The result of a recent auction is a reminder that collecting art or, more specifically, intaglios and intaglio plasters should be more for the enjoyment of possession than as an investment, unless of course you are a fortune teller.
A cabinet full of mid-19th century plaster and wax intaglio impressions was up for auction at the March 14, 2018 Christie’s London auction shop. The lot can be viewed at https://www.christies.com/Lotfinder/lot_details.aspx?hdnSaleID=27498&LN=216&intsaleid=27498&sid=8baa9deb-6ce7-47cd-99c9-88f6f5f95240 The roughly 19 in. high x 18 in. wide x 12 in. deep Regency inlaid wood cabinet had 13 drawers which contained some 700 plus impressions. The pre-auction estimate was GBP 4,000 – 6,000. The images of the cabinet and of an array of the impressions presented an impressive collection.
The Provena
nce indicated – “Anonymous sale: Christie’s, London 7 December 2006, lot 224”. Having this information, it was easy to compare the sales and amounts paid for presumably the same item sold at open auctions, 12 years apart. The lot from the 2006 auction can be viewed at https://www.christies.com/Lotfinder/lot_details.aspx?hdnSaleID=20248&LN=224&intsaleid=20248&sid=778ae1d9-faba-488b-b366-e4456c524b6b .
Here are the results:
2018: Price realized (Includes buyer’s premium) GBP 2,750
At current exchange rate of $1.39/GBP the US dollar price was $3,822.
2006: Price realized (Includes buyer’s premium) GBP 4,560
At the then current exchange rate of $1.96/GBP (WOW!), the US dollar price was $8,957
The CPI increase from 2006 to 2017 has been 21.4%, so in today’s dollars the sale price in 2006 was almost $11,000!
It’s difficult to tell why the disparity in sales prices, especially not having had the opportunity to view the cabinet and its contents. Perhaps the sale was just missed by collectors or dealers. Maybe the market, which admittedly is quite small for this type of item, has softened. Who knows? All that is certain is that in this specific case it was a not so good investment.
What do you think?