{"id":33704,"date":"2013-08-11T15:11:40","date_gmt":"2013-08-11T22:11:40","guid":{"rendered":"http:\/\/www.originalprop.com\/blog\/?p=33704"},"modified":"2013-08-11T15:14:16","modified_gmt":"2013-08-11T22:14:16","slug":"profiles-in-history-hollywood-auction-56%e2%80%b2-post-auction-reaction-correction-on-lot-563-steve-mcqueens-frank-bullitt-sports-jacket-passedunsold-at-600000","status":"publish","type":"post","link":"https:\/\/www.originalprop.com\/blog\/2013\/08\/11\/profiles-in-history-hollywood-auction-56%e2%80%b2-post-auction-reaction-correction-on-lot-563-steve-mcqueens-frank-bullitt-sports-jacket-passedunsold-at-600000\/","title":{"rendered":"Profiles in History \u2018Hollywood Auction 56\u2032 Post Auction Reaction \u2013 Correction on Lot 563: Steve McQueen’s “Frank Bullitt” Sports Jacket (Passed\/Unsold at $600,000?)"},"content":{"rendered":"

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A few have written me questioning my article published this week<\/a> on the second highest results reported on in my review of the most recent auction events by Profiles in History, namely one of the most promoted items in their Hollywood Auction 56 sale event:\u00a0 “Lot 563: Steve McQueen’s signature screen-used “Frank Bullitt” hero tweed sports jacket worn in Bullitt”<\/em>.\u00a0 This lot is still today reported by their online bidding partner, ArtFact, as having sold for a hammer price of $600,000<\/a>, which was the low estimate.\u00a0 However, on the official “Prices Realized Detail” published by Profiles in History on their website<\/a>, Lot 563 is omitted (indicating a passed lot\/no sale).\u00a0 Like myself, much of the mainstream media picked up on the result of sold at a hammer price of $600,000 – not passed\/unsold – thus I felt a short, stand alone update was warranted, rather than just a correction within my original article (which was also made today), which would go unnoticed to those who read the feature believing that this lot was the second highest hammer result over the two-day “Hollywood Auction 56” auction event.<\/p>\n

Follow this link for the original story:\u00a0 Profiles in History \u2018Hollywood Auction 56\u2032, \u2018Dreier Collection, Part 2\u2032 Post Auction Reaction \u2013 Update on \u201cJackpot Reserves\/Estimates Finally Out of Control?\u201d (8 Months Later)<\/strong><\/a>.<\/p>\n

The day of the auction, one of my friends who was watching the live video feed had reported that there appeared to be a floor bid for this item, and it appeared that there was an online bid which was retracted, and then it appeared that the floor bid was retracted.\u00a0 Another collector wrote that someone questioned this result on the official Profiles in History Facebook page, and a reply was posted saying that it did; I just scoured their Facebook page and could not find any mention of the item by name or lot number, so if there was such a post it was deleted.<\/p>\n

Since the Steve McQueen jacket from Bullitt<\/em> was the second highest price reported on overall (with only Lot 490 for the collection of costumes from The Sound of Music<\/em> at $1,300,000 besting it), it was also one of only six 6-figure results reported (the others being Lot 391 Charlie Chaplin’s “Tramp” cane from Modern Times<\/em> at $350,000, Lot 414 Judy Garland’s “Dorothy” dress from The Wizard of Oz<\/em>” at $300,000, Lot 604 Sean Connery’s airgun pistol used in “James Bond” publicity at $250,000, Lot 410 the original painting of “Tara” from Gone With The Wind<\/em> at $225,000, Lot 801 the “Sentinel” from Matrix Reloaded<\/em> at $110,000, and Lot 918 the Town Hall set from The Nightmare Before Christmas<\/em> at $100,000).<\/p>\n

So it is a significant result that has largely gone misreported, assuming the final “PRICES REALIZED DETAIL” published by Profiles in History is the correct and final tally of all lots sold and unsold from the Hollywood Auction 56 sale event.<\/p>\n

The only mainstream media outlet which I found to have corrected their presumed misreporting of the sale was the Los Angeles Times article by Adam Tschorn (see “‘Sound of Music’ Von Trapp togs fetch $1.56 million at auction [Updated]<\/a>“):<\/p>\n

[Updated 8\/1\/2013, 11:51 a.m.: Based on information provided by the auction house, an earlier version of this post stated that McQueen jacket sold for $720,000. We’ve since been told that the minimum reserve price was not met and the jacket did not sell.]<\/em><\/p><\/blockquote>\n

