August 2024 Highwaymen Auction and Market Review
Dog Days of Summer Blog
For the first time in years, there was only a single auction this month at Manor Auctions on August 17. The auction was smaller than usual, with generally lower priced paintings. Yes – the Dog Days of Summer was here.
I was not personally at the auction this month as I was on vacation in Hawaii, but I have spoken with 4 individuals who attended to get their views on the sale.
The market was also augmented somewhat by two strong sales events. “ The Highwaymen Collectors at This Is It Café ” held their third Café event on August 3rd to a good crowd who came for a fun cocktail party and sale ! In addition to many new Harold Newton paintings being offered, John’s watermelon mint mojito’s were also a big hit !
Further, there was another large and strong sale held on August 24th by the well known Highwaymen dealer Raphael Periut. The sale was held in the Brannon Center in New Smyrna Beach. It was advertised as being “the largest Highwaymen show of the year”, and that paintings by all 26 Highwaymen artists would be available. I cannot confirm either of these statements, but it was clearly a large sales event organized by Raphael.
My own opinion is that the market is going to start being defined more by regular and significant private exhibitions and sales, in addition to the on-going auction calendar which has dominated the market in the past. I believe we will see more of these events like these two described here, on a more regular basis as we head into the Fall and Winter seasons. I am aware of several Highwaymen events being planned by several different parties, for the Fall season. Going forward, I think we will see at least one major non-auction event every month, along with the auctions. The auction calendar has become quite predictable, but these events will add a new level of interest to collectors looking for new collecting venues.
Before discussing the auction market this month, a few notes and reminders:
- All results refer to only the original 26 Highwaymen. Sales of paintings by Backus, and other legacy and Florida artists are not included in these results and analysis.
- All auction results listed here are hammer prices and do not include any impact of auction house fee’s
- “Target prices” refer to the low estimate provided by the auction house. They are not a midpoint between low and high estimates as some people have suggested.
Manor Auctions was the only auction held in August:
| Manor Auctions | August 17 | 63 Highwaymen Lots |
This was another small auction, similar to the auctions of July and June. Clearly, the market slowdown is real. No other auction house conducted more than 1 auction during this 3 month period, while Manor conducted 3. Further, the August and July auctions at Manor had hammer price totals below $200,000 – the only time this has occurred in 2024.
| Date | No. Lots | Lots Passed | Target Totals | Hammer Totals | % Lots Reaching Target | |
|---|---|---|---|---|---|---|
| Manor Auctions | August 17 | 63 | 0 | $144,700 | $174,050 | 71% |
| Manor Auctions | July 20 | 60 | 2 | $129,350 | $165,675 | 71% |
| Manor Auctions | June 22 | 96 | 2 | $210,800 | $243,750 | 71% |
As I stated in last month’s blog:
For comparison purposes, in January – March, results at Manor were as follows for Hammer totals and % of lots reaching their targets. $302,475 with 80% reaching the target, $217,400 with 86%, and $399,125 with 70%. Rennick, the other large and long established auction house, in January and March had the following performance: $321,050 with 78%, and $261,050 with 82%.
Clearly, during the first quarter of this year, the market was larger, stronger, and performing better, even with the common views at the time that target prices and estimates by the auction houses were too high !
This slowdown trend, as having been reported now for 3 months, has not changed. The auctions have been characterized as selling lower priced paintings, with smaller crowds. The auction this month had only 4 paintings offered with a target price (low estimate) above $5,000. The highest estimated painting in the auction, by Harold Newton, had a target price of $10,000 (estimate of $10,000 – $15,000) and hammered at $8,600.
Harold Newton “Rio Mar” Hammer $8,600
Oil on Upson 24″ x 48″
People I spoke with said the in-person auction crowd was “not a full room”, but well represented. When I checked the auction online on LiveAuctioneers, the auction viewers were at 105 – a number only about half of those viewing the Manor auctions during the pre-summer season.
There were also several anomalies in the sale estimates, which are hard to explain. Two of the Sam Newton paintings had target prices of $500, while two of the Rodney Demps paintings also had target prices of $500. A strange confluence of target prices to say the least. I do not believe that in at least the last 3 years I have seen a Sam Newton painting with a $500 target price.
As would be expected, the Newtons fared better hammering at $1,000 and $850, while the two Demps paintings hammered at $475 and $650.
Another oddity in the estimate process this month was that many estimates even exceeded the 100% variation range which has become common (i.e. an estimate of $3,000 – $6,000). The reason I have moved to using “target prices = low estimate” was because the estimated ranges have grown so wide. This month there were 5 paintings with an estimated range of 3x the low estimate ($1,000 – $3,000), and one wacky estimate of $3,000 – $10,000 for a Hezekiah Baker.
Perhaps the best performing painting at the auction was Sam Newton’s “Nuclear Cloud”. With a target price of $2,000, it hammered at $4,600, despite its small size of 16” x 20”.
Sam Newton “Nuclear Cloud” Hammer $4,600
Oil on Masonite 16″ x 20″
Pink clouds always seem to command a premium price !
The Brannon Center Exhibition:
I have heard from several people attending that the exhibition and sale today at the Brannon Center had some very good offerings and was well attended. Like the events we do at This Is It Café, it seems to be a good model for attracting collectors. A large selection of quality paintings, free catering, and plenty of parking is a winning model. It seems to have been a successful day. Congratulations to Raphael !
Coming Up !
John Biederwolf and I will be organizing our next exhibition and sales event on Friday, September 20th from 5:00 – 9:00pm. It is timed to coincide with a street party in West Palm Beach, which will include music, food trucks, and a variety of entertainment. This Is It Café will also provide another complimentary unique event menu with drinks. More details will follow this coming week !
Please note – we will continue to offer our free appraisal service at this event. If you would like to know the value of your paintings, bring them with you on September 20 !
Thus far only one auction has been announced with details in September:
Vero Beach Auction September 14 at Noon On-line only via LiveAuctioneers
40 Highwaymen paintings being offered
Of note: The top lot is an RL Lewis with a starting bid of $6,000
Manor Auction No details as of this writing
This was a short blog this month due to the limited activity ! Thanks for your continued interest, and
Happy Hunting !
Mark Lerner MJL@TheHighwaymenCollector.com 786-599-5816
www.TheHighwaymenCollector.com
Buying and selling Highwaymen art of exceptional quality, unusual scenes, and rare paintings by the Buckners. Always available: select paintings that have been published in books and catalogues.