Sotheby’s To Host First Gold Auction
Sotheby’s is infamous for its high-value auctions, but investors are expected to flock to the London venue for its first all-gold event.
The auction, named The Midas Touch, officially launched today (October 17th). However, it opened up to people all over the world last week with its online sales, which are available to bid on until Friday.
Some extremely sought-after items are up for sale, including a gold Ferrari, a gold bust of Kate Moss designed by French artist Yves Klein, and a yellow gold Rolex that has an estimated value of between £20,000 and £30,000.
Senior director at Sotheby’s Constantine Frangos said: “It’s the first time we’ve had a sale totally devoted to gold.”
He noted that some items are solid gold, while others use gold leaf, the colour gold, or may have been enhanced with gold-plating services, which allows for a greater spectrum of bids and opens up the auction to more people.
Mr Frangos stated that gold continues to be incredibly popular among designers, investors and buyers, telling Sky News: “It’s the rarity of gold. Gold is extremely rare, and it’s one of the few materials that can’t be reproduced. There’s no such thing as manmade gold.”
Some of the lower values items include pendants, earrings, and brooches, ranging from a few hundred to a few thousand pounds. However, also featured in the event is Yves Klein’s Monogold Sans Titre artwork, which is estimated to go for up to £1.2 million, as it was created just one year before the artist died.
The 1977 Ferrari 512 Berlinetta Boxer will also sell for between £350,000 and £450,000, while a gold six-litre bottle of Dom Perignon could receive bids of up to £20,000.