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May 01, 2006

May Day - The Monthly MAO Art Quiz

China_mayday Happy May Day! (Photo #1.. May Day Workers Celebration in China!)

So after doing some research on May Day.

The editorial staff at MAO thought is was a good enough excuse to have a May 1st monthly art quiz that allows everyone to participate, not just the modern art history sharp shooters.

Also, May is Contemporary Art Auction Fever month in NYC, and for some reason, several older long time MAO readers have requested a non new-media art (painting) related quiz.  OK.. So there's this really beautiful Warhol work coming up for Auction on May 11th at Sothebys morning sale. It's just one of 34 Warhol Lots on the auction block only at Sothebys NYC during MAY.

Warhol_mao_sothebysmay11Lot 228 Contemporary Art Day Sale.

Andy Warhol (1928-1987) MAO

Estimated Sales Price : $250,000 - 350,000

Size : 12 by 10 inches.

Description : Acrylic and Silkscreen ink on canvas

Executed in 1973,

this work is stamped by the Estate of Andy Warhol on the overlap and stamped by the Andy Warhol Foundation for the Visual Arts, Inc. and numbered PA 80.009 on the reverse and the overlap.

Catalog Notes : "Warhol's portraits of Mao (1973) fitted quite naturally into our society's existential field, being a precise allusion to a major ideological problem of that moment."
-- Pierre Restany

Additionally.. this Warhol was bought by the current seller at the May 15th, 2001 Philiips Auction.. so we'll be able to calculate their exact annual rate of return for the current seller. Should be interesting!

So, OK.. Quizlings!! Guess the final winning total, "All-In-Sales-Price," including the insane 20% auction house premium.  The person with the closest guess to the exact winning bid, wins! One guess per person, and you must leave an email address to participate. As always Dr. Quiz will act as both Judge and Jury if there's any question as to the rightful winner.

This time, since so may press/blog/art people already get into museums for free, plus to have some good, come out of all this greed crazy money madness of the contemporary art auctions.. The winner gets to choose their favorite arts related charity for a "generous donation" to be made in their honor. 

Hammer time is May 11th starting at 10AM.. so.. you've all got some time to come up with a good guess.. best of luck!

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Ok. I'll get the guessing started!!
Warhols are HOT, HOT, HOT.. and what over paid hedge fund manager wouldn't want this handsome image hanging over their UES Parlor sofa!

My guess.... $540,000

Not that hot, besides it's green.

I'd say $375,500

very nice piece, if there was some red in the image, it would bring a higher price. I'm going with $390,00

a gorge slice, but with such tasteful colors it might not fetch the wildest bid.
however, you've given it a bump-up in cred now with the mao-quiz... so i'm going to come in at 445-thou.

I wouldn't know, but I'm sure Exxon's CEO now owns it.

$420,000? and a happy meal?

Gotta love the viewer mail feature at MAO. My guess: $395,000. It's small in size and there are probably others like it floating in the market. Somebody will get hot in the pants and then cool down during the bidding.

eh, My hammer & sickle, which is 5 times as large and more interesting in several ways cost me under 5k. A square foot of canvas and a little hand applied acrylic really costs an extra $300,000?!?!

I vote $300,000. There are nicer warhols around.

M, Uh, without starting something, can I change my mind? (buyers remorse ;-)

If so, my revised "All-In-Sales-Price" guess is $223,200

This is a minor Warhol, on second look I thought it was rather ugly, slap dash, without the dash.

There are a lot of "minor" Warhols around, which makes it a crummy speculative investment

So it's sale price will be totally based on "I wanna have a Warhol to brag on" I bet it gets knocked down at $185000 which with commisions etc is $223,200 and a tad below the low estimate. Over the last few auctions lesser works seem to be sold in the lower half to just below the low estimate AFTER tacking on the commissions.

OK.. George..
On this website.. Buyers Remorse.. is completely allowed! But only ONCE!

Hey Mike I can't hangout with you anymore since I am sober now. But I still heart you.

Kisses.

Oh and my "Art Consultant" Maria hates this MAO painting, she says it's only worth $225,000, her number is 917 845- 7634 so you can talk directly to her.

Hi Mike,

As a development officer, glad to see that you're now donating to arts charities. Glad to see that. You rock!

My Guess: $394,200.

360,000

I didn't vote twice, my only guess was the 394...not sure who did the 360K

a million (warhol is running out, mao is iconic, the colours are good, and handpainting is beloved by people, and well ugly never makes warhol go down)

"Warhol is running out" is the funniest thing I have read all day. On so many different levels.

I'll say $419,200 since I am confident that some idiot will overpay for a small, 2nd rate MAO.

btw, the buyer's premium is 20% up to a certain amount. It drops to a lower rate after that.

The economics theory nerds will ask: are the nutjobs in the MAO comments section more accurate than the Sotheby's staff? Here's the data (I ommitted Anthony's "million" guess since I wasn't sure if it was a genuine guess):

Low High Average Standard Deviation
Sotheby's $250,000 $350,000 $300,000 N.A.
MAO Readers $223,200 $540,000 $375,190 $375,190 +/- $93,949 or $281K to $469k

Comments:

1. This is consistent with the idea that auction houses play a careful game of lowering expectations. We think that the Sotheby's is low balling by about $75k.

2. Rocco's friend Maria allegedly thought it would pull $225k. About $100k below what Sotheby's is willing to bet in public. Maria is a phenomenal $150k below the MAO wingnuts.

3. Wouldn't it be cool if MAO beat both Maria and the Sotheby's staff? I should offer the prize of one small art work from my current hometown to the person who

(a) correctly identifies the closest estimate [Sotheby's, MAO readers or Maria the art consultant]

and

(b) conditional upon identifying the closest estimate, can guess how wrong the best estimate is.

If no one identifies the closest estimate correctly, then all bets are off.

Any takers? My hometown has a fairly good art school, so you may get something neat.

Put me down for $310k.

My guess is $340,000 - just under the high end of the Sotheby's estimate.

I'm up to $510,000.

Oh, just to be a contrarian, I'll guess that it's passed. (Every other guess has been taken).

Interesting to see the words "executed in 1973" next to the picture of the Chairman...

My guess is $550,000-

the soup can sold for eleven, my million is as serious as cancer, but it in there

put not but

Warhol Mao sold for $772,000 including buyer's premium. Wow!

WOW!! So... It Looks like the MAO Premium does exist!!

$772,000 Sale Price

was i closest or is it a price is right sitituation

Yo Anthony, check again...$550,000 is the closest.

Damn!!!! I think *everybody* was wrong on this one. $550k was a massive underestimate by about 30%.

And Rocco's buddy Maria is a lousy art consultant!

Boy, I was off by a mile. Seems frothy but the art market looks like it will remain firm for another year.

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