Discover Top Posts Tagged with #alan magee

Alan Magee (American, 1947), Stones with Red Brick, 1982. Acrylic on canvas, 50 x 70 in.

Alan Magee (American, b.1947)

The Best of John Sladek - archival inkjet print - 1981

John Sladek (1937-2000) was an American science fiction author, known for his satirical and surreal novels. The Best of John Sladek, collecting many of his wittiest stories, was published in 1981.

#art by others #other's artwork #painting #SF #Alan Magee #John Sladek

Alan Magee - Stones with Red Brick

#Alan Magee

Alan Magee (b.1947) - Stones with red brick

Acrylic on canvas. Painted in 1982.

50 x 70 inches, 127 x 177.8 cm. estimate: US$20,000-30,000.

Sold Bonhams, New York, 7 Nov 2023 for US$10,240 incl B.P.

When an item is put into auction the vendor will usually place a reserve on the lot, usually around 75-80% of the lower estimate, that the vendor is willing to accept. When bidding begins, and only one bidder shows interest, the auctioneer will bid on the vendor's behalf against that bidder until the reserve has been met. If the bidder drops out the item will remain unsold. If more than one person is bidding, the auctioneer will not intervene unless only one bidder remains and the highest bid is below the reserve. Bidders can usually tell if they are bidding against the reserve or another buyer who has left a commission bid before the sale. Auctions can be like a poker game. If a bidder feels that the estimate is too high, that the vendor's expectations are too optimistic, they may not bid the item up to the reserve but rather approach the auctioneer after it's non-sale in the hope of securing the item. The vendor may not agree but prefer to enter it in a subsequent auction. It often happens that an artwork will sell later for a figure in excess of the price it could have been acquired for. Dealers have budgets, sometimes it just comes down to timing. In this case though, there doesn't appear to have been a reserve, often when an item comes from a deceased estate. The painting was there to be sold on the day. The auctioneer may indicate if there is no reserve in the catalogue, other times not. You've got to be in it to win it.

#Alan Magee