Thomas A Gray Auction Part II: "Price is what you pay. Value is what you get" - Warren Buffet

-Liz Morten

The history of price action is always fascinating.  EXTRAORDINARY POPULAR DELUSIONS and the Madness of Crowds/ Financial Panics and Manias, by Charles Mackay, is required reading for those of us obsessed with: “What’s Hot, What’s Not.”  Tom’s auction results demonstrated the strength in the rare Southern decorative arts market, and the weakness in New England collectibles. I see opportunity there, as I love deals—not that I won any bids. Outside of the box exceptions and flukes are really interesting, so here goes….  

A surprise (to little me) was a diminutive English bottle (lot #0128) dating 1717, with dark olive coloring measuring only 6 1/4” tall. This piece was bickered over for longer than its appearance belied. A $4,000.00 high estimate was nearly doubled and went for the rich price of $7,500. O.K., it apparently has a Benjamin Fredenham stamp. Who are these people? I have a late 18^th century, Welsh pot cupboard, dominating my kitchen—for slightly less $$. I rearrange the shelves like my old FAO Schwarz doll house—at least I can play with it.

We really didn’t follow up on Tom’s rare Westerwald collection, which occupied 32 years of happy hunting. Rob Hunter (http://www.perioddesigns.com) of Ceramics in America, captured most of the important pieces, for either himself or clients.  Imagine compressing 32 years of work into a few hours—well worth the premiums. Of the 11 pieces, 4 were over high estimate and 7 were at least double. The big dog was lot # 0093 selling for $5,500, still less than the Fredenham bottle, above, go figure.

For the rugs, all I can say is: “you had to be there.” They did not translate well from the photographs, as the colors were luminous and the animals were charming, radiating love, hearth and home. A rare bias shirred basket of flowers, that had a high estimate of $10,000, evoked gasps when the bidding stopped at $38,000. 

That is a lot of money considering what $38,000 can buy.  With 20-20 hindsight, one could have had both the rare and important “Peaked Apron Group” flat cupboard, from North Carolina that surprisingly sold below low estimates for $14,000 and a stunning Virginia Chippendale desk and bookcase that sold for $18,000. Auctions are surprising for their excesses and their blind spots.

The real show stopper came near the end of the day. This is a cautionary tale for those of you who periodically purge your possessions and a smug moment for the pack rats of the world. An innocent looking 19^th century Wachovia banknote check for $10.00, signed by Tom’s Grandfather had the modest high estimate of $500. With Wells Fargo (current owners of Wachovia) bidding aggressively in the front row, and a mystery bidder in the back, heads swiveled back and forth like center court at Wimbledon. Nobody saw 48 times high estimate looming on the horizon of this niche, specialty market. The gentleman in the back pulled a replay of Tony Montag’s bidding style, by merely holding up his card until the auctioneer said “sold”, for the astronomical price of $24,000. That is enough to send most of us shuffling madly through old files in the attic or basement!

Thomas A. Gray Auction: Collectors Bullish on Confederate Currency

With a mixture of elation and lament, local friends, family, press and collectors converged to witness the scattering of the passionately assembled collection of Tom Gray a.k.a.: Mr. N.C. Decorative Arts (see our March 23^rd posting of our interview with Tom below).  The energetic crowd that gathered in the Salem Academy and College’s Fine Arts Center for the preview reception, was a fusion of intellect and wealth.  Tom’s cachet, as a gentleman, scholar, and collector, attracted representatives from Colonial Williamsburg, Delware’s Winterthur, N.C.’s Tryon Palace, and Virginia’s Gunston Hall.  The high profile museums did not gather merely to socialize, demonstrated by their aggressive bidding the next morning.

Auction preview, March 28, 2010

The auction began at 10 AM the next day, and within minutes, the interest of collectors worldwide was telegraphed to the floor, as all 12 telephone representatives stood to signal the fierce, sophisticated competition. 

