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Something marvelous happened at New York auction house Sotheby’s on Tuesday. A bowl, which was once purchased by a New York family in 2007 at a garage sale for a mere $3, sold for $2.2 million at yesterday’s auction, according to the Los Angeles Times.
The Chinese bowl isn't your average garage sale find. It's so ancient in fact that it dates from the Northern Song Dynasty and was estimated to sell at anywhere from $200,00o to $300,000 — but a whopping final bid by London dealer Giuseppe Eskenazi sealed it’s pricey fate.
At 5 inches in diameter, the bowl is ivory and features carvings on both the inside and outside. The auction house claimed that it's part of "Ding" ware, which is noted for its thin potting and ivory shade.
There is only one known other bowl like it and it’s housed in the British Museum in London.
So, who wants to go vintage and antique shopping now?
Buyer Who Paid $2.2 Million for Rare Chinese Bowl Calls It 'Absolutely Perfect'
Not bad for a bowl that not long ago was bought at a tag sale in New York state for $3.
In the tales of trash to treasure made famous by shows like "Antiques Roadshow" and the DIY decorating craze, the sale of this Chinese bowl at Sotheby's may top them all.
On Tuesday it sold at the famed auction house for $2.23 million, nearly eight times its estimated price.
The bowl, from the Northern Song Dynasty, had sat on a shelf in the living room of the owner's upstate New York home since 2007, Sotheby's confirmed to ABCNews.com.
When the family, who has remained anonymous, noticed the increased interest in Chinese art among collectors in recent years, it had the bowl appraised and realized its value, according to Sotheby's
"This piece arrived in a simple looking box and when the top was opened, my first impression was that I was looking at something very, very beautiful … something very special that will be exciting for potential collectors," said Henry Howard-Sneyd, Sotheby's vice-chairman of Asian art in North America.
Howard-Sneyd says Sotheby's tracked down the only other bowl like it in the world, which belongs to the British Museum in London, comparing the two and estimating its value.
The 1,000-year-old bowl, white with an ivory glaze and 5 inches in diameter, was the subject of a focused bidding war on Tuesday, among four bidders both in the room and on the telephone.
The buyer willing to fork over $2,225,000 was London art dealer Giuseppe Eskenazi, who tells ABC News he was willing to go substantially higher and had been thinking about the bowl for six months.
Calling the bowl "absolutely perfect," said Eskenazi, "the leaf flower carving inside and the leaf on the outside which are also carved, it's very rare to get that combination."
Eskenazi has been dealing Chinese art for over 30 years and said he's not worried about finding a buyer for the bowl. He also said he's never heard a story like this.
"You don't really find things for three dollars which are worth a million, two million."
The bowl had a presale estimate of $200,000 to $300,000, the auction house said.
During day two of Sotheby's Fine Chinese Ceramics and Works of Art auction in New York, the auctioneer recalled the reaction he got from the family who owned the bowl, when he told him how much it sold for.
"I got an e-mail that said in capital letters, WOW, and then wow again with a line of exclamation marks," said Howard-Sneyd. "I can say they were very pleased."
1,000-Year-Old Chinese Bowl Found At Garage Sale Fetches Over $2.2 Million At Auction
NEW YORK, March 19 (Reuters) - A 1,000-year-old Chinese bowl that was bought for a few dollars at a garage sale in New York state sold for more than $2.2 million at auction on Tuesday.
An unnamed New York family bought the "Ding" bowl, which is from the Northern Song Dynasty, for no more than $3 in 2007 and displayed it on a mantelpiece with no idea as to its real worth, Sotheby's said.
After consulting with experts, the owners consigned the bowl for auction. Sotheby's estimated it would sell for $200,000 to $300,000. London dealer Giuseppe Eskenazi paid $2,225,000 including commission for the bowl, which measures just over five inches (12.7 cm) in diameter, at the auction in New York City.
