"The Wood Engraver” by Nicolai Fechin earned a record hammer price of $950,000, and realized a final price of $1,092,500 with buyer's premium.
:On February 19, John Moran Auctioneers hosted the first of its tri-annual California and American paintings sales for 2008. Great anticipation surrounded the sale, as it was headlined by an important work by Nicolai Fechin. In all, 13 new world auction records were set, and more than $3.4 million was earned on 229 lots, resulting in the highest grossing sale in John Moran Auctioneer's 39-year history. The firm's previous highest grossing fine art sale was conducted in October 2006 when it earned $3 million on a like number of offerings.
The caliber of the artists and the quality of the works on offer were consistently high throughout the four-hour sale, their value recognized by a large audience of buyers and collectors who also appreciated the excellent provenance. More than 1,100 international buyers were registered for the sale.
The action started off strongly with the first world record price of the evening realized just 20 minutes into the sale. "Yerba Buena," a nocturne depicting San Francisco Bay by Charles Rollo Peters (1862–1928) that was sold together with an original note from the artist, quickly surpassed its high estimate of $25,000, selling for $40,250. The previous high record for this artist was $36,000 achieved in October 2006 at Christie's in Los Angeles.
The previous record of $464,500 for William Joseph McCloskey was surpassed when "Florida Oranges” brought $546,250.
Just ten lots later, a new world record was set for Nell Walker Warner (1891–1970). The signed oil on canvas, depicting cherry blossoms in a still life set against an unusual gauze-effect background created by cross-hatching into the wet paint, sold for $12,650, more than double the high estimate. The previous world record for this artist was set by John Moran with last year's sale of "House in a Eucalyptus Foothill Landscape" for $11,500.
The leading lot of the evening was a masterwork by renowned portraitist and painter Nicolai Fechin (1881–1955) titled "The Wood Engraver." Fechin painted "The Wood Engraver" shortly after his arrival in America from Russia and it earned him the 1924 Thomas R. Proctor Award for Portraiture at the National Academy of Design. The portrait possesses all the hallmarks of Fechin's best work and, until coming on the block on February 19, had been privately held for more than 60 years. John Moran Auctioneers had assigned a presale estimate of $400/600,000 and the bidding opened at $200,000.
Moran broke another record when it earned $80,500 on this signed oil on canvas of San Francisco by Maurice Logan (1886–1977).
Quickly escalating to $700,000, bidding paused momentarily before being taken up by two phone bidders who raised the hammer price to $950,000, a new world record hammer price for Fechin. (The hammer price of $950,000, a world record, was boosted to a final price of $1,092,500 with Moran's 15 percent buyer's premium; Fechin's previous at-auction hammer record of $900,000, achieved with "Tonita" at Christie's Los Angeles in October 2007, was boosted to a final price of $1,104,500 with Christie's 22 percent buyer's premium.)
The evening's next high point was the record-breaking price brought for a work by William Joseph McCloskey (1859–1941). "Florida Oranges," a well-documented, signed and dated oil on canvas of his best-known subject of oranges with paper wrappers, was expected to earn $100/150,000. Competitive floor and phone bidding brought the final price to $546,250, a new world record by more than $100,000. The previous record had been achieved by Bonhams San Francisco in December 1994 when it sold "Oranges and Wrappers" for $464,500.
Moran also offered a magnificent large work by Maurice Logan (1886–1977). The signed oil of the San Francisco ferry dock and skyline, estimated to earn $25/35,000, realized $80,500.
A new world record was achieved for Charles Rollo Peters (1862–1928) when "Yerba Buena,” sold for $40,250.
Other new world records were set for Helen Hamilton (1899–1970) and California artists Pedro Lemos (1882–1954) and George Spangenberg (1907–1964). Hamilton's turbulent seascape sold for $9,775, and Lemos's oil of the Monterey coast brought $16,100. Spangenberg's oil of a farm in a San Diego landscape more than doubled the previous record, selling for $9,200.
Unless indicated, all prices reported include the 15 percent buyer's premium. Hammer prices do not include premium.
John Moran's next important auction of California and American Paintings will be June 24.
For information, 626-296-6642 or
www.johnmoran.com
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