The problem was the Finks have held several previous stock auctions, the most recent little more than a year ago. At the time, high reserves – plus the lingering effects of the global financial crisis - saw only 15 to 20 per cent of the lots change hands.
This time Bonhams turned up trumps, flogging 206 of the 229 lots – an impressive 91 per cent - and raising a handy $1.36 million including buyers premium.
The sale was on October 31 at Juniper Hall in Paddington.
How did Bonhams do it? Simple. It catalogued the auction as a “liquidation sale” and said all lots were to be offered without reserve. Then it cut prices to the bone on some lots.
Thus was averted what might have been a pratfall for the local arm of the UK-based firm, which is anxious to stay at the elite end of the decorative arts market after handling the huge Owston sale in June.
Bonhams chief executive James Hendy says he had pitched for one of the Fink sales in his former role with Bonhams & Goodman, but had decided “to walk away”. This time, he was prepared to handle the sale but only “on our terms”. Meaning Bonhams would bring in its own expert from the UK to set the estimates, and the sale would be unreserved.
Hendy says the stock had been exposed to the market, but the quality was good. He says the sale proved this. “Selling 94 per cent by value is fantastic.”
There was some collateral damage, unfortunately, to some of the Fink items. Chief among them was a mid-18th century Louis XV ormolu mounted lacquer and mother-of-pearl commode by the eminent ebeniste Matthieu Criaerd of Paris (Lot 175 ). This was hammered for $290,000 –well below the $350,000 to $500,000 estimate – with the final price amounting to $348,000 including buyers premium (BP). The chest went unsold at the previous Fink sale in May 2009. At the time the expectations on the commode, embellished by claims of a possible connection with Madame Pompadour, were said to be around $1.5 million. This time, the catalogue attributed it to the type of wares made “for the French Court” and described its impressive bronzework as “later”. Apparently the Bonhams expert decided the bronze was not part of the original piece but had been added in Paris, perhaps in the past 20 years.
At a cool $60,000 below its lower estimate - and more than $1million off last year’s asking price – it looks like a bargain. Bonhams offers no clue on who bought it but it is thought the commode stayed here, since there was little foreign buying at the sale.
Other lots to sell at a big discount on their lower estimates included a pair of Italian Breche Violette marble fluted columns on plinth bases 1.16cm high (Lot 102 ) which was hammered for $13,000 - a total of $15,600 including BP – contrasting with an estimate of $25,000 to $35,000; and a French 18th century giltwood and cream painted trumeau (Lot 135 ), a mirror surmounted by a painting, which was hammered for $7000 – or $8400 with BP – on an estimate of $15,000 to $20,000.
Other lots that looked relative bargains, selling for around half the lower estimates, included four French 19th century dining chairs with curved backs (Lot 45 ) at $1560 incl BP, another French giltwood and cream painted trumeau (Lot 95 ) at $5520, and a French mid-18th century walnut armoire (Lot 143 ) at $2400.
Among lots that overshot their estimates were a near pair of late 19th/early 20th century ormolu and brass mounted kingwood marquetry vitrines (Lot 27 ) which achieved $14,400 inc BP (estimate $7000 to $10,000); a pair of French terracotta figures after Clodion (lot 195) at $28,800 ($12,000 to $18,000); and a large Spanish woven carpet dated 1925 (Lot 130 ) at $18,000 ($10,000 to $15,000). A charming Chinese 18th century blue-and-white jar converted to a lamp (Lot 112 ) brought $2160, five times the lower estimate.
Unsolds included a French early 19th century mahogany commode a vantaux (Lot 129 ) estimated at $20,000 to $30,000 and a set of ten French framed early 19th century painted panels and a mirror trumeau (Lot 181 ) at $15,000 to $20,000.