Lot # 15

Lot # 15 trampled the high estimate for a North Carolina Piedmont chest of drawers, crushing pervious records.  Heard in the crowd: “Lately they’ve been attainable all day and night from $7,000 - $9,000.”  This hammer came down at $22,000, promoting forgotten pieces from attics and summerhouses to focal point status.  It sent Jane Hill’s (The New Town Bee) pen scribbling furiously from the sidelines.

Lot # 55

A fine English striking lantern (clock) dated 1630 with an estimate of $3,000-$5,000, sent Robert Brunk spinning, as adamant bids came from all directions.  Pantomiming a conductor for the 1812 overture, Brunk revolved between internet, phone, and floor bidders, as the frenzy accelerated, and the price rapidly climbed to $17,000.

Barnard Elliott, Jr., Jeremiah Theus, Gibbes Museum of Art

The unfortunate looking Amarinthia Elliott, created more gyrations.  Her ironically, salacious provenance, having been sold to Tom by Jim Williams, for his murder defense, did not eclipse her proper social origins. This little girl shattered high estimates of $50,000 and someone has now quadrupled Tom’s purchase price, capturing her for $80,000, again smashing previous highs for a Theus.  I was hoping she would return to her brother (pictured above) and sister at The Gibbes, in Charleston. Rumor has it--she’s heading for Motown (The Detroit Institute of Arts). Monetarily, the initial Confederate dollars paid to Theus, continually translate to legal tender. That may be one definition of a masterpiece. 

Lot # 156

Sumpter Priddy III, a preeminent dealer/collector of Alexandria, Virginia with an infallible eye, watched his former Eastern Shore corner cupboard triple high estimates—another record price shattered by this scholarly collection. Lot # 156 was purchased by Roddy Moore of Virgina, for the astronomical price of $60,000.  His adamant bidding from the last row surprised some, observers, as he possesses none of the hauteur one imagines of such an erudite community. I believe that he represented an unknown buyer, as I was standing outside when he was on his cell phone—gleefully eavesdropping.  

Roddy Moore of Virginia

Tony Montag, the legendary collector from Atlanta charmed the room as the stunning North Carolina cellaret—1780-1795 Roanoke River Basin, took center stage. If you have ever wanted to know how to bid at auction, here is how it is done: You hold up your bid number, high with a huge grin on your face, and you leave it there until the auctioneer points at you and says: “sold!”  The room erupted with genuine applause, for both the cellaret and for Tony. This absolutely stunning, simple, master craftsman piece exceeded the previous record of $105,000 for a South Eastern cellaret by $35,000. 

Georgia paint-decorated cellaret, sold for $105,000 on May 30, 2009 through Brunk Auctions

The overriding message this auction transmitted was that South Eastern Decorative Arts are the blue chip holdings in the American antique world, leading the market out of the ashes of this very difficult recession. They are rare, thanks to General Sherman, and the South is finally “much obliged.”

More to come!!

The Collection of Thomas A. Gray

Auction: March 29, 2010  10:00 A.M. Salem Academy and College Fine Arts Center * 601 Church Street, Winston-Salem,

North Carolina 27101 

This important Auction represents a fraction of Tom Gray's collection after, literally, 52 years of accumulation--he started at age 8, but doesn't want you to do the Math.

Lot # 0518, Antique R.J. Reynolds toy tobacco truck, cast metal, aluminum, and wood, given to Thomas Gray by his grandfather in 1952

A great deal of his family collection will always represent their generous donations to The Museum of South Eastern Decorative Arts, and The Toy Museum in Old Salem, a working historical museum in Winston-Salem, North Carolina. This pastoral setting, and scholarly locale—has been Tom’s life work.

Lot # 0229, Camel pull toy, felted wool, and wood with metal wheels, Sonneberg area, Germany, c. 1870.

The collection is largely American, from New England, Pennsylvania and the Southern U.S.  (1630-1830), and will sell significantly over high estimates, as there are many rare, documented, and coveted collectibles. Major collectors and museums will be bidding, so it will be fantastic fun for Winston-Salem to witness avid bidders competing to obtain the long standing oeuvre of a beloved connoisseur.  

