble dining table & 4 Tulip swivel armchairs

LA Modern Los Angeles 06-12-2009

€42,300 Estimate: €11,000 14,200

Chandelier

Sotheby’s New York 12-06-2009

€8,800 Estimate: €8,100 11,600

Tulip dining table, 1956

Christie’s London 20-05-2010

€28,000 Estimate: €27,300 45,500

Chandelier, Model No. 9850, from the Seurahuone Restaurant, Helsinki, Finland

Sotheby’s New York 16-06-2010

Phillips London 17-11-2011

€6,500 Estimate: €1,800 2,200

‘Tulip’ dining table, 1956

Christie’s Paris 27-01-2011

€25,600 Estimate: -

Ceiling light

Bukowskis Helsinki 10-11-2011

Early group of three ‘Beehive’ ceiling lights, model no. A 331, circa 1953-54

Phillips London 27-09-2012

€41,400 Estimate: €5,500 8,300

Unique Dining table

Sotheby’s London 23-05-2012

€54,600 Estimate: €27,300 45,500

Important chandelier

Wright Chicago 15-11-2012

€72,400 Estimate: €9,700 13,800

Large ‘Beehive’ ceiling light, model no. A332, circa 1953-1954

Phillips London 26-09-2013

€11,400 Estimate: €9,100 13,600

Chair from the Museum of Modern Art Organic Design Competition

Wright Chicago 06-06-2013

€80,900 Estimate: €27,300 45,500

Chandelier

Wright Chicago 06-06-2013

2014

€37,900 Estimate: €34,500 - 48,300

Unique screen, designed for the Hotel Vaakuna, Helsinki, 1940

Phillips London 24-09-2014

€9,100 Estimate: €9,100 13,600

Custom mural from the Irwin Union Bank & Trust Company, Columbus, IN

Wright Chicago 23-10-2014

Snowflake, suspension of the Fantasia series

Piasa 12-03-2014

2015

€34,700 Estimate: €33,500 - 40,200

A pair of early and rare bent ash armchairs, with natural leather armrest, seat and back.

Bruun Rasmusse n 11-06-2015

€22,700 Estimate: €9,100 13,600

Important and rare table for the Organic Design Competition

Wright Chicago 19-05-2015

€76,800 Estimate: €50,000 - 70,000

Suspension Snowflake 10143

Piasa 07-10-2015

2016

€37,200 Estimate: €29,700 - 41,600

Pair of armchairs, model no. 48, Designed 1947, produced 1950s

Phillips London 21-09-2016

€41,900 Estimate: €4,700 6,500

Custom Tulip table from the bar of the Grill Room

Wright Chicago 26-07-2016

€182,400 Estimate: €46,300 - 64,800

Rare and Exceptional chandelier

Wright Chicago 17-11-2016

€155,500 Estimate: €60,000 - 80,000

FR

Jean Royère

Pierre Jeanneret

2009

€324,000 Estimate: €134,500 168,200

Rare and important pair of “Boule” armchairs, ca. 1942

Phillips New York 14-11-2009

€73,500 Estimate: €56,300 - 84,500

Charlotte Perriand

Rare low table, ca.

1960

Phillips New York 03-06-2009

€504,800 Estimate: €250,000 - 400,000

Unique extendable table, model ‘de Luxe’, 1930,

Sotheby’s Paris 25-11-2009

2010

€361,000 Estimate: €150,000 - 200,000

Sofa and armchair 'Boule', model created in 1947

Christie’s Paris 26-11-2010

€101,000 Estimate: €82,700 124,100

Unique console, 1942

Phillips London 28-09-2010

€249,000 Estimate: €80,000 - 119,000

Important “Bibliotheque Murale,”, ca. 1958

Phillips New York 13-05-2010

2011

€120,300 Estimate: €91,000 136,600

Rare “Œuf” chest of drawers, 1956-1958

Phillips New York 13-12-2011

€121,000 Estimate: €50,000 - 70,000

Lounge Chair ‘B306' by the Thonét brothers, 1930

Christie’s Paris 29-03-2011

€397,000 Estimate: €300,000 - 500,000

Extendable table, model ‘de Luxe’, 1930,

Christie’s Paris 29-03-2011

2012

€300,800 Estimate: €250,000 - 350,000

Sofa ‘Boule dit ours polaire’, model version 1947

Sotheby’s Paris 27-11-2012

€100,500 Estimate: €91,000 109,200

Bookcase, model no.

PJ-R-26-A, the University library, Chandigarh, circa 1961-1962

Phillips New York 12-12-2012

€286,500 Estimate: €140,000 - 180,000

Exceptional ‘Bibliothèque’ type plots, made for Serge Mouille - 1959

Artcurial 15-05-2012

2013

€505,500 Estimate: €160,000 - 180,000

Applique Liane, version 1960

Sotheby’s Paris 26-11-2013

€152,400 Estimate: €41,400 55,200

Pair of armchairs, model no. LC/PJSI-42-A/B, for the High Court and Assembly, Chandigarh, circa 1955-1956

Phillips London 26-09-2013

€307,500 Estimate: €150,000 - 180,000

Sideboard 'En Forme', model created 1939, Édition Steph Simon, 1957-1958

Christie’s Paris 25-11-2013

2014

€672,000 Estimate: €398,800 - 558,300

"Ours Polaire" sofa and pair of armchairs, circa 1952

Phillips New York 16-12-2014

€155,100 Estimate: €72,800 - 109,200

Set of eight armchairs, model no.

