Tuesday evening Sotheby's held it Contemporary art sale in New York. 48 lots were offered with 39 selling, for a sell through rate of 81%. The sale totaled $47.03 million including buyers premiums. The total low estimate was $51.8 million. The top selling lot was Jeff Koons's "Baroque Egg With Bow" (see image) which sold for $5.45 million. We are still talking about a lot of money, but at this sale last year Sotheby's total sale amount was $362 million with the top lot by Francis Bacon selling for $86 million. The comparisons between last years sale and this years certainty puts the current state of the market in perspective.The NY Times reports Vastly diminished in both offerings and price levels, the sale reflected what Tobias Meyer, the worldwide director of Sotheby’s contemporary art department and the evening’s auctioneer, described as “a recalibrated market.” That the evening’s total fell below its $51.8 million low estimate did not seem to matter. Although selective, some collectors were still in the mood to shop. But price did matter. Although Sotheby’s York Avenue salesroom was teeming with collectors, dealers and curiosity seekers, bidding for the most part was consistently thin, especially for anything more than $1 million.
To read the NY Times review of the auction, click HERE.
No comments:
Post a Comment