Lot # 0145, Chippendale desk and bookcase, cherry with pine secondary, Colchester area, Connecticut, c. 1785-1795

This Colchester Connecticut Chippendale desk and bookcase is highly desirable, according to Tom, as it retains most of its original finish. We asked him why he had left the light cleaning to the lower desk, and his decision was based on the fact that the previous owners had maintained it in that condition for the past 100 years, adding to the unique history. The # 1 priority for collectors is to ferret out the best examples within their genre with original finish and minimal repairs. 

Lot # 0253, NC Chippendale cellaret, walnut with yellow pine secondary, single-board walnut top with astragal line inlay, attributed to Micajah Wilkes, c. 1780-1795

A cellaret is a moveable bar, with compartments for holding bottles of wine and other spirits.  Cellarets were constructed with sturdy, yet decorative, locks, implying the underlying value of its contents.

Lot # 0286, Oak leaf tin sconce, York County, Pennsylvania, 19^th century

The "light devices" collection, the best private collection of its kind in the world, consists of several tole and tin, black finish lanterns, chandeliers, and sconces, dating mostly from the 19^th century.

Lot # 0102, Westerwald “GR” jug, commemorating King George, German, 1730

The German salt-ware, royal commemorative jugs took Tom 35 years to assemble, and are very rare--ranging from 1690-1703, created for the British market.

Lot # 0029, Jeremiah Theus portrait “Amarinthia Elliott”, Charleston, South Carolina 1740

On a fun note, this portrait of a very homely girl, was purchased from Jim Williams, the Savannah antiques dealer (made even more famous by John Berendt in his novel Midnight in the Garden of Good and Evil) was sold to Tom from his prison “office.” We hate to be hard on a 7 year old, but would not have paid $21,000.00 to look at that "only a Mother could love" painting. However she's going off at $30,000.  Her little brother is hanging in The Gibbs Museum in Charleston. Tom said: “They wanted her and I wanted him”—possibly they will be reunited.  

Training your eye—and your wallet: Liz

         Perusing online auctions is an obsessive practice for those of us consumed with the confluence of style and price! Auction prices are an excellent baseline from which to gauge the price you are willing to pay for a desired object.  Our motto is: “shop relentlessly--buy once.”  I use Artfact, which consolidates multiple live auctions and has a watchlist feature, which is free with registration. The free feature doesn’t give every result, but you can subscribe for complete records.

This set of four Italian Bronze –Frame parlor chairs were auctioned by Eldred’s in East Dennis, Massachusetts in June of 2009, and were estimated to sell within the $500-$700 range. Returning to my watchlist I was seized with buyers remorse. They realized a price of $115.

This endearing wooden wall box would have been an ideal Christmas gift for my eldest daughter’s apartment’s entryway, as a key holder or mail box. More remorse! It was estimated to go for $50 to $100 and I think I bid $80 for it. It realized $138, a price I would have been completely willing to pay, as it fulfills my gift criteria. Gifts should radiate your love and affection for the beneficiary; they should be as special as the person it is intended for-- personal, and unique. Its size was very functional as well, at 13”h x 11”w x 5 ½” deep. Although my daughter doesn’t go by her first name (Sarah) it was once very thoughtfully carved and stenciled for a beloved child. Alas! Auctions have an emotional component, yet the prices are fantastic and the fare unique.

PAIR OF CHINESE FAMILLE ROSE PORCELAIN HEXAGONAL HAT STANDS, LATE 19TH - EARLY 20TH CENTURY

Matched pair with pierced windows and enameled scrolling lotus design on blue ground, borders of ruyi heads and lappets, mouth-rim gilt and interior glazed white, stamped with red seal mark on base. Slight wear to gilt and half-inch hairline to interior rim of one stand. H. 28.0 cm / 11.0 in. Shipping: $45.00 plus insurance. Estimate: $500-900.

This pair of hat stands would have converted beautifully into lamps. A conical shaped shade would have been a wonderful reference to their original function, but at a conversion price increasing the cost to upwards of $1,000, I’m not crying over this loss, considering their size. But…in the perfect spot, they would be the equivalent of the perfect stylish, little evening clutch.