Scott Reyburn, in the 2/13/09 Bloomberg News reported on a Jeff Koons sculpture that was expected to fetch at least 1.8 million pounds ($2.6 million) didn't get a single bid at Phillips De Pury February '09 London Contemporary Fine Art Auction.
Titled Encased, 1983-1993, the unsold Jeff Koons Sculpture is more "K-Mart than Blue-chip Art".
With Five Rows of Balls, 24 Basketballs and 6 Soccer balls, the Jeff Koons Phillip's London auction lot looks more like a store display, and not in a good way! Phillips had an unrealistic auction estimate of 1.8- 2.2 million pounds ($2.6-$3.2 million).
Without question, Jeff Koons is an International Contemporary Master Artist who has created such important Masterpieces such as Yellow Balloon Dog, recently exhibited at the Metropolitan Museum Roof and Aluminum Rabbit, but "Encased" is not in similar company.
Bidders agreed Encased wasn't iconic Jeff Koons Art, so there was no reason for it to fetch a bid of even $1 million.
Here is a Jeff Koons slide show created by The New Yorker that includes Jeff Koons' iconic Aluminum Rabbit.
Experienced buyers realize auction estimates are often inflated. The Phillips estimate of $2.6-$3.2 million didn't reflect the Sculpture's current market value.
The weak economy has had a serious impact on the entire Art Market, and inaccurate auction estimates can be a disaster.
Auction Houses have to be especially careful; an Auction with a string of lots with wild estimates will contaminate the remaining lots in an auction causing bidder paralysis.
Phillips is vulnerable for more auction disasters if Specialists are unable to accurately assign estimates.
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