Outlets who use the Associated Press report, such as the Washington Post<\/a> and NPR<\/a>, still report the sale of the “tweed jacket from “Bullitt” fetched $720,000″<\/em>.<\/p>\n

This also further underscores my observations and opinions expressed in my article this past week<\/a>, asking if “jackpot” reserves and high estimates are out of control, which was a follow-up to my analysis published last year<\/a> reacting to the large Profiles in History auction in December 2012, asking the same questions based on those results.<\/p>\n

Obviously there was significant worldwide interest in the Bullitt<\/em> jacket based on Profiles in History’s promotion of the jacket as “the premiere male wardrobe piece of the 20th Century”<\/a> and as having been exhibited in the Warner Bros Studio Museum.<\/p>\n

So if truly unsold, it was not due to lack of interest and interested buyers, or concerns about authenticity and provenance, but a very high reserve and estimate.\u00a0 As a consequence, the real market value of the jacket remains unknown, due to the “jackpot” approach to selling.<\/p>\n

Had it been offered with even a $100,000 opening bid and reserve, it undoubtedly would have sold for some amount north of that value, which would have been a positive development for this art market.<\/p>\n

Profiles in History themselves make my point, using history as a guide.\u00a0 In December 2011, as part of their “Icons of Hollywood Auction”, they offered Steve McQueens driving suit from Le Mans<\/em> with a $200,000-$300,000 estimate (with a reserve set at one third the amount set for this latest sale of the Bullitt<\/em> jacket), and the costume piece sold for a hammer price of $800,000<\/a>.<\/p>\n

There are many examples of Profiles in History exceeding all expectations on a particular piece from a particular property the first time out at public auction, and then simply can’t repeat the result with the sale of comparable material in subsequent auctions (as pointed out in my article last week, citing the “Dorothy” dress from Wizard of Oz<\/em> as one of a few examples).\u00a0 Setting estimates and reserves at historic values is less like an auction (and realization of market values) and more of a hopeful set price tag, in the form of a very high reserve in seek of one buyer.<\/p>\n

With a high profile “miss” such as this, it makes the marketplace question the pricing and sale of the most valuable pop culture memorabilia offered up to the public, and thus contributes to a downward trend in the auction of similar material.<\/p>\n

If someone has information that the Steve McQueen Bullitt<\/em> jacket did indeed sell for the $600,000 low estimate\/reserve or higher, please contact me and I will publish a further update and clarification\/correction.<\/p>\n

Jason DeBord<\/p>\n","protected":false},"excerpt":{"rendered":"

A few have written me questioning my article published this week on the second highest results reported on in my review of the most recent auction events by Profiles in History, namely one of the most promoted items in their Hollywood Auction 56 sale event:\u00a0 “Lot 563: Steve McQueen’s signature screen-used “Frank Bullitt” hero tweed […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3052,4,1180],"tags":[76,6752,63,6753,171,6123,6759,6760,6765,89,6582,318,6477,6755,4920,100,6764,397,5103,6763,6761,51,6757,18,6762,6756,6754,812,249,88,6297,3736,228,227,6400,4808,6758,75,6683,24],"class_list":{"0":"post-33704","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-auctions-dealers","7":"category-news-events","8":"category-auction-event-profiles-in-history","9":"tag-analysis","10":"tag-artfact","11":"tag-auction","12":"tag-auction-results","13":"tag-authentic","14":"tag-bids","15":"tag-bullitt","16":"tag-bullitt-jacket","17":"tag-correction","18":"tag-costumes","19":"tag-documents","20":"tag-entertainment","21":"tag-estimate","22":"tag-estimates","23":"tag-historical","24":"tag-hollywood","25":"tag-hollywood-treasures","26":"tag-joe-maddalena","27":"tag-mainstream-media","28":"tag-misreported","29":"tag-missed","30":"tag-museum","31":"tag-no-sale","32":"tag-original","33":"tag-passed","34":"tag-passed-lot","35":"tag-passed-lots","36":"tag-pop-culture","37":"tag-profiles-in-history","38":"tag-props","39":"tag-reserve","40":"tag-santa-barbara","41":"tag-screen-used","42":"tag-screenused","43":"tag-sound-of-music","44":"tag-steve-mcqueen","45":"tag-steve-mcqueen-jacket","46":"tag-studio","47":"tag-unsold","48":"tag-wardrobe","49":"entry"},"yoast_head":"\nProfiles 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