Thanks to a stroke of luck, Tracy Donahue and her husband Tom chanced upon a highly valuable Newell Convers Wyeth painting "Ramona" in their local Savers thrift shop in Manchester, New Hampshire, and bought it for only $4.
The couple was then featured in a slew of headlines for snagging a sale for the painting amounting to $191,000 in an auction managed by Bonhams. However, in a dramatic turn of events, the buyer refused to pay.
The mountainous amount of money would have changed the Donahues' life, having previously lived a modest life in their New Hampshire home, even allowing them to plan a visit to their son in Germany. Alas, the change of decision that the successful bidder had turned their plans moot, with Ms. Donahue calling this choice her "biggest disappointment ever."
What Transpired in the N.C. Wyeth Painting Sale?
Ms. Donahue told the New York Times that she wasn't exactly sure why the couples' luck turned sour at the latter part of the arrangement. At least, it all looked promising on the day of the Bonhams auction when the auctioneer started the bidding at $150,000, especially when the first bid was done immediately.
However, it's worth noting that the immediate bid was the only bid made for that item, and it was sold to a man holding the paddle 6073, with the premium price totaling $191,000.
The Donahues shared that they were notified by the house that the winning bidder had 35 days to pay, and only in the middle of October did the couples begin to sweat, calling Bonhams for updates every chance they got. In their inquiries, the couple found the house increasingly disregarding and unresponsive.
Eventually, Ms. Donahue was informed that the buyer had declined to pay and that almost nothing else could be done, with the reason that was shared being the buyer living in Australia. Afterward, Bonhams sent the Donahues a new, eight-paged contract explaining the conditions of a new private sale with the minimum evaluation being $132,000, assuming they could find a new buyer.
The couple did not like the terms set by the auction house, so they ended up just requesting for the painting to be returned to them.
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Is it Common for Winning Buyers of Auctions to Not Pay?
Auction houses reportedly hold a prescreening for any potential bidders of highly valuable items, but they do run into staffing problems when it comes to background checking due to the number of bidders they deal with at any given week. Even if the confirmation of the final bid is legally binding to a degree, the sale will not be closed until the payment has been made.
Not to mention that only in select cases where it makes financial sense does the auction house initiate a legal complaint over failure in payment.
Bonhams' online guide explains that potential buyers are required to register by providing a valid credit card or an identification document with a photo attached before being allowed to bid in the house's auctions. Some winning bidders are even required to provide a government-issued ID with a photo before the item is sent to them.
In the Donahues' case, they pulled the short end of the stick when it came to their one-in-a-million chance. That said, they do still appreciate the work of N.C. Wyeth, especially because of its connection to Helen Hunt Jackson's novel and the painting's namesake "Ramona." Additionally, the artwork was originally meant as an exclusive for the 1939 edition of the book.
In the end, the Donahues' are left questioning the value of the piece, with Ms. Donahue saying, "Right now, it's worth $4 and a cardboard box."
