Parke-Bernet

Parke-Bernet

Company type	Public
Industry	Auctioneering
Founded	1937 (1937)
Defunct	1964 (1964)
Fate	Acquired by Sotheby's
Number of employees	115 (1964)

Parke-Bernet Galleries operated as a leading American auction house from its establishment in 1937 until its acquisition by Sotheby's in 1964. The firm was initiated by a collective of former staff members from the American Art Association, including notable figures such as Otto Bernet, Hiram H. Parke, Leslie A. Hyam, Lewis Marion, and Mary Vandergrift. By the year 1964, it had grown to become the largest auction house in the United States, employing 115 individuals and generating sales totaling $11 million (equivalent to $Template:Inflation million adjusted for inflation). That same year, Sotheby's acquired a 75% controlling stake in Parke-Bernet for $1.5 million ($Template:Inflation million when adjusted for inflation).

History

In 1937, forty former employees of the American Art Association joined forces to establish the company, with founders including Otto Bernet, Hiram H. Parke, Leslie A. Hyam, Lewis Marion, and Mary Vandergrift. Their inaugural auction took place in January 1938 at a gallery located at 742 Fifth Avenue. The following year, Parke-Bernet expanded by acquiring the American Art Association-Anderson Galleries, which comprised both the American Art Association and the Anderson Galleries (previously known as Anderson Auction Company).

Among its notable consignments was the estate sale of Georges Lurcy—a distinguished art collector—whose collection featured masterpieces by artists such as Raoul Dufy, Alfred Sisley, and Pierre-Auguste Renoir. This sale achieved a record-breaking total exceeding two million pounds in 1957. The clientele of Parke-Bernet included prominent families and individuals like the Rockefellers, Vanderbilts, Paul Mellon, and Henry Ford II. Notably, Henry Ford II set a world record with his acquisition of Renoir's La Serre through this auction house. Additionally, Parke-Bernet managed the auction of the estate belonging to Hagop Kevorkian, an Armenian archaeologist, antiquities dealer, and philanthropist whose foundation played a significant role in supporting Near Eastern and Middle Eastern studies at institutions including the University of Pennsylvania, New York University, and Columbia University.

Building

Main article: 980 Madison Avenue

Located at 980 Madison Avenue in New York City, the Parke-Bernet Galleries building functioned as the main office for Parke-Bernet Galleries from its inauguration on November 10, 1949, until the company was sold in 1987.

Further reading

• Norton, Thomas E. 100 Years of Collecting in America: The Story of Sotheby Parke Bernet (New York: H. N. Abrams, 1984)
• Towner, Wesley. The Elegant Auctioneers (New York: Hill & Wang, 1970) & (London: Victor Gollancz, 1971)