Reuters is reporting the Sotheby's Old Masters sales was a success. Even more so than the Christie's sale held the night before. According to reports, the Sotheby's sale sold nearly $19.32 million dollars. The catalog high estimate total was $19.61. Although one third of the lots did not sell, the sales of paintings that did sell were strong. There is a long list of sales and auctions over the past several months that have performed at or below the low end of catalog estimates.The Reuters report states "This evening's sale showed enormous strength for quality paintings with attractive estimates that are fresh to the market," said Alex Bell, international head of Sotheby's old masters' department.
"The results prove that the market for old master paintings, which enjoys a stable collecting base, is both robust and resilient."
The top end of the art market has held up well despite gathering financial gloom, but in October values weakened significantly and a series of auctions across the world fell far short of their low pre-sale estimates.
Experts argued that the old masters sector, which has seen less spectacular growth than contemporary art in recent years, could prove to be the most stable.To read the Reuters report click HERE.
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