900K reserve not met on Frazetta painting.

[buyatari]

Clicking the ? mark brings up this text.

 

Reserve Not Met:

A reserve has been posted on this lot, but no bids have met the reserve. The current bid has been set to the reserve amount, and the next bid will meet the reserve.

 

So bidding didn't bring us to this point? The bid was automatically raised to 900k?

 

 

[alxjhnsn]

Yep. That happens on most reserve auctions in most auction venues (ebay being an exception to my knowledge).

[comix4fun]

The asterisk next to a reserve item lets the bidder know that minimum bid has been set so that the next bid meets reserve.

 

That way all lots, if bid on during live bidding, will sell. Bidders can plan accordingly and will not set aside funds or refrain from bidding on other items because they are unsure of what number will trigger a sale.

[Mmehdy]

900k plus bp is over a million ... It's worth 500 k tops.. My prediction no bidders

[Bronty]

Jeez, I thought we were talking about Sea Witch. So Earth's Core has a 1m reserve also? Both PIH and ha (or their consignors) are sure swinging for the fences. I don't think that will sell

[AKA Rick]

I know way too many owners of artwork who place high expectations and outrageous reserves for their possessions, only to be shocked with great dismay when nobody seriously bids on their piece and it fails to reach reserve.

 

Most savvy sellers know that the no-minimum / no-reserve auctions are typically the best way to go that garners the best bidding wars and final sales.

 

I get it that, some sellers want a bare minimum amount; others have the "it'll take $$$ to get this out of my cold dying hands" attitude hoping for a passionate buyer with deep pockets; and others quite frankly may have overpaid and not want to lose money. I'd say that's where having a minimum bid comes into play or simply know you're probably not going to sell the piece via auction and just consign the piece for a straight sale through expert dealers.

[delekkerste]

900k plus bp is over a million ... It's worth 500 k tops.. My prediction no bidders

 

I don't know if this one is $1 million-plus, but if "Spider Man" is ~$300K and "The Norseman" is ~$450K, there's no way that this one is only worth $500K. IMO, "At the Earth's Core" should be worth more than the other two combined.

[alxjhnsn]

Even so $750K is a long way from $1M for most folks.

[cstojano]

No clue on values but I love the Heritage Max Size function. Never knew there were Skeksis in the background of this one.

 

Where do people think the KK pen and ink, Pellucidar, and small Fire and Ice prelim will end?

 

Chris

[buyatari]

This is so strange to me. If reserves aren't hidden then why wait several days to expose them? How exactly does a reserve with Heritage work?

 

Does the seller just call up Heritage to institute a reserve of X dollars on a whim? Then Heritage adds an asterix and raises the bidding to the new reserve price because a seller got cold feet all of a sudden?

 

 

[Bronty]

900k plus bp is over a million ... It's worth 500 k tops.. My prediction no bidders

 

I don't know if this one is $1 million-plus, but if "Spider Man" is ~$300K and "The Norseman" is ~$450K, there's no way that this one is only worth $500K. IMO, "At the Earth's Core" should be worth more than the other two combined.

 

Maybe I'm alone in this but I see them as all in the same neighbourhood . Truth be told I like spider man the best even if I understand why you'd say earths core is the most valuable. Regardless though I think the point is that in comic OA there's a much more delineated hierarchy and it's a lot more fuzzy in frazettas and elvgrens and such, at least IMO. All three are nice. None of the three are silver warrior or death dealer or Egyptian queen.

 

I think it's asking a lot to go much north of 500 or 600 for this persoanally, at least compared to the other two.

 

I don't think we can play the 'if this piece is this that piece should be this ' game like each 300k step up means nothing

 

I should think 600 would be a excellent price that the consignor should be thrilled with, frankly

[Bronty]

This is so strange to me. If reserves aren't hidden then why wait several days to expose them? How exactly does a reserve with Heritage work?

 

Does the seller just call up Heritage to institute a reserve of X dollars on a whim? Then Heritage adds an asterix and raises the bidding to the new reserve price because a seller got cold feet all of a sudden?

 

 

Hey Adam.

 

So The seller sets reserve. A couple days before the auction, if the reserve hasn't been met, it gets bumped up to one bid below reserve and shown with an asterix

 

Comic link is somewhat similar, shows the asterix as well

[cstojano]

I think this was bid up to around 300k before the reserve hit. On one hand its nice to know what the piece will actually sell for so you can move on if out of reach. On the other hand it defeats the purpose of the format a bit. Then again, its frustrating seeing lots being hammered below reserve and not actually selling.

[Bronty]

I sure wonder what the consignment agreement on these frazetta sales is like. Would halperin be prepared to prop things up?

[tth2]

Does the seller just call up Heritage to institute a reserve of X dollars on a whim? Then Heritage adds an asterix and raises the bidding to the new reserve price because a seller got cold feet all of a sudden?

 

No, the setting of a reserve, and amount, is something that would have to be agreed at the outset with Heritage, and would be addressed in the T&Cs of the contract between consigner and Heritage.

