WHAT: Part of Mozartβs circa 1773 handwritten manuscript for the third βAllegroβ movement of his Serenade in D major failed to meet reserve and did not sell in a recent online auction of Fine Autographs and Artifacts by RR Auction. Known as βAntretterβ for the family friend for whom it was written, the score was originally 58 leaves. In 1975, the complete manuscript was sold and pages were scattered, though some are at the Mozart Foundation in Salzburg, Austria.
MORE: Hereβs lesson No. 1: Failure to meet reserve means that the consignor set a price below which he or she will not sell. That sum is often the low estimate, and where the auctioneer opens bidding.
In this case, the auction website reports that 14 bids were received. Because this was an online auction and the sheet did not meet reserve, we assume that bidding started low but still did not meet reserve. A source for the house told us: βThe auction house will continue to work with all interested parties.β
SMART COLLECTORS KNOW: Lesson No. 2: Many items sell after an auction closes. Because it is in the interest of the house to move merchandise, the auctioneer and staff work with both consignor and bidders to find a price that satisfies each. Sometimes it happens that the final sale exceeds the original reserve.
HOT TIP: Most auction houses publish lists of unsold items post-sale. Notified by phone, text or email, disappointed bidders sometimes end up with what they wanted.
BOTTOM LINE: Smart collectors learn the nuances of how auctions work. The action isnβt over till itβs over.
