JOHN MORANíS RECORD-BREAKING ESTATES AUCTION EARNS $1.9 MILLION! Pasadena, CA Ė On the heels of their $3.4 million February 2008 California & American Paintings auction, the highest-grossing art sale in the firmís 39-year history, John Moran Auctioneers smashed the
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APRIL 2, 2008
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JOHN MORANíS RECORD-BREAKING
ESTATES AUCTION EARNS $1.9 MILLION!
Pasadena, CA Ė On the heels of their $3.4 million February 2008 California & American Paintings auction, the highest-grossing art sale in the firmís 39-year history, John Moran Auctioneers smashed the record for their monthly Estates Auction series by generating just under $2 million in their March 25th sale. The Pasadena, CA-based firm anticipated success with the two-session auction, featuring an important jewelry collection from an Arizona estate, but in the end it earned more than double the predictions. The saleís 95% success rate, with over 60% of lots selling above their high estimates, defied prognostications of buyer uncertainty or a weakening economy. Vice President Jeff Moran noted that ďthe right mix of merchandise and marketing along with realistic estimates and reasonable ratesĒ kept the momentum strong. Over 800 floor, phone, absentee and internet bidders registered for the event (all prices stated in this release include the 15% buyers premium).
Moranís third installment of offerings from the JD Trust, of Paradise Valley, AZ, was 100% sold and provided the cornerstone of the 130 jewelry lots offered. With over $1 million in sales, the auction houseís presence in the jewelry market has increased greatly in recent months, and was further strengthened by the sale of several notable items on the 25th. Setting the trend early was lot 25, a Patek Philippe platinum and diamond watch expected to sell around $5,000; it quickly escalated to a final selling price of $14,950. Shortly thereafter, a 5.49 ct emerald-cut diamond and platinum ring, estimated at $45,000 - 60,000, realized $97,750.
Heated bidding intensified over an 11.77 ct pear-shaped diamond and platinum ring, of H color and SI1 clarity, with an alternate pendant mount. This, the saleís cover lot, was estimated to bring $150,000-200,000. John Moran opened the bidding at $100,000 and the ring quickly surpassed its high estimate to sell to a floor bidder for $310,500.
Jewelry offerings continued to impress the crowd throughout the evening. An Art Deco diamond and emerald bracelet, expected to earn $5,000-7,000, quadrupled its mid estimate to achieve $24,000. A second Art Deco bracelet, set with diamonds and sapphires, sold well over the high estimate at $11,150. Also tripling its high estimate was a French diamond herringbone link ribbon necklace set with 22 full-cut diamonds totaling 2 cts. It sold to a floor bidder for $8,050.
Perhaps the most unexpected event of the Moranís auction was the unprecedented price achieved by the sale of an exceptional oil painting by Anton Robert Leinweber (Czech, 1845-1921). Arab Bazaar was assigned a pre-sale estimate of $15,000-$25,000, and strong pre-sale interest enabled Moran to open the bidding at the low estimate. Competing phone and internet bidders brought the final bid to a record-breaking price of $195,500. The previous auction record for this artist was only $7,123.