Auctioneers

COMING just hours after the election of Barack Obama in the US, a poster of the new President-elect sold at Bonhams & Butterfields in California for a double-estimate $4800 (£3145).

AS millions of Americans celebrated the victory of Barack Obama, Christie's announced that they will be offering an important memento from another historic Presidential election which brought a sense of hope to the country.

Following the sometimes painful results of last week's Impressionist and Modern art sales in New York, there can now be little doubt that the worldwide financial distress is undermining demand for trophy paintings and sculpture. All sales missed their low estimates by some margin.

The unique Russian Catherine the Great 1755 gold 20 rouble coin sold for a record price of £1.55m hammer at St James's Auctions on November 6.

Fireworks were seen in Edinburgh on November 5 when this Charles Voysey secretaire leapt above its modest £3000-5000 estimate to sell for £70,000 at Lyon & Turnbull's Decorative Arts sale.

A PAIR of silver 18th century Dutch candle snuffers thought to have been a gift from Bonnie Prince Charlie sold for £9800 at Hampton & Littlewood of Exeter on October 30. Measuring 8in (20cm) high, the snuffers and holder were passed down through the MacDonald family to the descendant who entered them for auction.

Smallwork remains one of the most collectable areas of the silver market, and Dorchester auctioneers Duke's will be aiming to tempt enthusiasts for one particular corner of this arena later this month.

An early Sooty glove puppet used by Harry Corbett for the 1950s children's TV show was sold by at auction by Hanson's at the Mackworth Hotel, Derby, on October 29 for £3100.

DESPITE falling stocks, banks freezing and now top-end contemporary art taking a tumble, Samuel John Peploe's (1871-1935) Roses sold at £440,000 hammer to a UK private buyer at Christie's Scottish art sale in Edinburgh. With premium included, this was a record for a Scottish Colourist, although not a hammer record.

BONHAMS announced last week that all their businesses worldwide would now be subject to external regulation by the Royal Institution of Chartered Surveyors. Chairman Robert Brooks, who has consistently called for greater transparency in the auction system, explained why they had chosen to become a firm “regulated by RICS”.

THE balloon-like market for contemporary art lost much of its air last week as both the Frieze Art Fair and its related auctions suffered the full force of the global economic crisis.

THE contemporary art downturn had a tangible effect on the market for urban art as the sales staged in London by Bonhams in New Bond Street on October 23 and Dreweatts in Shoreditch on October 14 witnessed greater selectivity amongst buyers.

Edinburgh-based auctioneers Lyon & Turnbull have taken the decision to restructure their operation in the South of England. While the London office will continue as before, they have parted company with three members of staff.

An American collector has filed two lawsuits against Sotheby's, alleging they concealed a financial interest in and inflated the price for an Edward Hicks' Peaceable Kingdom that he bought in May for almost $10m.

Offered at Lawrences of Crewkerne on October 16, this Ming dynasty blue and white brushwasher has Xuande (1425-1435) character marks and is of the period.

Reports of the vast sums of money lost by some Russian oligarchs in the recent financial crisis did not appear to hamper enthusiasm for a collection of Russian cloisonné sold at Freeman’s in Philadelphia on October 8.

Staffordshire auctioneers Cuttlestones have announced that they will not be selling any lots consigned by troubled West Midlands auctioneers Walker Barnett & Hill until further notice.

A Bank of England £1m Treasury note sold at Spink on October 1 for £68,000.

Sotheby’s have announced that they are to open an office in Doha and are planning a series of auctions in the Qatari capital in early 2009.

As the US and European governments infused billions into their banking systems, Christie’s have changed their approach to credit. Dealers who were previously allowed several weeks to pay for items after collection have now been informed they must pay before receipt of their goods.