 

Just think about it, do you really think Heritage would be willing to do all the work to promote a piece and then allow the consigner to effectively make it unsellable on a whim at the last second? Remember that they don't get paid if the piece doesn't sell.

[vodou]

Even so $750K is a long way from $1M for most folks.

For "most folks" any numbers over $50k are essentially the same...impossible. If you can conservatively afford $750k then so too $1M, same difference. This painting is not going to somebody with a net worth of $1,050,000, where every next bid increment counts.

 

How many active, non-dealer, players in the hobby (not Hollywood ) are there that will spend that sort of money more than once one a single piece in their life? I still think less than ten, but I know others disagree and probably have better data (have wealthier friends!) than me.

 

Agree with Gene, this is a $750k-ish piece. $1M...I have difficulty with. But I prefer it to Sea Witch at the same money. That's why I wouldn't be surprised if this one does sell at exactly reserve (1 live bid) where Sea didn't.

[spider9698]

I would be surprised it if doesn't meet reserve.

 

[jaybuck43]

Does the seller just call up Heritage to institute a reserve of X dollars on a whim? Then Heritage adds an asterix and raises the bidding to the new reserve price because a seller got cold feet all of a sudden?

 

No, the setting of a reserve, and amount, is something that would have to be agreed at the outset with Heritage, and would be addressed in the T&Cs of the contract between consigner and Heritage.

 

Just think about it, do you really think Heritage would be willing to do all the work to promote a piece and then allow the consigner to effectively make it unsellable on a whim at the last second? Remember that they don't get paid if the piece doesn't sell.

They get paid if the piece doesn't sell. It's part of the conditions of setting a reserve. From their TOS. "A “Minimum Bid” is an amount below which the lot will not sell. THE CONSIGNOR OF PROPERTY MAY PLACE WRITTEN ”Minimum Bids” ON HIS LOTS IN ADVANCE OF THE AUCTION; ON SUCH LOTS, IF THE HAMMER PRICE DOES NOT MEET THE “Minimum Bid”, THE CONSIGNOR MAY PAY A REDUCED COMMISSION ON THOSE LOTS." (Caps lock is their writing, not mine, I promise I am not yelling ). I have to find my paperwork (I'm not at home) but I was told there was a cut off date to set a reserve if I chose to (I think it was a month before auction) and that if I did set a reserve I was responsible for (I think) 5% of the reserve price if the item did not sell. If it sold I was responsible for 10% of the hammer price (plus the 19.5% BP).

 

I should add, I am sure in the case of these mega pieces, I would not be surprised if they negotiated a reserve that the seller does not have to pay for if it does not meet the reserve.

[Matches_Malone]

 

The Destroyer sold for 1.5m six years ago...I don't see why Core would not meet the current reserve. As somebody mentioned before, I would be surprise if it doesn't.

 

It will not surpass the Destroyer mark, but it could definitely sell for 40% less

 

[delekkerste]

900k plus bp is over a million ... It's worth 500 k tops.. My prediction no bidders

 

I don't know if this one is $1 million-plus, but if "Spider Man" is ~$300K and "The Norseman" is ~$450K, there's no way that this one is only worth $500K. IMO, "At the Earth's Core" should be worth more than the other two combined.

 

Maybe I'm alone in this but I see them as all in the same neighbourhood . Truth be told I like spider man the best even if I understand why you'd say earths core is the most valuable. Regardless though I think the point is that in comic OA there's a much more delineated hierarchy and it's a lot more fuzzy in frazettas and elvgrens and such, at least IMO. All three are nice. None of the three are silver warrior or death dealer or Egyptian queen.

 

I think it's asking a lot to go much north of 500 or 600 for this persoanally, at least compared to the other two.

 

I don't think we can play the 'if this piece is this that piece should be this ' game like each 300k step up means nothing

 

I should think 600 would be a excellent price that the consignor should be thrilled with, frankly

 

You may (or may not) be right about the value, but it must be a lonely club of Frazetta aficionados indeed who would adjudge the three paintings to be "in the same neighbourhood". Frazetta babe + multiple Frazetta monsters + "tighter" technique with more fleshed out backgrounds = no contest. To me, I think ATEC should easily be worth more than the other two paintings combined. And, if you don't want to play the "if this piece is this, then that piece should be this" game, then let's just say that either ATEC would be cheap and/or the other two paintings overvalued at the prices cited if ATEC is "only" worth $500-$600K as you say. I mean, the thought of trading ATEC for The Norseman and $50K is something so absurd that you could see Groo the Wanderer doing it. Not to mention, the family valued ATEC at more than double TN when both were being shopped privately.

 

I'd also take ATEC every day of the week vs. Sea Witch and Silver Warrior, though, at that point you're getting into more subjective territory - versus SM and TN, I think it is much less subjective. Not that people can't prefer one of the others, but, if you put all three of them into a well-organized competitive auction together, there's no way on earth (or even at the earth's core) that ATEC isn't getting substantially more than the other two.