Wednesday, March 31, 2004
“PSST! WANNA’ BUY A VERMEER?”
Who Doesn’t?
Despite, or more likely because of, having worked in financial journalism for most of the last 18 years, I have owned, outright, only one stock in my entire life: Sotheby’s Holdings Inc., the parent company of the New York-based auction house, and that was a long, long time ago, and for a very short period in 1989, to be exact.
(I say “because of” because while my employers allowed employees, under certain well-defined circumstances, to buy and sell securities, I decided early on that any hoped-for profits would not be worth the questions that might be raised about my objectivity. I’m a helluva guy, aren’t I?)
Before, and even while, owning my Sotheby’s shares, I found the process of setting pre-auction estimates to be confusing, irrational even. (And that’s to say nothing of the industry’s other unusual practices, including private reserves, buy-ins, bridge loans, and all that unpleasantness about commissions in which Diana “DeDe” Brooks unfortunately became, uh, ensnared.)
And so, reading today’s New York Times, I was surprised, and yet not, to see that Sotheby’s has placed a pre-auction estimate on “Young Woman Seated at the Virginal,” after a long controversy now rather firmly ascribed to Johannes Vermeer, at a rather modest $5.4 million.
According to the Times (“ A Vermeer, Once Suspect, Will Be Offered at Sotheby’s,” by Carol Vogel), that is “a price far lower than what second-rate Impressionist paintings often fetch at auction. They [Ed.: Sotheby’s] acknowledge that the price is cheap but expect that the bidding will far exceed it.”
That’s an easy bet. So how does Sotheby’s explain its low-ball estimate? The Times reports:
“There’s every indication the painting will do a lot better because of its rarity and because Vermeer is such an iconic artist,” said Alexander Bell, head of Sotheby’s old master paintings department in London. “We wanted people to concentrate on the picture, not the price.”
Oh, okay, I understand now. (What?)
Anyway, New Yorkers, and those within reasonable traveling distance (Oh, wait, that includes me.), please note: “Sotheby’s plans to show the painting at its York Avenue headquarters in Manhattan from April 28 through May 9 and again from May 22 through May 27.”
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JAMES MARTIN CAPOZZOLA
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James Martin (Jim) Capozzola launched The Rittenhouse Review in April 2002, TRR: The Lighter Side of Rittenhouse, HorowitzWatch, and Smarter Andrew Sullivan in July 2002, and Bulldogs for Kerry-Edwards in October 2004. He is also a contributing member of President Boxer.
He received the 2002 Koufax Award for Best Post> for "Al Gore and the Alpha Girls" (published November 25, 2002). Capozzola's record in the Koufax Awards includes two additional nominations for 2002 (Best Blog and Best Writing), three nominations for 2003 (Best Blog, Best Series, and Best Writing), and two finalist nominations in 2004 (Best Blog and Best Writing).
Capozzola’s experience beyond the blogosphere includes a lengthy career in financial journalism, securities analysis, and investment research, and in freelance writing, editing, ghost-writing, and writing instruction.
He earned his bachelor's degree in political science from the University at Albany and a master's in foreign affairs from the University of Virginia.
Capozzola lives in Philadelphia with his bulldog, Mildred.
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