ArtTactic takes a quick look at the recent auction sales in London. As you will note, sales from Sotheby's, Christie's and Phillips are off from the same week in 2015. The ArtTactic newsletter states that auction sales are down by 96%, yet they are comparing only the same week, and not the same sales so be careful, as it appears the statistic certainly have less meaning. In any event, there are some interesting observations in the weekly report.
ArtTactic reports
A quiet auction week after auction sales was up 446% in week 40.
When we compare the value of last week's auction sales at Sotheby's, Christie's and Phillips to week 41 in 2015, we get a 96.2% lower auction sales value. This is a result of timing differences between 2015 and 2016, with only 6 smaller auctions taking place during week 41, whereas the majority of the Hong Kong sales in 2015 took place in week 41 (rather than week 40). Last week's auctions totalled $11.98 million compared to $317.38 million in 2015. We will launch our first RawFacts Monthly Report early November. which will present auction performance and comparative analytics for the entire month of October.
Auction Sales Barometer - Down 96%
The weekly RawFacts Auction Sales Barometer value is based on all global hammer auctions by Christie's, Sotheby's and Phillips taking place during week 41, 2016. To establish a relative growth value, the combined value of all sales has been compared to the total value from the same week in 2015. This weekly barometer will be affected by the scheduling of sales by the auction houses.
25 Years- The average age of lots offered at auction during the Postwar and Contemporary Evening sales in London in October 2016
The average age of lots offered at auction during the Postwar and Contemporary Evening sales in London in October 2016 was 25 years. 47% of the art works were made before 1990, and accounted for 58.7% of the overall sales value (up from 38.5% in October 2015). A signal that buyers in this year's Autumn sales in London expressed a preference for older, more established works of art -a likely consequence of a contracting and increasingly conservative market place.
37.4%
Fontana and Burri had a 37.4% Market share of the Italian sales 1n London this October
The two Italian Evening sales during London's Frieze week raised a total of £34,830,800 (excluding buyer's premium).Lucio Fontana had the biggest market share by sales, making 20% of the total auction value or £6.96 million (across 14 lots). Fontana, was closely followed by Alberto Burri, whose market share came in at £6.05 million (17.4%) for 4 lots. Burri also became the highest selling artist in this round of sales when his Rosso P/astica 5was hammered at £4,050,000 against a pre-sale estimate of £4-6 million. Together the two artists market share of 37.4% represented a total hammer value of £13.01 million across 18 lots.
$862 Million
The overall auction sales of Francis Bacon's paintings in the last five years totaled $862.4 million
The global market for Francis Bacon's paintings reached $204 million in 2015, representing a 24.2% year-on-year decrease from the market peak in 2014. The overall value of the market for the artist's paintings sold in the last five years totalled $862.4 million for 47 lots, giving us an average price of $18.35 million. So far in 2016, only four paintings have come to auction with a combined value of $67.8 million; two of these lots sold at the lower end of the estimate, one below and one above the mid-estimate. The most recent work to sell at auction was Version No. 2 of Lying Figure with Hypodermic Syringe (1968) which hammered at $ 23.9 mil lion.
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