| The art auction houses proudly proclaim on their | | | | looking for. |
| websites the remarkable achievement when a | | | | Valuing paintings is not always as simple as doing |
| painting goes beyond 'expectations', but to me | | | | simple calculations based on past prices. I |
| this shows that they either don't know the | | | | remember being at a Deutscher Menzies auction |
| market or have deliberately underestimated. | | | | and watching a Celia Perceval painting 'Picking |
| An example of this was at a Sunday Art Auction | | | | Daffodils' with a realistic high estimate of $5,000 |
| at Leonard Joel in Melbourne last year. The first | | | | getting knocked down for $38,400 after a long |
| lot of the day was an artwork by highly sought | | | | bidding war between three or four phone bidders, |
| after Western Australian artist Robert Juniper | | | | leaving the auctioneer to whisper to the perplexed |
| titled 'Blue River, 1978'. At 43cm by 95.5cm it was | | | | audience 'do they think its a John Perceval'? The |
| a decent size for a Juniper, and with popular hues | | | | next lot was another Celia Perceval with a higher |
| of blue and purple in a semi-abstract landscape it | | | | estimate that sold for only $5,520. These |
| was obvious that it would achieve a good price. | | | | situations are intriguing and add to the drama of |
| Obvious to many, but not initially obvious to the | | | | an auction, but we don't need the auction houses |
| auction house providing the estimates, which | | | | to artificially create them. As a buyer, I would |
| provided an estimate of between $2,000 and | | | | prefer to have a more accurate indication of the |
| $3,000. However, upon calling the auction house I | | | | expected price so that I don't waste my time |
| was told that there had been a lot of interest in | | | | with something that will ultimately be beyond my |
| the painting, and that they now expected it to go | | | | budget. |
| for more that the high estimate. So why not raise | | | | Even the most distinguished auction houses can |
| the estimate at this point? I said I would be happy | | | | get in wrong. I remember at one of Christie's last |
| to pay double the upper estimate, and although | | | | auctions in Australia looking at the estimate of |
| the offer may not have been taken seriously, it | | | | $5,000 to $7,000 on David Boyd's large 1960's |
| was still an indication that the estimates were too | | | | work 'The Offering' from his important 'The Trial' |
| low. The auction results for the previous year also | | | | series, and asking the staff it was a typo and |
| indicated a much higher value. The average price | | | | was actually supposed to be $50,000 to $70,000. |
| for a Robert Juniper oil in 2008 was $16,260 with | | | | I was told that the estimate was correct, and the |
| an average price per square cm of $2.15. | | | | painting sold for $50,190 including buyers premium. |
| Multiplying this figure with the actual size of this | | | | For an up-coming example keep an eye on William |
| painting (4106 sq cms) would give a base | | | | Boissevain's 'Unititled, c.1970s' at Bay East's auction |
| valuation of $8,827. Making some adjustments for | | | | next week. Similar paintings usually sell for |
| the general quality of this work and the smaller | | | | between $6,000 and $8,000, although this painting |
| than average size (smaller paintings generally | | | | is offered with a high estimate of only $2,500. |
| achieve a higher price per sq cm), I would have | | | | I will continue to enjoy the theatre of those |
| thought that an estimate of $10,000 - $15,000 | | | | genuine auction surprises, but with so many |
| would have been a more accurate estimate. The | | | | research tools available, feedback from the |
| painting sold for $27,600 including buyers premium, | | | | viewings and years of collective experience of the |
| which was still well above even my own | | | | auction house staff, apart from the rare |
| estimates. Even with a more realistic estimate the | | | | exception there should be no excuse for getting it |
| result would still have set the auction off to the | | | | so wrong. |
| desired dramatic start that they were probably | | | | |