On February 3rd Sotheby's held their London Impressionist and Modern sale. The sale included only 29 lots which as we discussed on the AW Blog was the new strategy of the large auction houses to offer few items, higher quality and sell a higher percentage.The results are in with 22 of the 29 lots selling for a 75.9 sales percentage, which, given the current market condition is excellent. The total sales figure was $46.24 million including buyer premium, against a total low estimate of $58.36 million. Eight lots sold for over $1 million and the top lot was the Degas sculpture which set a record at $18.82 million.
Sotheby's Commenting on the sale, Melanie Clore, Co-Chairman, Impressionist & Modern Art, Sotheby’s Worldwide, said: “This evening’s sale was the first test of the market in this field this year and we’re delighted that the strategy we employed in assembling a tightly edited sale achieved the highest sell-through rate since last summer -- 76% sold by lot. In addition, we’re extremely pleased with the new world auction record price established for a Degas sculpture of £13.2 million, an excellent price given that the same sculpture sold in 2004 for £5 million. This is clear evidence that the market continues to respond to quality and rarity.”
There are some definite positives on this sale, including the record price for the Degas sculpture and the percentage of lots sold. The dollar figures sold with buyer premiums is around 20% below the low estimate, but factor in the items that did not sell, and the results are not disappointing. Five of the top selling lots sold above the high estimate, the other 5 sold within the estimates.
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