UPPER BURRELL, Pa. – The hammer dropped at $10,000, and Penn State New Kensington successfully concluded its inaugural foray into the international art collectors’ marketplace. The campus’ 17th century Brussels tapestry, called “The Story of Joseph and Potiphar's Wife,” was sold Oct. 17 at Sotheby’s in New York.The bidding opened at 11:08 a.m. Within seconds the first bid came in at $9,000, followed by $9,500 and then $10,000. The auctioneer typically requests bids of 10 percent higher than the last bidAfter a “fair warning, $10,000” call, the auctioneer banged the gavel (or hammer as it is known in the business) to award the tapestry to the unknown buyer. The campus’ total time in the limelight was 26 seconds."We were delighted to see this piece sold to someone who recognized its worth,” said Kevin Snider, chancellor of the campus. "The fact that the tapestry was valued at $10,000 speaks to the quality of the donors (Roy A. Hunt family) who gave us the piece years ago. Now their legacy will be extended to enhancing the presence and integration of art on our campus for generations to come.”
Sotheby’s, one of the world's largest brokers of fine and decorative art, estimated the 11-foot-by-10-foot tapestry's worth at between $12,000 and $18,000. The reserve price, the minimal price that Sotheby’s would accept, was met. The actual price the buyer paid was $12,500, which was the hammer price ($10,000) plus the buyers’ premium of 25 percent ($2,500).“I was elated when I found out that the tapestry sold,” said Tina Sluss, campus art gallery director and chair of the art committee. “From the time we found it last year to today, I learned a great deal about "Joe" (campus nickname for the tapestry). It was a wonderful experience, and I am happy in knowing that it is now in the hands of someone special.”The campus will be paid the hammer price minus 10 percent Sotheby’s commission and a few other fees. New Kensington, believed to be the first Penn State campus to consign an item to Sotheby’s, can expect a final profit of about $8,500.“I would like to acknowledge the work of Tina who made all of this possible,” Snider said. “She hatched the idea and saw it through. It was exciting to be involved in such a prestigious auction.”The tapestry was a part of the European Art Decorations collection and catalogued as Lot 601. Bidding for the collection began at 10 a.m. with Lot 500 and continued in numerical order. The pace was swift, and the campus lot came up for bid after 68 minutes. Alumni and friends were able to watch the bidding live from Sotheby's. Overall, the more than 500 lots from the European collection garnered over $4.25 million.For more about the tapestry, visit http://www.nk.psu.edu/Information/News/46324.htm#NEWS46324