I believe the Sotheby's sales results were mixed, with a high buy in rate, but strong sales figures for what did sell. The Chrisite's sale I believe was only marginal.
The Sotheby's sales totaled $109.2 million with the important evening sale sessions totaling $90.6 million (all reported sales figures include buyers premium, pre sale estimates do not). Sotheby's reported the $109.2 million total for all sales was close to the pre sale high estimate total. The evening sale offered 377 lots, with 252 selling for only a fair to poor 66.8% buy through rate. Given the sale had so many buy-ins, combined with sales totals near the high end of the pre sale estimate, those pieces that sold, sold well. As we are all aware quality sells, and in todays market, it usually sells at a premium. 9 of the top ten lots all sold for above the pre sale high estimate.
The top lot at Sotheby's and for the week was Tiziano Vecellio, called Titian, A Sacra Conversazione: The Madonna and Child with Saints Luke and Catherine of Alexandria, circa 1560 (see image), selling for a Titian auction record of $16.88 million against a pre sale estimate of $15-$20 million.
Christie's offered 299 lots with 210 selling for a fair 70% buy through rate. The Old Masters sales totaled $36.67 million, with the top lot being Luca Carlevarijs (1663-1730), View of the Molo, Venice, looking West, oil on canvas for $4 million against a pre sale estimate of $3.5 to $4.5 million. This set a world record at auction by the artist. By comparison, Sotheby's had five lots selling for about $4.5 million. Seven of the top ten at Christie's sold for above the high estimate.
COMING SOON! The Journal of Advanced Appraisal Studies - 2011.
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