For the week ending July 14^th 9 recently completed auctions were archived in the AED; 1 in euros, 3 in dollars and 5 in British pounds.  Eleven million dollars [$11,121,953] changed hands as 1,463 lots, against 1,882 offered, sold.  The action was in England with 5 sales realizing $10,222,475.

It was an odd week.  The percentage of lots sold was above average at 78% but total receipts, as a percentage of the high estimates, a bit light coming in at 75%.  Such variation from week to week tends to signify little unless underperformance becomes part of a larger pattern confirmed over months and quarters.   What is apparent is that the increasing number of auction events is causing houses to more often choose summer dates.  This month there are 49 events and in August 22 more.  These were prime season numbers a few years ago.  We are living in a different world.

Two sales reached 100% of the total of their high estimates:

Ader.  Letters, Manuscripts, Autographs on June 28^th:  182%

Cowan’s.  Prints on July 11^th:  105%

Three sales reached a million dollars:

Sotheby’s.  The History of Script:  sixty important manuscript leaves from the Schoyen Collection on July 10th:  $4,032,941

Sotheby’s.  Western Manuscripts and Miniatures on July 10^th:  $1,966,063

Bonhams.  Prints on July 11^th:  $1,658,787

Four sales saw more than 80% of their lots sell:

Heritage Auctions.  Rare book online ending July 12^th:  93%

Cowan’s.  Prints ending July 11^th:  88%

Neal Auction Company.  Prints ending June 30^th:  82%

Ader.  Letters, Manuscripts, Autographs on June 28^th:  81%   

For the week ahead 9 sales are scheduled:

Tuesday July 17^th Freemans.  Books [1435a].  90 lots

Wed. July 18^th Dominic Winter.  Old Master and Modern Prints [S330].  156 lots

                                    Freemans.  Prints [1435b].  8 lots

Thursday July 19^th    Bloomsbury Auctions.  Antiquarian Books [35940].  578 lots

                                    Eldred’s.  Maine Art Part I [751].  172 lots

                                    Heritage Auctions.  Rare Books online bidding ending July 19^th.  404 lots

                                    PBA Galleries.  Fine Americana – Travel – Cartography [484].  411 lots

Friday July 20^th         Eldred’s.  Marine Art, Part II [751b].  18 lots

Sunday July 22^nd Bonhams.  Asian Works of Art [20032].  118 lots

If this is the slow season we will be harried come fall.

Bruce McKinney

AE

July 15^th, 2012