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!!