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Christies Auction Ranges and Prices - Part 3
KrowGyrl Offline
#1 Posted : Saturday, June 07, 2008 5:44:56 AM(UTC)
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LOT PROJECTED RANGE PRICE *= sold above range

66 $10,000-$15,000--- $23,750.00*
67 $20,000-$30,000--- $25,000.00
68 $5,000-$8,000--- $6,250.00
71 $5,000-$8,000--- $6,250.00
72 $3,000-$5,000--- $2,500.00
74 $50,000-$80,000--- $61,250.00
75 $6,000-$8,000--- $11,875.00*
76 $8,000-$12,000--- $10,625.00
78 $12,000-$18,000--- $23,750.00*
83 $3,000-$5,000--- $1,875.00
84 $8,000-$12,000--- $10,000.00
86 $20,00-$30,000--- $23,750.00
88 $18,000-$20,000--- $22,500.00*
89 $30,000-$50,000--- $37,500.00
90 $6,000-$8,000--- $12,500.00*
91 $8,000-$12,000--- $15,000.00*
92 $6,000-$8,000--- $23,750.00*
93 $8,000-$12,000--- $15,000.00*
95 $25,000-$35,000--- $30,000.00
97 $25,000-$35,000--- $30,000.00
99 $3,000-$6,000--- $6,000.00
100 $4,000-$6,000--- $10,000.00*
102 $7,000-$10,000--- $13,750.00*
103 $25,000-$35,000--- $30,000.00
106 $3,000-$5,000--- $3,750.00
107 $3,000-$5,000--- $11,250.00*
108 $3,500-$5,000--- $5,000.00
110 $10,000-$15,000--- $15,000.00
112 $2,500-$5,000--- $4,750.00
113 $2,500-$3,500--- $10,625.00*
114 $3,000-$5,000--- $3,750.00
116 $3,000-$5,000--- $3,750.00
119 $10,000-$15,000--- $12,500.00
120 $30,000-$50,000--- $35,000.00
122 $12,000-$18,000--- $23,750.00*
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KrowGyrl Offline
#2 Posted : Saturday, June 07, 2008 5:47:09 AM(UTC)
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Now, what's fascinating to me is how some of those sold way off the projected range. I understand the fabulous Isfahan, I understand the Doris Duke rugs, the other two that may have some celebrity value (to SOMEbody) But some of the others ... It would really be fabulous to go over that catalog with someone really in-the-know and discuss all that noise down to a science.
RugPro Offline
#3 Posted : Saturday, June 07, 2008 6:01:53 AM(UTC)
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Wow, thanks so much for posting this, really interesting numbers like you said. as for why some of these go so much higher... it's usually one of four reasons from my understanding. 1, a simple bidding war with two people who just like the rug. 2, the market is appreciating 3, the original value was difficult to gauge because of the lineage of the rug, e.g. belonged to someone of importance for an extended period of time, etc. People pay much higher for this in many cases. 4, and finally, exceptional condition. I think auctioneers tend to underestimate rugs with exceptional condition

I also have to say, I would not be surprised with some of these higher priced goods to lowball them in the estimates just a little. I think this helps encourage buyers who normally would not enter into bidding for items.
KrowGyrl Offline
#4 Posted : Saturday, June 07, 2008 7:06:20 AM(UTC)
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I also have to say, I would not be surprised with some of these higher priced goods to lowball them in the estimates just a little. I think this helps encourage buyers who normally would not enter into bidding for items. >>>>


I hear what you are saying. The "bidding war" phenomena strikes all levels and I have engaged in a few myself on my pool of operation. If I want something, I get this ... "nobody outbids the Krow" mentality and that's dangerous. But god for auctions. But I only get like that if I am really stuck on something. And I can tell the difference between, 1) I'll take this piece. 2) I want this and will work a bit for it, and of course 3) This is already mine and whatever it takes. I don't get that often. I have a feeling that if I was a saudi oil shaykh and I was bidding on that carpet Tuesday, (we all know the one) I would have paid whatever it took. :)
RugPro Offline
#5 Posted : Saturday, June 07, 2008 9:04:48 AM(UTC)
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KrowGyrl wrote:
I have a feeling that if I was a saudi oil shaykh and I was bidding on that carpet Tuesday, (we all know the one) I would have paid whatever it took. :)


I totally agree. Especially for these older pieces 100+ years old.

Personally, I believe the market is on such an uptrend many of these pieces will be even less affordable (as though they're "affordable" now, lol). I would not be surprised to see a 50% increase over the course of the next 5 years.

In all honesty, with the amount of exposure with the internet and other outlets, people are realizing how special and irreplaceable these rugs have become. Sure there are plenty of people who have hoarded special collectible rugs away, but they're few and far between. The Persian and Oriental Rug market are absolutely on an upturn, and with prices that are being fetched now, it's quite apparent that rugs are now attaining a much higher appreciation aesthetically/artistically speaking, as well in terms of monetary value. This is especially true for those of which are in outstanding condition such as lot 37 of the Doris Duke rug. While it's not inconceivable to estimate the value of an old rug, it certainly has become less predictable, which in it of itself is an indicator of the scarcity and increased awareness of such rarity. Collect 'em while you can!
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