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Christie's Sees Success in American Art Auctions

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    Christie's vice president of American Art Elizabeth Beaman on art collection sales.

  • Duration 3:48
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-- -- Well the Dow now down seventy points as investors jump out of stock market.

And they should -- -- harder and -- your assets such an art.

Christy saw its second highest sales on record at a recent post war art auction bringing over 412 million dollars.

And this week another big sale but American art featuring.

This Norman Rockwell peace and joining us now from -- we have a list -- -- and thanks for being with us Elizabeth.

So the auction in two days are open to bring in a total 33 million dollar sales this is one of the prized pieces now this -- Rockwell how much will go for -- figure.

-- they currently have an estimated at three to 500000 which we think it's a very reasonable estimate.

In September you had another Rockwell.

Auction -- -- especially well -- from selling for more than you guys have been expected so it's lately.

Sales this.

So far this fall have been at there highest we've sold in the last two weeks over 770.

Million dollars worth of art -- -- hoping to continue the -- that's what Christie's American parents now.

On November 28.

Right now you've got to a lot of foreign buyers of media mention in the notes -- 124 nations bidders.

Bidding through that your your company.

But -- Rockwell.

Not a lot of foreign demand is that gonna keep the price that you.

No I mean what we we do on occasion have foreign buyers for Rockwell but since he is our hometown hero it is predominantly driven by American collectors -- well known collectors such as George Lucas and Steven Spielberg.

I held an exhibition of their collections call telling stories at the Smithsonian in 2010.

And they've had a tremendous impact on this market so what we've seen as fat.

The top ten highest prices for his work have all been achieved over the last ten years just in the past ten years and Lucas and Spielberg will be bidding in this auction you figure.

That I can't confirm unfortunately well we can only hope because you don't know because that would be wrong to say okay and is there I'm sort of ask it this way but do we -- a Monet.

An impression is -- -- for thirty million.

Is that is -- something tacky about Norman Rockwell art that art collectors would look down on or is it prize has classic.

I I think in the past people have taken -- terrorism view of his work and thinking and was a near illustration that's why you'll see a lot of -- such as this one.

Being uncovered as discoveries -- the time that they were painted he would give them out to sitters.

Who posed for him to family friends.

And consider the value in the reproduction yes but now we're seeing a much greater appreciation for Rockwell's works as works of art and right -- respond in fact tell us about this particular -- it was it was commissioned in 1921 for the western newspaper -- -- get.

And that was lost for over eighty years -- so.

And we don't know the exact history but it seems that Rockwell had given it to an employee of -- that admired it.

She then pass away and it went to an estate sale in Orange County California.

The grandmother of the current -- actually ran the states now.

And selected this objects to take for herself she hid it away in her closet and it was only and this past may that they discovered it.

Read the signature and found that in fact people have been looking for the spinning for quite some time right in the painting is -- the -- is -- that back.

Back story can actually help the value looking like this time absolutely -- the record price for Iraq.

Which was achieved in 2006.

For a price of fifteen point four million.

Was a similar story of discovery.

It was hidden behind a trap door right and then these sorts of stories and while they don't they aren't factored into our estimate they can certainly out -- and appeal we'll see if -- get that went up over the half million dollar mark thanks for being with -- it was -- that they appreciate elements -- --

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