Not to Be Believed

Is it unwise for an auction house to put too low an estimate on a drawing? Usually not. Collector interest is piqued by low estimates, and in sufficient numbers they often bid up the price anyway.

But the Leslie Hindman Auctioneers estimate of $1,000-$2,000 for this exquisite James Thurber cartoon from the Ralph Esmerian Collection seems unreasonably low. In late 2011, the piece was won for $3,200.

Scarcely more than a year later, the drawing came back to the auction market at Swann Galleries, this time with a more appreciative estimate of $5,000-$7,000. It ended up selling for $10,455, including the buyer's premium.

James Thurber died on this day in 1961.

James Thurber, "He doesn't believe a single word he's read in the past ten years."

http://www.liveauctioneers.com/item/10391931

The drawing was resold at Swann Galleries about 13 months later for about three times the price.

James Thurber, "He doesn't believe a single word he's read in the past ten years."

http://catalogue.swanngalleries.com/asp/fullCatalogue.asp?salelot=2300+++++270+&refno=++670885&saletype=

Note:  Anyone with details of this drawing's publication history should contact me.

More posts may be seen here.

News about James Thurber is covered on Ink Spill here.

The website for Thurber House is here.

The New York City Marathon is tomorrow. I have one inspiring post here.

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