Sotheby's London held its Impressionist and Modern evening sale the other night, and results were very mixed. The sale totaled $111 million (including buyers premium ), and offered 42 lots. Of the 42 lots, 10 failed to sell for a respectable, but not great buy through rate of 76.2%. The top selling lot was Picasso's La Lecture (see image to the left) which sold for $40.7 million (including buyers premium), against a pre sale estimate of $18.5 - $27.8 million. Four of the top ten selling lots sold for above the pre sale estimate, with four selling between the pre sale estimates, and two of the top ten selling for below the low estimate. An Alberto Giacometti bronze failed to sell, with a pre sale estimate of $5.6 million to $8.05 million (see image to the right).
The pre sale expectations for the sale ranged from $$89.5 million to $127.7 million (not including buyers premiums), so the total numbers came down between the pre sale estimates, yet the market has gotten used to this sector performing better over the past year or so. I think you can safely say there was some disappointment the results. Last years sale totaled around $235 million with 39 lots, including the +$100 million Giacometti walking man.
Bloomberg reported on the sale
“The auction did all right, not great,’’ the London-based dealer Alan Hobart of the Pyms Gallery said in an interview. “The auction houses are struggling to find the goods. Rich collectors are hanging on to their art. Once prices are driven up, the market becomes more discriminating.”
Classic works by modern artists with reputations such as Picasso are attracting investment-conscious new buyers from the emerging economies of Russia, Asia and the Middle East, said dealers. Choosy bidders held back on other lots, in contrast with the equivalent event last year, which raised twice as much, boosted by the record 65 million pounds for another Giacometti bronze.
COMING SOON! The Journal of Advanced Appraisal Studies - 2011.
No comments:
Post a Comment