Today, I’d like to introduce you to an art ally, Howard Rehs of Rehs Galleries, whose family have been art dealers for nearly a century. An erudite innovator, Howard’s monthly publication, Comments on the Art Market, has been my favorite art blog for years. I enjoy his observations on the art and stock markets and auction results. His combination of statistics, practicality and a sense of humor accompanies brevity. No lengthy dissertations or pontifications here. Howard allowed me to share and this is my edited version. Here’s a ridiculously brief story of this ever-evolving firm:

Accountant M. Edward Schillay got into the art gallery business in the 1930s in NYC. Shortly thereafter, he sold containers full of 19th c. Victorian art, sourced in Europe, to department stores for their art galleries. In the mid-1950s, he and his wife, Ruth, opened a retail space on Park Avenue. Joseph B. Rehs married their daughter, Ann Schillay in 1957 and joined the business as an accountant, when Edward’s health deteriorated. Schillay and Rehs’ growth and success selling “old art” continued even after Edward passed in 1963. Joseph’s son, Howard, joined the family business in the 1980s, after studying in London like his father and grandfather. In the 1990’s, Howard’s academic pursuits led to his development of the catalog raisonnes’ of the work of Naturalist painters, Julien Dupre (Fr., 1851-1910), Daniel Ridgeway Knight (Amer., 1839-1924), Emile Munier (Fr., 1840-1895) and Antoine Blanchard (Fr., 1910-1988). In 1997, the firm became Rehs Galleries, and Howard became the president of the Fine Art Dealers Association (FADA), a position he held for over a decade. His wife, Amy and their children Alyssa and Lance, are also deeply involved, and have expanded their oeuvre with Contemporary Art.

Recent Auction Results: A Gown, A Penny & An iPhone

Princess Diana's Gown
A deep-purple velvet gown belonging to Princess Diana sold at auction for more than five times the estimate. British dressmaker Victor Edelstein designed the gown for his Autumn 1989 collection. Edelstein was one of Princess Diana’s long-time fashion collaborators who created some of her most iconic dresses, including the famous “Travolta dress” she wore while dancing with John Travolta at the White House in 1985. This gown exceeded the estimate of $80 – 120K when bidding reached $480K ($604K w/bp).

A Double Die Lincoln Penny
A penny might not buy much these days, but one recently sold for quite a lot. Numismatist and sculptor Stewart Blay put up his collection of Lincoln cents for auction shortly before he passed away. His collection consisted of 276 mint-condition Lincoln pennies dating back to 1906. One of the pennies (from 1958) was known as a “double die,” which occurs when the coin is struck twice by the die, creating a slightly blurred or doubled image. This type of error is rare and highly sought after by collectors, which can drive up the coin’s price significantly. Bidding for the 1958 penny started at just $1, and 18 bidders vied for the rare coin. The penny received 117 bids, and when the lot finally closed, the winner paid $1.01M ($1.136M w/bp).

The First-Generation iPhone
Apple released the first-generation iPhone on June 29, 2007. It was a revolutionary device that combined a mobile phone, music player, and internet browser into a single device, and it quickly became a cultural icon. One lucky woman received the iPhone as a gift from friends and chose never to open it. Still in its original packaging with the factory seal intact, the cell phone sold for more than 100 times the original price. Bidding opened at just $2,500. Receiving just 27 bids, the device finally sold for $63,400 – not too bad considering the phone originally sold for $599 – a hefty price tag for 2007!

-Authored by Lynn Magnusson, President, Edited by Heather Zises, Marketing Director

Know. Like. Trust.

www.TheMagnussonGroup.com