Sotheby’s First Ever Gold Auction Announced As Metal Hits Annual Lows
(Kitco News) - With bears in control of gold prices, Sotheby’s announced its first ever all gold auction, citing rising demand for the yellow metal.
This will be the first ever auction hosted by Sotheby’s that is completely dedicated to gold that will feature historical artifacts and furniture made out of the yellow metal.
The auction, titled ‘The Midas Touch’, comes amid rising demand for the precious metal, especially out of Asia, Middle East, and Russia.
“We have seen increasingly strong demand for gold items from our clients so this is the first all gold auction being held by Sotheby’s and every department is contributing so we are going to get a real variety of items,” Sotheby’s senior director and head of sale Constantine Frangos told The Telegraph.
“Gold has always been a universal symbol of status and has huge historic provenance but we have seen this renewed demand for gold items mainly due to new interest from markets such as Asia, Russia and the Middle East,” Frangos added.
The auction comes at a time when gold prices have been struggling, pressured down by stronger U.S. dollar and lack of safe-haven interest despite trade war tensions.
On Monday, August Comex gold futures were stuck near 12-month lows hit during the previous week and were last seen trading at $1,240.90, up 0.10% on the day.
The exclusive Sotheby’s event will be held on October 17 in London. There will be an online sale running from the 9th through to 19th.
“Taking collectors on a journey through the great civilizations of the world, The Midas Touch pits artists next to artisans, sculptures next to sacred objects, contemporary painting next to centuries old texts on goldsmithing, to present an unrivalled history of nature’s most bewitching creation,” stated Sotheby’s overview of the auction.
An auction dedicated to gold items - from Napoleon's ceremonial armchair to Kate Moss' sculpture, @Sothebys offers artifacts made of a metal which has spawned many a battles! https://t.co/QL7wg2yVng #luxury #auctions #goldartifacts pic.twitter.com/hTwlVwbwmZ— LuxuryFacts (@luxuryfacts) July 12, 2018
Some of the highlights from the auction will be a gold chair from Napoleon’s Throne Room and an 18-carat solid gold head of supermodel Kate Moss.
The solid gold head of Kate Moss alone is expected to fetch somewhere around $530,000.
“The Kate Moss by Marc Quinn is truly something special as it is solid gold and extremely iconic,” Frangos said, noting that it weighs 8,000 grams.
There is already a lot of interest around the gold auction, but Frangos said Sotheby’s will have to see how the event does before planning more auctions outside of London.