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
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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.
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N°1
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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
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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.
•
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.
•
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.
•
Well-curated feature auctions have significant impact on designers’ markets, bringing attention to their works and building momentum.
•
Strong interest and increased online access has led to a massive growth of the design market in the years since the 2008 financial crisis.
•
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.
•
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.
•
When the novelty and prices of a certain designer starts to fade, the market moves on to the next big name.
•
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.
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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
15
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.
•
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.
•
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
19
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
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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.
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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).
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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.
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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.
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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..
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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.
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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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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
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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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