Sotheby’s first online auction dedicated to a single designer, Michele della Valle ended last Monday. In this post I will look at the results of the auction and what can be learned.
Non si può mai attraversare l’oceano se non si ha il coraggio di perdere di vista la riva.
The above saying in English is: You can never cross the ocean until you have the courage to lose sight of the shore. That saying feels right when talking about the recent online fine jewelry auction held by Sotheby’s. I will look at the sold versus unsold items and their statistics as a whole, then break it down by type and finally look at some individual pieces that did well at the auction. Also read my predictions and thoughts before the results here.
Sold vs. Unsold (All)
Out of the 111 items designed by Michele della Valle for this online auction only 66 sold. The percentage was 59% sold, 41% unsold. So over half meet the reserve and were sold. The items bid on meet reserve, but what were some of the basic statistics like average dollars of the sold item or number of bids? Below is a table answering that. Note dollars in Swiss Francs (CHF).
The average item sold for 7,884 and had about 6 bids. The most frequent price that sold was 7,500 and the lot had only 2 bids.
To get more detailed we need to look at the results by type.
Sold vs. Unsold (by type)
Above is a table with the counts of lots by type. Earrings were the biggest category at 44 out of 111 lots, next were brooches, then rings. Rings did very well, all but one lot were sold. A table below looks at it by percentage.
Only 38% of brooches sold, earrings saw 32% of their lots unsold. I’m looking more closely at types with ten or more lots to get a better feel of the category. I also looked at the min/max dollars for the sold lots.
Earrings had the largest range, going for as low as 3,000 CHF up to 27,500 CHF.
So, what were some of these high priced items?
Lot with the highest bid
That was a pair of earrings, lot 22, that sold for 27,500 CHF
Lot with the most bids
Lot 14 that had 24 bids, a blue topaz ring.
Piece highest above estimate
There are pieces that are unexpected in what they go for. In this auction a few types did better than others. A table with the break out below.
The rings did the best overall, being 1.6 times higher than the estimates. Earrings were next at 1.33 times. The piece that did better than estimated was lot 97, a pair of earrings that sold for 8.2 times above what Sotheby’s estimated. The final price sold was 21,500 CHF. The estimate was between 1800-2600.
Obviously, the sale could have gone better, more pieces sold, bids higher, etc. Sotheby’s did a lot right in promoting this auction; they put the auction in their emails and had a video highlighting some pieces. What do I think they could have done better? Educating people on who Michele della Valle is and why his work is something that should be collected. Town and Country just put out about designers to collect, giving some context to where the market is going.
From my quote above, somethings you take those risks and swim out alone. Sometimes those risks work out and other times you need a life guard to steer you to a better path. If you are looking for some guidance in your small business strategy send me an email ([email protected]). Let me know what you’re thinking of trying or challenges you are facing. Until then thank you for reading and I hope you return soon for more Data in the Rough!