Sotheby's has post to their website a PDF of 7 pages on the financial position and 2nd quarter and first half results. As we know, the results were not good. But Sotheby's is stating that they feel the market has bottom out, that, combined with changes in how the house and sales are managed, such as guarantees, they expect to save over $160 million during 2009.
Sotheby's is looking forward to strong second half 2009 auctions and states the following in the financial release about upcoming sales. If markets hold and the quality is as expected, the sale could do well.
Sotheby’s fall Hong Kong sales will be held from October 3rd to 8th and will offer over 2,000 lots with a combined pre-sale estimate of approximately $95 million. A number of private collections with exceptional provenance will be offered, including a single-owner collection consisting of Imperial works of art and objects from the Qianlong Reign. Highlights from this collection will include An Imperial Knife with a Rhinoceros Horn Scabbard, Mark and Period of Qianlong (est. in excess of $1 million) and A Han Dynasty Jade Bi in an Imperial Zitan Mount, Mark and Period of Qianlong (est. $0.8/$1 million).
During the fall 2009 and winter 2010 auction seasons Sotheby’s in New York will present works from the collections of renowned philanthropist and patron of the arts, Dr. Arthur M.Sackler. The offering of several hundred objects from Dr. Sackler’s collections comprises important Impressionist and Modern paintings, among them Wasilly Kandinsky’s Krass und Mild (Dramatic and Mild) from 1932 (est. $6/$8 million) as well as Chinese Furniture, Asian Carpets, English Furniture, Antiquities, Pre Columbian Art, Old Master Drawings and European terracottas and bronzes. Together the group is estimated to bring more than $15 million.
In November, Sotheby’s London will present the collection of the renowned actor, director and film producer Lord Richard Attenborough and his wife, Lady Attenborough. The sale is made up of a fine selection of works from some of the leading British artists of the 20th Century and is expected to bring in excess of $3.2 million. The highlight of the sale is Old Houses by LS Lowry which is estimated at $500,000-$840,000.
In December in New York, Sotheby’s Magnificent Jewels sale will include jewels from the collection of former Brazilian model and philanthropist Lúcia Moreira Salles. Her collection includes Cartier, Van Cleef & Arpels, Jar, Verdura, Bulgari and stunning natural pearls and spectacular stones and has a pre-sale estimate of $2.5/3.6 million.
To read the full Sotehby's financial report, including first and second quarter data as well as comparsisons to 2008 click HERE.
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