A year ago, Halsey Minor bought this Childe Hassam painting Paris, Winter Day for $3.9m. Today it was sold because Minor refused to pay for it and some other paintings, including an Edward Hicks Peaceable Kingdom. Today, the painting was sold for $2.3m. Granted the world and the art market have seen a dramatic shift since then and the price is in line with the reduction in art prices in other areas. In the subsequent lawsuits between Sotheby’s and Minor, no mention has been made of how the issue has been resolved for the consignor. So it is not known whether the party that suffered Minor’s mistake is Sotheby’s or the consignor.
Auction Results
0May 21, 2009
Was this Minor’s mistake or was it a good move on his part? I guess it will all depend on how the lawsuit is resolved — in other words, will someone have to make up the $1.6 million difference to the original consignor? And if so, who will that be?
I do enjoy your entries!
No one is served by Minor’s backing out of the sale.
Very true, but the real question here is does Minor have a valid claim? Once we know that, then we will know who is to blame.
Keep up the good work!!
Based on his comments here, his suit against Christie’s and his behavior in some other instances, I would venture that his claim is not sincere.
He seized upon the loan as evidence that Sotheby’s was not advising him properly in the purchase. But an auction house is a vendor. The idea that they are disinterested defies all common sense and commercial experience. Minor’s high dudgeon doesn’t change that.
Generally a vendor has an interest in making a sale. And, were that the reason for his reneging on the sale, why did he refuse to pay for the other works as well?
Speculation is always fun but let the court rule. They and they alone have all the facts.
Just as an FYI this painting had a gaurantee attached when I bought it. There was no mention in the catalogue. Are you aware of gauranteed items ever not being notated? Now Sotheby’s discloses when they have such financial risk as policy.
Thanks for keeping this issue alive.