What Recession? YSL's Eileen Gray Collection Crushes Auction Records  

That chair's horrific.
Here're a few pics of Yves' apartment-- including the aforementioned chair, the controversial Chinese bronze animal heads, and a little cheesecake, for dessert.

continued....
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The value placed on things
I saw the hubub about the Gray chair, but I couldn't figure out who purchased it. It somehow makes sense that the original dealer would be the person getting it back.
This reminds me of a guy who lives in Boston, can't remember his name, but he is head of Fidelity - and one of the richest men in the city. He will park on the street to avoid paying a garage fee, but spent 4 million on a Chinese scroll that was valued significantly less. It's a testament to the applicable nature of value. Value, beyond a certain usability and durability, is not necessarily inherent - it is a construct of the forces of desire, scarcity, and belief.

There are some extremely rare and early
examples of high-end modern design that fetches 'fine art' prices. No surprise, here.
Any custom-made, or limited production pieces by Mies, Eileen Gray, Josef Hoffman, Frank Lloyd Wright, or Paul Frankel, ARE likely to be highly publicized by the large auction houses and attract major attention.
That chair is nothing I would want to own, but you can bet that many of the major museums were going crazy.
And I can appreciate them (and their value) for what they are.

I read today that the chair sold for more than
seven times the pre-auction estimate (3.8 million); and was purchased "for a third party" by the highest bidder.
No, it's not surprising that one-of-a-kind pieces, by important designers, sell for millions. It is surprising, however, when exceptionally homely examples sell for tens of millions.
But, all of Eileen Gray's chairs look awkward to me-- only, not as awkward as THIS one.

Her stuff IS a bit odd, but somehow
I can appreciate her designs as real art. Maybe it's because she was the only woman designing furniture at that time, I'm not sure. Although I like Frank Lloyd Wright's architecture quite a lot, I think much less about his furniture (they usually seem austere and uncomfortable).
I'm becoming less surprised by the prices this kind of high-end "new goods to the market" (like this chair) seem to bring. Look what an uncommon Nelson clock can bring, when one turns up on eBay!
Being basically a bargain buyer, I still don't feel obligated to poo-poo those upper-end collectors to spend this kind of money for (probably) an investment.
After all, like it or not, that chair belongs in a museum.

Me, I hold female designers to the same standards as male designers.
Why should Eileen Gray's stuff be deemed "art" because of her gender?
But, I don't have a lot of patience for special-recognition awards for gender (or ethnicity, or religion).
I'm always slightly embarrassed whenever I encounter things categorized this way ("Women Artists", "Female Filmmakers" etc...) It smacks of "Special Olympics".

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BERGE said he would return the bronzes if China frees Tibet.The pair sold for 36 million.

Hmm. I'm no accountant, but--
I was reading that a large portion of the proceeds of the YSL auction benefit AIDS research. I wonder if part of the purchase price is tax deductible, especially if the amount paid exceeds "fair market value" (as in: pre-auction estimate?). If so, the extraordinary prices suddenly make more sense.
(According to the IRS:
"Donors who purchase items at a charity auction may claim a charitable contribution deduction for the excess of the purchase price paid for an item over its fair market value. The donor must be able to show, however, that he or she knew that the value of the item was less than the amount paid. For example, a charity may publish a catalog, given to each person who attends an auction, providing a good faith estimate of items that will be available for bidding. Assuming the donor has no reason to doubt the accuracy of the published estimate, if he or she pays more than the published value, the difference between the amount paid and the published value may constitute a charitable contribution deduction.")

Ahh yes ... The AIDS...
Ahh yes ... The AIDS foundation proceeds I'm certain played a big role. Provenance and lineage I'm sure had some contribution as well. While not entirely to my taste, YSL collection is impressive...even Eileen's Dragon chair. Which I do enjoy looking at as Japanese inspired fantasy/Art Nouveau. Even if the proportions are rather awkward...seeming more fit for a child than an adult. What a show it must've been!

SPEND SPEND SPEND
It is the only way to beat a recession and thos negative talking newspapers.
I must admit that we have had the best Jan and feb on record. going even better than 2008 sales.
The thing that dirves this indurty now is that 20th century antiques have not reached their full price potential yet and many investors realise this.
Having the benefit of 22 years experience I can only say that 20th century / Modern antiques/ Danish furniture Classics are on the UP UP UP

Hi Barry
she wasn't the only woman designing furniture at that time.
Allow me to introduce you to Betty Joel, I think you'll like her !
http://www.osbornandmercer.com/betty_joel.htm

The IRS rules would only apply to US buyers.....
but is an intriguing point.

GRAY CHAIR
I cant find the back price on the chair ...what did YSL pay in 1971?My guess YSL paid far far less than half a million.