Results: Sotheby's Contemporary Art Sale

Carol Vogel of the The NY Times is reporting about another poor sale at an international auction house. Last evening Sotheby's held its contemporary art sale in NY. Vogel reports the salesroom was full with people, including a list of celebrities, yet that did not appear to have helped the bottom line.

Sales totaled $125.1 million against a total low estimate of $202.4 million. Of the 63 lots offered 20 did not sell. The top ten totaled $70.9 million, and represented 57% of the total sales. The pattern seems to have been the same as past sales, a few paintings did well such as a Currin nude setting a record at $5.6 million, while the bulk of the lots sold below or well below the estimates. Nothing different or unusual from the recent sales over the past few weeks at some of the other high profile contemporary and impressionist sales.

Vogel states It was obvious throughout the evening that Sotheby’s had worked hard to persuade sellers to lower their expectations. Many works sold, therefore, but for well below their estimates....Buyers were clearly careful about parting with their cash, wondering if better bargains were around the corner. “I don’t think we’ve reached the bottom yet,” Mr. Broad said as he was leaving Sotheby’s after the sale. “We may be close.”

To read Carol Vogels piece in the NY Times, click HERE.