“This was a weathervane that everyone could agree on. It’s in wonderful condition and has great detail, especially the track,” said Connecticut dealer David Schorsch, who paid $203,500 for this circa 1882 copper sculpture at Skinner in 1987, a record that stood for nearly three years. Two decades later at the Egan auction, the weathervane set a record again, selling to Yardley, Penn., dealer Todd Prickett for $1,216,000. Until the 1960s, the 61-inch-long sculpture stood atop a depot building in Woonsocket, R.I.

For the ABCs of buying and selling American folk art, look no further than the Raymond and Susan Egan collection, which realized $5,952,000 including premium, in a single-owner sale at Northeast Auctions on August 5. The figure is thought to be the highest for folk art since the $12.3 million Little sale at Sotheby’s in 1994.

“The collecting passion is really mine. Susan has always been supportive and tolerant of my madness, which isn’t to say that she didn’t love many of the things we owned,” pharmaceuticals executive Ray Egan said in a recent telephone interview from his home in Boothbay Harbor, Maine. The couple, who sold their large house in Princeton, N.J., in January, has been downsizing.

An ideal collector, Egan is knowledgeable, opinionated, focused and possessed of enough taste to be a dealer himself. That did not stop him from seeking wise counsel. David Schorsch, Olde Hope Antiques, Walters/Benisek and Fred Giampietro are just a few of the professionals whose names pepper the provenance listed in the meticulous Egan catalog, largely the effort of Northeast’s Merrilee J. Possner.

At 19 1/2 inches long, this circa 1875-85 carved and painted poodle was large for a William Schimmel figure and had great presence. Egan purchased it from Maine dealer Jim Glazer, who bid to get the piece back. In the end the sculpture went for $314,000 to Massachusetts dealer David Wheatcroft.

Egan followed the advice that he gives others. “If you love something and know that it is technically first rate, go for it. If a piece has an excuse, that excuse will stay with it forever. Paying too much is a mistake that corrects itself over time. The things I stretched for did the best. Also, be disciplined. Avoid what I call ‘best of show’ syndrome. You don’t have to bring something home every time. It took me a long time to learn that,” noted the collector.

In 1992, portions of the Egan collection were displayed in Princeton, N.J., at the Gallery at Bristol-Myers Squibb. Marna Anderson’s accompanying catalog, A Loving Likeness: American Folk Portraits of The Nineteenth Century, became a lasting reference and secured the Egans’ reputation as collectors, especially for miniatures and children’s portraits.

When it came time to sell, the Egans shrewdly judged that their 400-lot assemblage would do best at Northeast’s August Americana sale, which draws a large, targeted audience of middle and upper range buyers in town for Antiques Week in New Hampshire. Pat Bell of Olde Hope Antiques and David Guilmet helped orchestrate the event, Bell offering advice throughout and Guilmet, a painter and interior designer who works closely with Olde Hope, installing the collection at Treadwell House, Northeast’s Portsmouth headquarters, for an extended preview.

The circa 1910 figure of M. Pavese, 31 inches tall, was carved and painted by Pavese’s brother, Rocco, pictured in a photograph accompanying the lot. Underbid by Olde Hope Antiques in the room and a bidder on the phone, the sculpture sold to Connecticut dealer Allan Katz for $259,000.

Savvy about the market, the couple sold their property without reserves or estimates, a daring move that appears to have paid off. “Ultimately, the material speaks for itself. I think estimates can accidentally steer people low,” said Egan. Northeast’s results were more than a $1 million more than he expected.

“There isn’t an auction house in the country that could have done a better job. This proves that timing, presentation and venue are major factors,” Pat Bell said afterward, citing as an example four miniature brooms, mounted on a stand, that Bell bought for $300, sold to Egan at the Winter Antiques Show for $1,200 and Northeast resold for $7,540.

“We started in 1966 with refinished pine furniture. My mother gave me a decoy. From decoys we went to weathervanes, paintings, scrimshaw and ultimately the portraits that dominated for a long time,” said Egan.

