Patricia Feheley - Inuit Art at Auction

Inuit Art at Auction​ by Patricia Feheley Inuit Art Quarterly, Fall/Winter 1990/1991, Vol. 5, No. 4 Auctions contribute to the stability of the art market, keep Inuit art in the public eye and provide an educational glimpse into the Inuit art world.

Until the mid 70s, Inuit art had been included in auctions of Canadian art only infrequently and public auction was, at most, a minor factor in the Inuit art market. Possibly the first exclusively Inuit auction was held October 22, 1975 by Christie, Manson & Woods (Canada) at the Ritz Carlton Hotel in Montreal. On this occasion works from several private collectors across Canada, including well known collector Ian Lindsay, were catalogued and offered for sale.

A few years later, in February of 1978, an extensive collection of Inuit sculpture and graphics from the collection of William Eccles, a Toronto art dealer, was offered for sale at Waddington’s Auctioneers in Toronto. A special catalogue was devoted to documenting the works of art offered in the auction. Word of this major catalogue sale of Inuit art spread quickly, resulting in an unprecedented level of interest. On the two nights of the sale, the auction hall had standing room only, prices soared over estimates and records were established for major works which would instantly become “icons.” Without warning, the phenomenon of spectacular Inuit art auctions had been established.

Within several months of the Eccles auction, Waddington’s held another catalogue sale which was also very successful. Waddington’s has continued to feature Inuit art, with up to two catalogue sales each year. Other auction houses, such as Sotheby’s and D. & J. Ritchie, also held catalogue sales during the 1980s, but have moved away from the practice and now include Inuit art in their Canadian art sessions.

An immediately accessible market It is not surprising that auctions have assumed an important place in the Inuit art market over the last decade. For the seller, auction provides an immediately accessible market for works of art which might not easily be sold in galleries or privately. This is particularly important for Inuit art because collections tend to be unusually large. The Eccles collection was only one of several very large collections which have been offered for public sale.

For the buyer, auction offers the opportunity to “shop'' among a large and diverse selection of works of art with a diverse selection of works of art with a range of age and quality.

With careful research and attention to condition, the collector can make significant acquisitions, often at highly competitive prices. While providing a source for rare or popular works, auction also provides exposure to lesser-known styles and media.

Without warning, the phenomenon of spectacular Inuit art auctions had been established.

The fact that Inuit art is a relatively recent phenomenon gives it a number of unique qualities in the marketplace. A significant difference between auctions of Inuit art and other art auctions is the sheer number of art works offered to the public. In one ten-month period last year, close to 1,400 Inuit art works were sold at Waddington’s. With less than 50 years of collecting history, and considering the relatively small number of Inuit artists, that number is extraordinary.

It is even more surprising that the market continues to absorb such a large volume of material. There have been fluctuations in demand and price, most notably during the early 1980s when a reaction to extremely high auction prices combined with a general decline in art market activity. In general, however, a stable progression in auction prices has resulted in responsible and gradual increases for the work of individual artists, and consistently high levels marking the recognition of superb and rare works.

Auctioning of contemporary work The difficulty of disassociating the primary and secondary markets is another result of the relative youth of the art form. It is a cause for some concern that recent works of art by contemporary artists are frequently included in auctions. Traditionally, only works which are no longer in the primary market are offered for sale by auction. Many of the artists whose early works are considered rare masterpieces for auction purposes are still actively producing works available on the primary market. This sends a confusing message about the fair market value for the work of many of these artists.

A particular problem arises when record high prices have been set for the work of contemporary artists. Demand at any auction for one particular work will often create an unexpected price level. Unfortunately, the uninitiated tend to consider these isolated record prices as benchmarks for artists whose range is lower and whose work cannot sustain these price levels. This puts unreasonable demand on both the artists and their market.

Those who know the market ignore this phenomenon and look for price levels that have a history, such as the gradual increase in the prices of works by Karoo Ashevak. The responsible establishment of a public record of prices provides a reputable means of evaluation which has helped public institutions, galleries and the private sector. This is a significant result of a strong auction market, which provides both stability and legitimacy.

A significant difference between auctions of Inuit art and other auctions is the sheer number of art works offered to the public.

Finally, even for those who do not buy, auctions provide an opportunity to see works that are not likely to be available for public viewing in museums. Museum collections have not kept pace with market recognition of early and rare pieces, nor have a large number of masterpieces been removed from the secondary market by these institutions. Previews often provide the opportunity to see a variety of rare materials which would not otherwise be available.