My old boss Manny at the Diamond Exchange loved showing diamonds. I loved even more saying, “It’s one of a kind, how many do you want?”
His son Richie Boy and I groaned at this utterance, however more times than not the octogenarian would complete the sale and his son would shrug with acceptance, “After sixty-five years in the business Manny knows his shit.”
Mostly because Manny has stayed with what he knew was best.
Richie Boy and I have tried our hands at selling paintings over the last couple of years. An art collector friend figured that we have rich clients and the two of us felt that selling art can’t be too different from selling gems. Our learning curve has proven us wrong and last week a contemporary art dealer called from Paris.
“I have a lovely Jackie O Warhol for sale.” He wanted two million for the red-backed image of Jackie watching the JFK funeral procession.
“The best price for that type of Warhol is $2.7 and that was at the height of the market.” ArtNet was a neophyte’s best online snitch to investigate auction results.
“This is one of a kind.”
“My friend has two of them. Different colors. But I’ll see what I can do.” I hung up the phone and made a few calls. The best offer was $750,000 from an LA dealer. He had three of these paintings.
I phone the Paris dealer and gave him the price, which was the last that I heard from him, but last week the Warhol Foundation announced that it had authorized Christies Auction House to sell the remainder of his estate.
One New York dealer had offered to buy the entire collection to protect their investment in Warhols. The directors refused his bid in anticipation of a boost from an upcoming Warhol retrospective at New York’s Metropolitan Museum of Art.
The estate’s auction will occur in early November. Most experts feel this sale will be the clearing out of the closets; mostly photos, lesser-known silk screens, and artifacts from the artist.
They are all one of the kind. Even those that are three or four of a kind.
Any questions?
Ask Manny.
He knows best.