PJ-AH-09-A, Mill Owner’s Association Building, Ahmedabad, India, 1953-1954

Phillips New York 16-12-2014

Bibliothèque, circa 1954

Phillips New York 16-12-2014

2015

€543,000 Estimate: €120,000 - 150,000

Pair of armchairs ‘Boule dit Ours polaire’, model version 1948-1949

Sotheby’s Paris 21-05-2015

€193,700 Estimate: €137,900 206-800

Illuminated reading table, model no. PJTAT-10-B, The Assembly and the University Library, Chandigarh, 1963-1964

Phillips London 28-04-2015

€409,500 Estimate: €300,000 - 500,000

Desk 'En Forme', model created 1939, Édition Steph Simon, 1957-1958

Christie’s Paris 19-05-2015

2016

€664,700 Estimate: €265,000 - 350,000

"Ours Polaire" sofa, 1950s

Phillips New York 09-06-201 6

€223,800 Estimate: €75,400 113,100

Cabinet, from the Henri Ingber Residence, Paris, Circa 1950

Phillips New York 13-12-2016

€361,500 Estimate: €200,000 - 300,000

‘Bibliotheque a plots’, specially commissioned, 1954

Christie’s Paris 25-05-2016

Barnebys Online Auction Report

€253,000 Estimate: €61,000 85,000

74

US

Harry Bertoia

2009

€196,500 Estimate: €70,600 105,900

2010

Vladimir Kagan

Untitled (Dandelion)

Wright Chicago 02-06-2009

€25,800 Estimate: €12,300 - 16,500

€321,600 Estimate: €130,000 - 218,400

Bush

Sotheby’s New York 10-11-2010

2011

€131,000 Estimate: €92,000 138,000

"Dandelion"

2012

€454,500 Estimate: €117,900 - 157,200

2013

Isamu Noguchi

Freeform Table

Sotheby’s New York 17-12-2009

€202,700 Estimate: €268,100 402,100

Basin ad Range

Sotheby’s New York 12-11-2009

€37,700 Estimate: €5,000 7,000

Important ‘Serpentine’ canapé and ottoman, 1927

Artcurial 24-11-2010

€3,320,800 Estimate: €471,420 707,130

Undine (Nadja)

Sotheby’s New York 06-05-2010

Sotheby’s New York 15-12-2011

€33,000 Estimate: €7,000 9,000

Important ‘Serpentine’ ensemble, containing two canapés and an ottoman, created circa 1960

Artcurial 24-05-2011

€785,100 Estimate: €1,088,000 - 1,450,600

Avatar

Christie’s New York 08-11-2011

Screen Tree

Christie’s New York 15-11-2012

€30,300 Estimate: €5,300 6,800

Sofa

Wright Chicago 26-04-2012

€2,296,500 Estimate: €637,400 956,000

An important and unique table for Mr. and Mrs Samuel C. Dretzin, 1948-1949

Christie’s New York 14-06-2012

€434,800 Estimate: €115,100 153,500

Dandelion from the Hilton Hotel, Denver, Colorado

Christie’s New York 08-03-2013

€26,800 Estimate: €4,000 6,000

Spectacular ‘Serpentine’ free form canapé, 1927

Wright Chicago 06-06-2013

€1,165,100 Estimate: €202,700 270,200

Recurrent Bird

Sotheby’s London 13-02-2013

2014

€163,300 Estimate: €147,800 - 221,600

Untitled (monumental Sonambient)

Wright Chicago 12-06-2014

€27,800 Estimate: €15,000 - 20,000

Canapés, 1927

Piasa 12-03-2014

€3,549,700 Estimate: €1,595,200 - 2,392,800

The Goodyear Table, for A. Conger Goodyear, Old Westbury, New York, 1939

Phillips New York 16-12-2014

2015

€723,500 Estimate: €229,000 - 320,500

Screen from One Marine Midland Center, Buffalo, New York

Sotheby’s New York 05-11-2015

€39,200 Estimate: €18,200 - 27,300

Modular sofa, circa 1960

Phillips New York 09-06-2015

€2,789,500 Estimate: €1,336,800 - 1,782,400

The Gunas

Sotheby’s New York 13-05-2015

2016

€447,500 Estimate: €216,600 - 303,300

Untitled (Monumental Bush)

Sotheby’s New York 17-11-2016

€38,600 Estimate: €17,600 - 26,400

A Rare "Unicorn" Table-Desk, Model No. 7050

Sotheby’s New York 08-06-2016

€215,700 Estimate: €138,900 185,200

Rare and Important Chess table, model IN-61

Wright Chicago 17-11-2016

Barnebys Online Auction Report

75

Table lamp, brass, model 7407 Estimate: $ 35 Bukowskis

Takashi Murakami, print Fixed price: $ 4,500 Artspace

J.W. Anderson twist bag Fixed price: $ 1,010 The RealReal

Hans Wegner, wall unit Estimate: $ 1,000–1,500 Rago

400, 0 new 00 ever lots y we ek Native American pottery Fixed price: $ 520 Cultural Patina

Robert Indiana, Four, 1978-2003 Estimate: $ 41,100 Phillips

Anna Church, Oh Deer, print Fixed price: $ 2,500 Saatchi Art

Pair of Gene Summers F37 chairs Fixed price: $ 35,000 Wright

Aquamarine and diamond ring Estimate: $ 2,800 Adam’s

Frank Stella, Pitchpoling (D-17) Estimate: $ 320,000–508,000 Sotheby´s

Ansel Adams, Moon and Half Dome Estimate: $ 220 Leland Little

RJ Thornton, Garden of Nature Estimate: $ 54,500–81,800 Christie´s

Fireplace frame, Treviso limestone Estimate: $ 6,000 Auctionata

Vintage Satchel for US Post Office Estimate: coming soon Crawford Family Auctions

Breguet, yellow gold wristwatch Estimate: $ 2,600 Antiquorum

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