Sotheby's said the only known bowl of the same form, size and almost identical decoration has been in the collection of the British Museum in London for more than 60 years. (Reporting by Chris Michaud Editing by Patricia Reaney and Paul Simao)
Box of Vintage Photos
$45 BUY YIELDS *444,000,000%
FRESNO, CALIFORNIA - Rick Norsigian bought two boxes of photo negatives at a garage sale for $45. Experts believe the collection is worth $200 Million. Making a *444,000,000% return from a $45 investment.
*All returns are simple calculations based on highest known sales price, or estimate. Additional cost, time and currency fluctuations are not been factored.
Rare Chinese Bowl Bought For $3 Sells For Over $2 Million At Auction
When it comes to yard sales, a “good eye” can lead to great things. Not the greedy eye with a dollar sign in it (the kind depicted in old cartoon characters) but one that is discerning and can spot rare beauty.
Rare 'Ding' bowl sold for over $2 million at auction. Photo courtesy of Sotheby's.
Yesterday in New York, March 19, a 5-inch ceramic bowl previously bought at a tag sale in 2007, sold for over $2 million at Sotheby’s “Fine Chinese Ceramics and Works of Art” sale.
The consignor paid $3.00 for it at a tag sale in upstate New York.
"At the time, the purchaser had no idea that they had happened upon a 1,000-year-old treasure," Cecilia Leung of Sotheby's told CNN. The yard sale find sat in the living room for years before the owner became curious about its origins. Holding onto to that bowl was pretty smart.
Turns out it’s a rare 'Ding' Bowl from the Northern Song Dynasty and Sotheby’s says it’s a hot item now among Chinese Art collectors.
The ‘Ding’ ceramic works are known for thin lines, transparent glossy ivory finishes and detailed carvings. This example is “exceptionally light with particularly thin and delicate carved flower motifs,” according to a Sotheby’s release.
The release also states that the bowl is the highlight of “property from a New York state family collection (est. $200/300,000).” (No mention of a tag sale in that description.)
“Highlight” is an understatement. Not only is the object beautiful, but also it serves as inspiration to all tag-sale goers and collectors alike that there is still treasure to be found in more informal markets, like yard sales.
Dealer Giuseppe Eskenazi from London, one of the leading figures in this field, says Sotheby’s, bought the bowl for $2,225,000 whether it goes to a museum or into private hands is unknown at this point. According to Sotheby’s, the only other known example of a bowl like this has been on display at the British Museum for over 60 years.
That New York state family should be dining out on that small bowl for years to come…
NY garage $3-bowl sells for $2.2m at auction
The 1,000-year-old Ding bowl from the Northern Song Dynasty was bought for $3 in 2007.
It was displayed on the mantelpiece of a New York family who had no idea of its real worth, auctioneers Sotheby's said.
The bowl sparked a sales battle before being snapped up by London dealer Giuseppe Eskenazi on Tuesday.
Sotheby's originally estimated that the bowl, which measures just 5in (12.7cm) in diameter, would sell for $300,000 at most.
Mr Eskenazi, recognised as one of the most important dealers in Oriental art in the world, paid more than seven times its estimated value.
The art dealer entered into a "prolonged" fight with three other collectors, Sotheby's said.
Sotheby's said the bowl is a "remarkable and exceptionally beautiful example of Song pottery, celebrated for its thin potting, fine near-white body and ivory coloured glaze".
The only known bowl of the same form, size and almost identical decoration has been in the collection of the British Museum in London for more than 60 years, after being left to the museum by the prominent British collector Henry J Oppenheim in 1947.
Sotheby's said Song ceramics are increasingly being sought after by Chinese art collectors.
Rare Chinese bowl, $3 at tag sale, sells for $2.2M
NEW YORK (AP) — A rare Chinese bowl bought at a tag sale for $3 has sold at a New York auction for more than $2.22 million.
The 1,000-year-old bowl was part of the opening session of Sotheby's fine Chinese ceramics and works of art auction Tuesday.
