Results: Christies Post War and Contemporary Sale

Christie's held its annual Post War and Contemporary art sale in London on February 11. The news is rather mixed. The good news is that out of a total of 31 lots offered, 25 did sell. That is over 80% sell through rate. The totals sales were $12.08 million including buyers premiums against a low estimate of near $20.85 million. That is not good and there is a major reason why.

The two most expensive items and top lots were paintings by Francis Bacon, his Man in Blue (expected to sell at a low estimate of $5.7 million, see image) and a Mark Rothko with a low estimate of $3.6 million. Neither of the paintings sold, and I have heard that neither drew a single bid. Overall the mood was a bit somber compared to the more positive sales last week from the impressionist sales. If there is a silver lining it is the top ten lots selling sold near or above the high estimates. But it is interesting that the top two lots did not sell, or even garner a bid. We have been witnessing at many other sales that quality sells, but the contemporary art market is a bit different than the other categories.

This was the lowest selling February contemporary art sale since 2004. Other market areas of art appear to be stronger than the post war and contemporary categories, including old masters and impressionists. Given the extreme growth in value over the past few years in the contemporary category there comes added volatility, and it is showing in these economic times more so than in other categories.