Heffel auction, Part 1

As is my duty, I can tell you the first phase of Heffel Brothers auction out in Vancouver is done, and things seem pretty rosey. Phase one landed at about $4.7 million, besting the pre-auction estimate of $3.5 million, including $1.1 million for Jean Paul Riopelle's Jouet (above).

This is good news if you're an art dealer, or happen to be holding some such works; even better if you believe the theory that the art market is an important bellwether of general economic confidence. Between this and real estate bidding wars returnng to the fore, you'd think we could all start to party like it's 2007 again. But wait a few hours (or until morning, out here in the eastern time zone) to see how Heffel's top-notch Emily Carr does; pegged at $1.2 million, Heffel says there are "heavy phone bidders lined up to bid on it." Not to count the chickens before they hatch, but iit would constitute a new record -- and maybe signal the arrival of a new age of excess? Nah, maybe not. But it's good sport. Stay tuned.