Sotheby's says it was sold to a London dealer for $2.225 million, far above the presale estimate of $200,000 to $300,000.
The person who put the bowl up for auction bought it at a tag sale in 2007 and had it displayed in the living room for several years before becoming curious about its origins and having it examined.
The bowl is 5 inches in diameter, white in color and from the Northern Song Dynasty.
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Nice little urner: Ancient Chinese bowl bought for $3 sells for $2.1 million
THIS little white bowl was bought at a garage sale for $3 in 2007. It's just sold at Sotheby's . for more than $2 million.
This small Chinese pottery bowl that started as a $3 tag sale turned into a massive windfall that sold for $2.23 million during an auction at Sotheby's in New York. Picture: Sotheby's Source:AFP
A BOWL bought at a $3 sale has turned into a massive windfall for a lucky bargain hunter: the Chinese bowl sold for $2.15million at an auction at Sotheby's.
The small pottery bowl, finely crafted with an ivory glaze, turned out to be a thousand year old Ding bowl, dating from the Song dynasty, which ruled China from 960 to 1279.
The only other similar bowl from the period known to exist has been on display at the British Museum for more than 60 years.
After picking it up for a few dollars down the road in 2007, the buyer displayed it the living room.
More recently, they became curious about its value and brought it to experts for an appraisal.
But four bidders battled over the rare find, and it ultimately sold to renowned London art dealer Giuseppe Eshenazi for $US2.225 million.
$35 yard sale bowl sells for over $700,000
A rare 15th-century Chinese artifact, purchased for $35 at a yard sale, sold for over 20,000 times that.
A floral porcelain bowl, purchased for $35 at a yard sale in Connecticut last year, just sold for over $700,000 at a Sotheby's auction.
Only after having the bowl evaluated by experts at Sotheby's did the yard-sale-goer discover that he had casually bought a rare 15th-century Chinese bowl. There are only six other companion bowls like this one known to exist around the world, Live Science previously reported.
The experts estimated the bowl, which is shaped like a lotus bud and painted with cobalt-blue floral patterns, to be worth between $300,000 and $500,000. But on Wednesday (March 17), after a battle between four bidders at the Sotheby's Important Chinese Art auction in New York, the bowl sold for $721,800, more than 20,000 times its asking price at the yard sale.
The bowl dates back to the reign of the Ming dynasty's third emperor, known as the Yongle Emperor, who ruled from 1403 to 1424. The Yongle court, for which the bowl was made, brought in a new style of porcelain to China, according to the previous Live Science report.
It was "a style immediately recognizable, never surpassed, and defining the craft still in the eighteenth century," according to the Sotheby's listing for the bowl.
"With more than five centuries of history, the bowl has an incredible story," from the Yongle court to present-day Connecticut to the Sotheby's York Avenue salesroom, Angela McAteer, the Sotheby’s Head of Chinese Works of Art Department in New York, said in a statement. "Upon viewing the bowl for the first time, our team immediately recognized the quality of this undisputed gem, and it is a reminder that precious works of art remain hidden in plain sight just waiting to be found."
2021 Bargains Galore on Highway 64 is on this August. Check out these other area-wide yard sales.
Flea market season is back after a COVID-caused lapse in 2020.
One of the biggest in the region, a 160-mile yard sale from Fort Smith to Conway and Beebe called Bargains Galore on 64, is set to return Aug. 12-14 this year.
And the sixth annual Historic Highway 35 Junk Hunt from Benton to Monticello starts this weekend, March 11-13. This is 93 miles of rummage sales and shopping along Highway 35 in south Arkansas. Sale hubs with multiple vendors will be located in each city along the route.
&bull Bargains in the Burg Outdoor Flea Market at Mountainburg kicks off March 20 and is held each Saturday with free admission for shoppers. The flea market is held across from the Dollar General in Mountainburg.
Bargains in the Burg vendors pay a $20 fee and no pre-registration is required. Organizers say vendors just need to "show up, set up and someone will come around to collect" the fee.
