I just returned from an auction at Christies, London, where I watched a major pissing contest to acquire Margaret Macdonald Mackintosh's
The White Rose and the Red Rose. It was put up for auction alongside its "sister" panel,
The Heart of the Rose, both of which were in private collections together since they were crafted in 1902. Today, they were auctioned in separate lots, and in the end will go to two different buyers.
The White Rose and the Red Rose was the first lot to go up, and the estimate (for each) was £200,000 - £300,000. I was hoping to see the pair go for a million, but thus far the bidding had mostly been just hitting the bottom estimate (save two Josef Hoffman side chairs which, at a hammer price of £32,000, more than doubled their top estimate). The pissing contest for the Macdonald panel began between two phone bidders at the £400,000 pound mark.
It ended at £1,500,000. For just the one panel. That's $3 million dollars, btw.
These works are at the core of my own research, so I was very excited that the panel achieved this value (money brings recognition and perceived value where it went unnoticed before). However, I can't tell you how much my heart sank when I watched the Christie's rep hang up the phone before the next lot - the sister panel - bidding began.
To add insult to injury,
The Heart of the Rose only went for £450,000. This panel is often commented as the more beautiful of the two, but regardless of that, to go for less than a third of the first was just completely bizarre.
Sorry I don't have an image to post, I'm on the go. But you can see the panel, along with the complete auction results (which includes VAT and buyer's premiums), here:
http://www.christies.com/LotFinder/searchresults.aspx?intSaleID=21499#intSaleID=21499It was an exciting auction, and if you are into the art market, one could call it a great success. But for this design historian,it was disheartening. Huh, that is an unintended pun. While the panels are lovely on their own, they have a certain power together... I cherished seeing them that way for perhaps whst is the last time.