Sunday, July 3, 2011

Garvey's inscribed photo benefits speculator

— Photograph courtesy of Sotheby's

Sent by Rob Mullally -
San Diego City Lights News

Bidders Check Out Copley's Library

By Jeanne Schinto | Published Wednesday, June 29, 2011

Bidders at the fourth and final auction of the now-defunct James S. Copley Library, held at Sotheby's in New York City on May 20, did what they had done at the previous three sales. They paid big money for a few choice items, underpaid for others, and sat on their hands for far too much of the rest.

... 13 others achieved comparably minimal amounts. Among the lowest priced, at $1250, was a signed and inscribed portrait of Marcus Garvey, the Black Nationalist and founder of the Universal Negro Improvement Association. Its buyer was a dealer, who quickly doubled his money by selling it to another dealer. But then that dealer consigned it to an auction of African-Americana at Swann Galleries in New York. At that sale, it sold for $31,200 — a gain of $28,700 (minus Swann's commission) for the savvy second dealer.

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