#auction industry

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The State of the United States Auction Market -- 2018

The State of the United States Auction Market — 2018

The National Auctioneers Association engaged Morpace (now Escalent) to survey the auction industry about 10 years ago. As well, in 2010 the Broad College of Business at Michigan State University conducted research titled, “The Auction Industry 2010.”

Since then, we wonder if the markets have changed and to what extent? In our first of hopefully an annual review, we explore our perspective of the…

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Auctioneers should join

The National Auctioneers Association (NAA) (and the numerous state auctioneer associations around the United States) serves an important role. These organizations advocate for the auction industry overall — for their members. They also advocate for the auction industry overall for nonmembers alike — something nonmembers are often surprised to learn. They champion legislative efforts, campaign for…

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Authentic or Not, Michael Jordan Recruiting Papers and More Up for Bid

Two University of North Carolina recruiting letters, a diploma and transcripts  said to belong to Michael Jordan are up for auction. However, Jordan's mother disputes their authenticity, saying she has originals locked away in a vault.

The auction company, Goldin Auctions, says the consignor found the items in a footlocker purchased at the auction of Michael Jordan's now defunct "23" restaurant in Chapel Hill, NC. An authentication firm, James Spence Authentication, "provided letters to Goldin Auctions on Thursday saying it was their belief that the two recruiting letters being sold by the auction house were genuine and that the signatures were real."

For its part, Goldin Auctions has suggested that if Ms. Jordan can produce the originals, the items in question will be pulled from the upcoming auction.

Read more.

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Catalog Descriptions Are VERY Important

We all know the importance of the online catalog description. Some sellers are meticulous with their item descriptions. And some sellers could do better.

In one instance a misleading description has lead to a court battle against the buyer, a top Russian coins and medals dealer, and Stack's Bowers, a Manhattan auction house.

The dealer won a piece, called The Order of St. Alexander-Nevsky, for $600,000 on behalf of a client. According to The New York Post, the catalog description used the term "brilliants" which is often used to mean diamonds in the auction industry. As it turns out, the piece was actually a medallion "covered in worthless glass and lead crystals."

The buyer has since filed a $2.6 million fraud lawsuit against the auction house. The buyer also claims that the auction house continued to string him along with and endless promise to resolve the issue soon, "in hopes of baiting hum until the statute of limitations expired on his claims."

Read more.

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Need Instruments? NYC Opera Auction Coming Friday

The now-bankrupt New York City Opera will auction instruments and other items tomorrow at 10:30 am Eastern. In the market for a harpsichord or a five-octave celesta (what's that?)? In need of a whole percussion section - cowbell included?

According to The New York Times, old costumes and other items were sold prior to seeking bankruptcy protection. But, there will still be bargains to be had at this auction.

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"Dueling Dinosaurs" Fossil Fails to Sell at Auction

Bonhams had hoped to set a world record this week for the sale of a controversial fossil of two dinosaurs.  But when the items failed to reach the seller's minimum price the item was passed.  According to Science Magazine, the minimum starting bid was between $5.5 million and $7 million.

The fossil was found by commercial fossil hunter Clayont Phipps in 2006 on a Montana ranch and has been called "The Dueling Dinosaurs" because the animals were found touching each other and "seemed to bear marks of mortal combat."

Read more about this controversial fossil, and what may become of it now that it has gone unsold.

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JFK "Grassy Knoll" Photo Fails to Sell at Auction

A Polaroid photo taken in Dallas on November 22, 1963 did not reach its reserve in an auction held on Friday.  

According to Cowans Auctions, the photo was taken by a housewife at nearly the exact moment Kennedy was shot by the first bullet.  The photo was expected to garner between $50,000 and $75,000 in the auction.

TODAY reports that the photo's owner attempted to sell them through Sotheby's some time ago, but the auction company deemed them "too sensitive to auction" after the Kennedy family stepped in.

Watch TODAY on Tuesday for a full interview of the photo's owner.

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How Much Would You Pay for Napoleon's Last Wishes?

The answer?  Apparently  357,000 Euros or $483,000, according to CBS News. That is the sum one Paris buyer, who wishes to remain anonymous paid for the only known copy of the will of French Emperor, Napoleon Bonaparte.  

The will, written just 19 days before his death, expresses Bonaparte's wishes for his ashes to be spread over Paris' Seine River. Instead, his remains were transferred to the Invalide's monument nearly two decades after his death.

The original will, which was written by Bonaparte himself, is in France's national archives. The copy was penned by an adviser and was estimated to fetch 120,000 euros.