The sale’s top lot was a circa 1882 locomotive and tender weathervane that went to Yardley, Penn., dealer Todd Prickett for a record price paid at auction of $1,216,000, surpassing the $1,080,000 paid for a Goddess of Liberty weathervane at Christie’s in January 2006.

“We’ve come close before, but this was the first time we broke $1 million,” said auctioneer Ron Bourgeault. His “American dream sale” also set a record for a single-owner sale at Northeast and several individual records, including a record price at auction for a sculpture by Pennsylvania carver William Schimmel, said Bourgeault. The circa 1875-85 Schimmel poodle went to Massachusetts dealer David Wheatcroft for $314,000.

Other sculpture included a circa 1910 figure of M. Pavese that sold to Connecticut dealer Allan Katz for $259,000; a carved and painted trotting horse with sulky and driver, knocked down to an absentee bidder for $160,000; an equestrienne carving, sold to Olde Hope Antiques for $116,000; and a carved figure of a setter that went to Connecticut dealer Marguerite Riordan for $67,280.

This delightful family group, complete with family cat and painted decorated table, is by Joseph H. Davis and dates to 1836. It depicts Charles and Comfort Caverly of New Hampshire with their son, Isaac. Measuring 12 by 17 inches in its original frame, the watercolor sold to Massachusetts dealer David Wheatcroft for $127,000.

Featured among the oil paintings were six portraits of the Gray Family by Sturtevant J. Hamblin, sold to Todd Prickett for $391,000; an Ammi Phillips double portrait, $303,000; and James Bard’s ship portrait of The Moses Taylor. Ex collection of the New-York Historical Society, it went to Bill Samaha for $215,000.

“I think a lot of the watercolors did very well,” said Egan, who owned them in abundance and variety. They ranged from a large and striking Shute portrait of Electa Snow Pierce, sold to Maine dealer Scott Fraser for $259,000; to the miniature “Rockport Baby,” which, along with his Marsh Family siblings, fetched $248,000 from Connecticut dealer David Schorsch.

“I started collecting ‘Puffy Sleeve’ silhouettes when they were $300 each,” said Egan, whose group of 12 miniatures produced $141,520, including $21,460 for a woman in a yellow dress with a teal parasol.

A $62,640 Philadelphia Windsor armchair was among the furniture highlights.

“It’s best of kind,” said David Schorsch, who, for $44,080, bought back a black tole-painted Pennsylvania coffee pot that he previously sold to the Egans. The tinware came out of a 2004 sale at Conestoga Auction in Pennsylvania.

Miscellaneous items included four Shaker boxes in graduated sizes and different colors, sold singly for a total of $62,640; a Pennsylvania tole painted tinware coffee pot that David Schorsch reacquired for $44,080; and a Boston band box decorated with men’s hats, gloves and umbrellas, $26,680.

In January 1994, Sotheby’ realized $1,157,240, well over its high estimate of $818,600, on 33 Egan lots. An additional 17 lots, including two important pieces of scrimshaw, will be featured in Northeast’s August 19-20 Marine and China Trade sale in Portsmouth, N.H.

The Egans are keeping a few pieces, as space allows. “There’s a wonderful zinc Liberty statue which is life-sized and, of course, my Uncas weathervane. I kept a Sheldon Peck portrait and a stack of yellow Shaker boxes,” said Ray Egan.

“Going forward, what I buy has to be better than what I sold,” said Egan, who continues to collect. “This past winter, I bought a wonderful burl bowl. I’ll probably focus on Maine material now. I’ve started a modest collection of Maine redware, which is still reasonably priced.”

An advocate for the trade, Ray Egan concluded, “For me, a big part of collecting has been my relationship with certain dealers. They are wonderful people who are dedicated to the business and are passionate about the material.”

For information, 603-433-8400 or www.northeastauctions.com.