Sotheby's NY Old Master Sale

Sotheby's NY just completed several days and auction sessions of Old Master Paintings and Sculpture sales. The sales totaled $63.9 million, with the top lot being JMW Turner's the Temple of Jupiter Panellenius (see image). The Turner brought nearly $13 million including buyers premium.

The sales had a total of 289 lots of which 158 sold, a sell through rate of 54.7% on the offered lots. Not a real strong sale with that high of a buy in rate, although the totals dollar figures look acceptable at first glance. The Old Master sales at Sotheby's had a low total estimate of $84 million and given the low ratio of sales, those that did sell, appear to have command reasonably acceptable prices. On further analysis the top three lots account for nearly $25 million of the total sales (including premium). The Christie's sale earlier this week (click HERE to read the AW Blog report), with a much lower total of around $14 million, and a sell through rate of 65%. The sell through rate at the Christie's sale was 65% compared to the 54.7% at the Sotheby's sales.

Old Master sales are considered more stable than the contemporary, modern and impressionist sales. The word is that for many lots, it was difficult breaking the $1 million threshold, and that both private collectors and dealers where being cautious. The $63.9 in sales initially looks promising, but given the number of unsold lots, and that nearly 40% of the total sales were derived from only three sales (again proving quality sells), unfortunately, I am not so sure you can consider the sale a success.