Long lost Rembrandt brings almost $1.1 million at Nye & Company

Long lost Rembrandt brings almost $1.1 million at Nye and Company

BLOOMFIELD, NJ – Nye and Company expanded their auction venues to liveauctioneers.com and invaluable.com, while simultaneously holding in-house auctions in June. The move paid off in spades. An auction fury erupted at Nye’s September 22 sale when three telephone bidders made the landmark discovery of what is believed to be a lost Rembrandt, which sold for nearly $1.1 million. The news of the of the painting hit the internet immediately and authorities are not disputing its authenticity. The work was painted by the master, likely when he was a teenage student around 1625.

The subject of the allegorical painting represents the sense of “Smell” from Rembrandt’s “Five Senses” series, which are the earliest of the artist’s paintings. “The Sense of Touch,” “The Sense of Sight,” and “The Sense of Hearing” are accounted for.

Nye’s auctions attract a discerning group of collectors, due in no small part to John’s Nye’s stellar reputation in the antiques arena. For the past several years the Bloomfield gallery, which is conveniently located close to New York City, has served as a showcase for their online auction previews. But the growing success of the sales made it an obvious move to hold in-house bidding, as well as doubling the capacity of the online auctions. The painting was part of the remnants of an Essex County estate and had been stored in a basement with other items that had been passed over by the heirs. The deceased couple were not collectors but used art to decorate their home.

“With every auction we have more in-house bidders,” John Nye stated “We knew this particular auction was going to be a high performer but few could have foreseen the success we experienced throughout the entire sale. Even though we have a knowledgeable staff and fully dedicate our expertise to each one of our sales, every auction has its sleepers, which is what makes the theatre of auction so exciting. However, in the case of the Rembrandt, the sleeper was more like buried treasure. At no point prior to the sale did anyone show any interest in the painting. We had absolutely no inquiries, nor did it stir excitement at the preview.”

The painting, which was catalogued as “Triple Portrait with Lady Fainting,” began with an opening bid of $250 with interested parties battling it out on the phone. A European bidder was the final winner at $1,087,500. The sale was made even sweeter for John Nye because his wife Kathleen, Vice President of Nye & Co., was representing the bidder on the phone. Both John and Kathleen are Antiques Roadshow participants.

Art was the dominant seller in the auction. An oil on board, “Portrait of Elizabethan Woman,” that was illegibly signed sold for $50,000, far surpassing the high estimate of $900. An oil on canvas that depicted an abstract canal scene by Marcel Mouly (French, 1918-2008) was signed and dated, “M. Mouly ‘57,” and tripled its high estimate of $5,000 to achieve $15,000.

Other items of interest included a 19th century Continental neoclassical ormolu-mounted porcelain planter. The 33 inch long piece was decorated in a cameo colored mythological theme and brought $13,750. A late 18th century English George III paper scrollwork box on stand that had painted inset panels sold for $10,625, against an estimate of $800 to $1,200.

Silver performed well, and chief among this selection was a sterling silver punch bowl set with elaborate floral repousse decoration. The circa 1900 set was marked “Hennegan-Bates” on the underside. The creation was composed of a footed bowl, circular tray, and twelve handled cups, weighing approximately 277 troy ounces. The bowl was 16 inches in diameter and the tray measured 20 inches in diameter. The set commanded the handsome price of $21,875. Silver is Kathleen Nye’s area of expertise and many excellent pieces find their way to Nye auctions due to her qualifications in the genre.

Prices reflect a 25% buyer’s premium.