&bull The Big To-Do on Highway 22 will be held April 7-10. The area-wide yard sale is held both on and off the highway with stops in Paris, Subiaco, Scranton, Caulksville, Ratcliff, Branch and Charleston, as well as Bloomer, Central City and Barling.
The Paris Chamber of Commerce notes that sellers in the Big To-Do on 22 may "find a spot on or off Highway 22 for their sale or anywhere in Paris." Sellers are encouraged by the chamber to "place an ad in your local newspaper with your yard sale address and put out yard sale signs."
Buyers should check the local newspapers for those classified ads, as well as drive the city streets and watch for yard signs for the sellers who are not located directly on the highway," the Paris Chamber adds.
&bull Junkin&rsquo Heaven on Highway 7 is set for the weekend of May 7-8 from Dover to Ola.
&bull The Junk Ranch Spring Show is set for 8 a.m. to 3 p.m. June 4 and 9 a.m. to 4 p.m. June 5 at 11195 Centerpoint Church Road in Prarie Grove. Admission is $10 on the "early shopping day" of Friday, June 4 and $5 on Saturday. Kids 12 and under get in free.
The old saying "one person's junk is another's treasure" keeps many in the hunt at yard sales and thrift markets. The Bargains in the Burg Facebook page highlights this with a series of stories about great finds that would make the "Antiques Road Show."
Encouraging treasure hunters for these kinds of thrift markets is a story about a New York family who bought a white bowl for $3 that turned out to be a 1,000-year-old Chinese piece. It sold for $2.2 million at Sotheby&rsquos Auction House.
Another story promoted by Bargains in the Burg comes from two Chicago Tribune articles. One is about a German student who bought a couch for $215 at a Berlin flea market and found a painting worth more than 100 times that hidden inside it. And back in New York, a thrifter found an original Velvet Underground demo LP for 75 cents at a yard sale and sold it for over $26,200. The Bargain in the Burg post explains that Warren Hill found a sleeveless LP with Velvet Underground on the label dated 4/25/66. It was a demo disc Columbia Records had rejected.
Why The Small-Market Carolina Panthers Sold To David Tepper For A Record $2.3 Billion
David Tepper was granted access to one of the most exclusive clubs in the world today. Price of entry: $2.3 billion. That is what the hedge fund titan agreed to pay for the Carolina Panthers, a record amount for a sports team (the previous top mark was $2.2 billion for the NBA’s Houston Rockets in October).
(Photo by Kevin C. Cox/Getty Images)
NFL owners unanimously approved Tepper’s bid Tuesday afternoon at the spring NFL owners’ meeting in Atlanta. The deal is expected to officially close in July, and Tepper will have to sell his 5% stake in the Pittsburgh Steelers.
The sale approval ends the tenure of Jerry Richardson, who was celebrated for bringing pro football to the Carolinas in the 1990s but leaves the game in ignominy after a scathing December Sports Illustrated report detailed payoffs to Panthers employees in relation to inappropriate workplace conduct by Richardson.
Richardson, 81, leaves the sport with a 10-figure check thanks to his family’s 48% stake in the Panthers. That fact that a football team in a small-to-medium-size market sold for a record price speaks volumes about the NFL’s owner-friendly economic system. Unlike in baseball, player spending is capped at roughly 50% of league revenue. Even more important is the $7.5 billion annual bounty of TV money split evenly among the NFL’s 32 teams. The TV money more than covers the annual player salary cap ($167 million in 2017).
David Tepper. (Photo: David Orrell/CNBC/NBCU Photo Bank via Getty Images)
While the NFL has taken several late hits the last two years—lower TV ratings, national anthem protests, ongoing concussion concerns—it remains the most financially healthy sports league. Average operating profits (earnings before interest, taxes, depreciation and amortization) were a record $101 million per team in 2016, with every team generating at least $40 million in earnings (the Panthers earned $102 million). The $3.2 billion in league-wide income is more than the combined earnings of teams in the NBA, the NHL and MLB.
