posted 08-17-2003 09:07 AM               

interesting question - from what I remember the Christie's like the Sotheby's sales didn't have that much influence on the prices if you look at the pre- and after Superior sales at that time. Simply because the clientele is a complete different one.

The kind of items offered was also different, so the direct comparison is not always possible. Superior clients seemed to be the more "educated" ones not paying $10000 for an Apollo 11 crewsigned photo

Again, you can't really compare the sales and prices and therefore you always get to a different result depending on the angle you look at those sales.

Bottom line - the Christies and Sotheby's sales certainly helped the hobby with their media coverage worldwide and therefore also brought new collectors to it but they didn't really increase the prices.

posted 08-17-2003 10:31 AM               

While touring the lots, I remember answering a group of bidders' questions, including the market value for Apollo 11 and Apollo 1 crew signatures. While Apollo 1 was certainly rare, I told them how with a little effort one could find an Apollo 11 piece for approximately $1000 (give or take a few hundred). One of the bidder's I told this to bid on an Apollo 11 piece the next day -- to the tune of $10,000.

That's not to say there weren't collectors present. I met several -- both new and established -- sitting near the back of the overcrowded room. There were times that we sat there in astronishment, holding back the urge to yell out "Wait, I can get you a few of those for less!" and instead giggling under our breath at the spectacle.

But there was something about the atmosphere in that room that day that was also enticing. The fury to buy, at least for me, translated to a strong desire to own something, anything, from that sale. I began bidding on lots that opened under $1000 (there weren't many) and I won something for $1100 -- an item that the day before and the day after I wouldn't have been able to sell for more than $250.

And that is the situation facing quite a few of the Christie's East 1999 winning bidders today. The dotcom bubble burst (among other negative effects on the economy) and they look at the artifacts sitting in their safety deposit boxes or hanging on their walls and realize they could use the money more. However finding a buyer that will best or even match what they paid is difficult, if not near impossible.

I believe Florian is correct when he writes that the Christie's sale didn't have a direct effect on auction hammer prices, even weeks later when Superior hosted their sale. That said, I believe that Christie's East 1999 did have an effect, at least for a few years, on the asking prices for direct sales and on the reserves placed on auctions post Spring 1999.

Up until Christie's East 2001, I think an impression existed that it was the host of the sale, not the market, that drove the response. Lower prices may have been present elsewhere, but Christie's clientele were different, or so was assumed. To this end, the 2001 sale appeared to be using the 1999 results to set their reserves (its an educated guess, as of course, the reserves were not disclosed) and when the bidding closed, nearly 55 percent of the lots were passed.

It should be noted that Swann's recent debut space sale, which was organized by two of the same individuals behind the two Christie's sales, seemed to take the same approach as Christie's East 1999. Assuming a new audience, pre-auction estimates were higher (though not as high as Christie's 1999 or 2001) and in some cases, self-fulfilling. It will be interesting to see the approach taken with their next sale, if they should organize one.

I should say that I don't think anyone holds the truly unique items these sales offered as abnormal in their hammer prices. A patch from a moonwalker's spacesuit, covered in moon dust and certified by NASA should be worth $300,000 (or higher), when compared to other high-ticket artifacts sold over the past 10 years. A set of datacards clearly visible in pictures taken during mankind's first lunar landing and noted by both Armstrong and Aldrin is worth $200,000, wouldn't you say?

No, its the more common items selling for uncommon prices that grab our attention. The day before and day after Swann's latest sale, I could buy an Apollo 11 crew signed photograph for approximately $1000 (give or take a few hundred), but on that day one sold for $34,000.