An auction house is a business establishment that facilitates the buying and selling of assets, such as works of art and collectibles.
6-587: Parke-Bernet Galleries was an American auction house , active from 1937 to 1964, when Sotheby's purchased it. The company was founded by a group of employees of the American Art Association , including Otto Bernet, Hiram H. Parke, Leslie A. Hyam, Lewis Marion and Mary Vandergrift. By 1964, the company was the largest auction house in America, with 115 employees and total sales of $ 11 million ($ 108 million in 2023). That year, Sotheby's purchased
12-565: A controlling interest of 75% in the gallery for $ 1.5 million ($ 15 million in 2023). The company was founded in 1937, by a group of forty former employees of the American Art Association , including Otto Bernet, Hiram H. Parke, Leslie A. Hyam, Lewis Marion and Mary Vandergrift. In January 1938, the first auction was held in a gallery at 742 Fifth Avenue . The next year, the company took over the American Art Association-Anderson Galleries , consisting of
18-674: The American Art Association and the Anderson Galleries (formerly Anderson Auction Company). Parke-Bernet oversaw the sale of the estate of Georges Lurcy [ fr ] , a prominent art collector, whose estate included works by Raoul Dufy , Alfred Sisley and Pierre-Auguste Renoir . The collection sold for over 2 million pounds in 1957, a record. Other customers of the company included Rockefellers , Vanderbilts , Paul Mellon and Henry Ford II . Ford's purchase of La Serre by Renoir through Parke-Bernet
24-579: The headquarters of Parke-Bernet Galleries from its opening on November 10, 1949, to its sale in 1987. Auction house The auction house is the physical facility where the objects are catalogued, displayed, and presented to the perspective buyers through a bidding process system. The private individual or company managing the house, usually offer services such as clearances, collection of items, shipping, while also advising through valuations, and on fixing reserve amounts. Two auction houses emerged in eighteenth-century England that persisted leading
30-527: The market. Initially specializing in the auctioning of books and literary goods, Sotheby's was founded in 1744, and in 1766 Christie's opened by auctioning paintings and decorative arts. Auctioned goods may vary from fine wines to toys, from furniture to entire estates. As the range of goods sold at these auction houses expanded, they opened auctions over the phone first, and on the Internet after, making possible purchasing goods fully remotely. One of
36-686: Was a world record. Parke-Bernet also oversaw the sale of the estate of Hagop Kevorkian , the Armenian archaeologist, antiquities dealer, and philanthropist whose foundation gave major contributions to support the study of the Near East and Middle East at the University of Pennsylvania , New York University , and Columbia University . The Parke-Bernet Galleries building is a building in New York City at 980 Madison Avenue that served as
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