Despite a 9% drop in viewership last season, football’s ratings are still the envy of every other sports league. NFL games represented 37 of the 50 most-watched TV broadcasts in 2017, according to Nielsen. The huge TV deals make the NFL the most socialistic major sports league, with 60% of league revenue shared equally. So the Panthers, in the 22nd-biggest U.S. market, take the same cut as the Giants and the Jets in New York.
But stadium economics ultimately determine the NFL’s valuation pecking order, and the Panthers’ 22-year-old venue pushes them down into the bottom half. Forbes valued the team at $2.3 billion in September, a somber 21st in the league.
Credit: Nick DeSantis Source: Forbes.
But there was a time when the Panthers ranked far higher. The team started play in 1995 as the NFL’s 29th franchise, the first expansion team in two decades. Richardson, a former NFL player (two seasons in 1959 and 1960) who made his fortune from restaurant franchises, led an investor group that paid a $140 million expansion fee and agreed to forgo more than $60 million in national TV revenue, in effect bringing the total cost to $206 million.
The Panthers’ $248 million Ericsson Stadium opened in 1996—Bank of America took over the naming rights eight years later—and was the first privately financed stadium funded primarily through personal seat licenses. The stadium was an architectural marvel for its intimate feel, despite seating 73,250 fans. The new building generated millions through sponsorships and premium seating. At $365 million, the Panthers ranked third in Forbes’ first-ever NFL franchise valuations in 1998. Only the Dallas Cowboys ($413 million) and the Washington Redskins ($403 million) were valued higher.
A building boom followed. Twenty-two teams opened new stadiums or underwent massive renovations to their homes over the next 15 years—pushing down the comparative value of the Panthers and their home field. After ranking in the top five in each of the first five years of Forbes’ NFL valuations, the Panthers gradually fell in the rankings as new stadiums opened around the league (see chart).
Credit: Nick DeSantis Source: Forbes.
With Richardson disgraced, Tepper stepped in with a $2.3 billion bid that shattered the previous NFL sale record, the $1.4 billion that billionaire Terry Pegula and his wife, Kim, paid for the Buffalo Bills in 2014. Both the Pegulas and Tepper paid a similar revenue multiple, around 5.5 times sales.
NFL teams rarely change hands, with only six sold since 2005, and none were big-market franchises. Tepper’s winning bid likely disappointed some NFL owners who were hoping a bidding war, and a $2.6 billion or greater purchase price, would drive their franchise values higher.
Tepper, 60, founded hedge fund firm Appaloosa Capital Management in 1992 after seven years at Goldman Sachs, where he was the lead trader on the high-yield desk. The value investor is arguably the greatest hedge fund manager of his generation. His firm has been returning money to clients in recent years but still manages $17 billion. Tepper debuted on the Forbes 400 in 2005 with a worth of $1.2 billion. With a current net worth of $11 billion, he is the NFL’s second-richest owner, after Paul Allen.
Credit: Nick DeSantis Source: Forbes.
Tepper acquires a team with two Super Bowl appearances (losses in 2004 and 2016) and four trips to the playoffs over the past five years. The value of the Panthers is unlikely to jump 600% over the next 20 years, as it did in the previous two decades. But the NFL has hardly peaked. Witness the offseason deals by Pizza Hut (replacing Papa John’s as a league sponsor), Fox (Thursday Night Football) and Amazon (streaming games). All were done at healthy price increases from the previous pacts. The $3.3 billion Fox deal is worth 47% more, and Amazon’s $130 million renewal bumped its annual fee 35%.
The tax consequences of the deal are an added benefit for Tepper: He could see as much as $2 billion in tax savings. Current tax law allows the purchase price allocated to goodwill to be written off over 15 years for any business. Sports teams have very few tangible assets, allowing most of the purchase price to be allocated to goodwill. Tepper can deduct more than $100 million annually in amortization from profits on the Panthers or his other businesses.