Week one is done of my auctions schedule. I know I was excited to see the results from the week. There were plenty of ways to look at the data from the Skinner Auction and I confess I took a bit longer trying to see what the best story to tell would be. So, after different ways of dissecting the results I am structuring the article to focus first on the mean (average), median (the middle value of the data) and the mode (the number that is repeated most often) with the % breakdown of the types of items sold vs unsold. Then look at our predictions from the last article and finally the stand out piece in the auction.
Items to remember I used results for both September 2016 and 2017 that do not include buyer’s premium. If the item was withdrawn I considered that unsold.
Sold vs Unsold
For both September Fine Jewelry auctions at Skinner, the percentage was the same, roughly 81% of the lots sold, leaving 19% of the lots unsold. But did the same percentage of items sell in each category (type)? Many did stay the same. Let’s look at 2017.
Now 2016. I have the categories arranged by highest percentage sold in each category.
I have bolded 2 categories of interest the rings and watches. In 2016 there were 18 watches on auction and 2/3 of them sold. For the 2017 auction there were 11 and 9 sold. I have been reading about trends in the watch industry. I will dig a bit deeper on my own to see about the designers and make. Those numbers though of the count are small. Rings are a bit higher in amount of lots. In 2016 there was a total of 113 auctioned. In 2017 the total was 94. As you can see this auction had great luck on selling rings, 88 were sold! I have not seen as much out on rings trending but it may be something to keep in mind.
So now for the statistics. Last year had over 300 more lots on auction versus this year. Skinner ended up getting a large collection to sell from a museum, I enjoyed viewing the lots and lost a bid for some earrings.
I looked at the data two ways, what were the statistics for the high estimates on the lots and of the lots sold how many times did they go above the high estimate? That calculation was the result $/high estimate.
Looking at the table above we see 2017 had items that had a higher estimated value given to them than last year. The same for median and mode. So higher estimated items in 2017 than last September. What about the results? Looking at the amount above the high estimate it looks like the auctions are about the same. The average says that the auctions had their items make the high estimate. This is why I like the other two metrics. The median shows that the results are less than the estimate. To get the median I arranged the numbers from lowest to highest and went for the item in the middle, or if it is an even number the average of the two middle numbers. The mode looks at the highest number of times the item is listed. So highest amount of lots for 2017 sold for 30% less than what Skinner predicted. In 2016 that number is 20%. Even though the amount per item was lower in 2016 the results were a little better.
If you read my post last week I had 2 items that I was following. Those were the natural pearl pendant selling between $50,000-$75,000 and the Georg Jensen pieces.
The pendant from my last post.
The pendant did not sell. What does that mean in the auction world? Are we seeing a decline in interest? That pearl was not the only one on sale. Lot 383 an Antique Natural Pearl and Diamond Necklace, estimated to go as high as $15,000; sold for $29,000. Almost twice the estimate. The pendant may have been priced too high or there was a flaw that was not disclosed.
This designer did better than the pearls. Below are all the Jensen lots that were in the 2017 auction.
Only one Jensen item didn’t sell and 6 of the 10 sold above the high estimate. Here are the top 2 Jensen items.
.830 Silver and Amber Brooch, Georg Jensen
.830 Silver, Amber, and Green Onyx Necklace, Georg Jensen
Now let’s see how Jensen did with the other items. Below is the table for the top 5 items above estimate. Some items tied so more than 5 items are listed.
You see lots 7, 11, 10 all are Jensen. I think this Danish designer is still hot on the auction block. Wait, does that look like a typo, a lot did 10 times better than estimated? Yes, it did. If listed correctly, I checked the catalog and online, the last lot 384, an antique emerald brooch was the stand out piece of the auction.
The Emerald Outlier
This piece was listed to sell between $7,000-$9,000 and its final price was $90,000 (not including buyer’s premium)! What a way to end the auction!
I saw this small piece at the preview.
The emerald measured 9.55 x 9.50 x 4.65 mm and the brooch was less than an inch long. The interest lines in the origin of the emerald, it was a certified Colombian emerald, the finest you can get. Fun fact the emerald brooch and pearl necklace belonged to the same owner, Natica Inches Bates Satterthwaite. A native New Englander whose father worked at Harvard University. She passed away in 2015.
What did you think of my auction recap? Anything you’d like to point out or comment on? Next is a quick recap of Bonhams then more auctions to look forward to on Data in the Rough! Photos except the first one are courtesy of Skinner Auction.