Art Research Technologies Report - Focus On: Contemporary Art

Art Research Technologies just released its latest report on the upcoming contemporary art sales in New York.  According to the report, expectations are high.  As we saw in yesterdays post with the decline in the mid October update of the Mei Moses index, there has been a cooling in many sectors, including contemporary.  As usual, I think the success of the sales will come down to the quality of auction lots.

Art Research Technologies states

A YEAR AGO, the November Contemporary art sales in New York saw the stabilization of buy-in rates and the reappearance of high price points at auction. Sell-through rates for Contemporary art rose from 67% in June/July 2009 to 80% in the November sessions, and Andy Warhol's 200 One Dollar Bills brought $43,762,500--the highest price for a Contem- porary artwork in 2009. This November, the houses are once again looking to Pop art to bring top-dollar: All three houses offer a highly valued Warhol, two of which are estimated to bring at least $20 million, and Christie's features a Lichtenstein rumored to sell in the region of $40 million (see page 8).

Overall, expectations on Evening Sale lots are up by 146%: The average mid-estimate has risen from $1,200,070 in November 2009 to $2,947,042 next week, and nine lots carry low estimates of $10 million or more whereas none did last fall. Evening Sale lot volume is also returning to boom-era levels. The houses tightened their belts in 2009, offering an average of 48 lots in their Evening Sales last November. Next week's Evening Sales feature an average of 64 lots per session, with Christie's making a bold increase by offering 76 lots compared to 47 last November.

The houses are also expecting more from the middle-market: The average mid-estimate on a Day Sale lot, which was $82,603 in November 2009, has risen by 27% to $104,568 next week.

Click HERE for more information or to order the report from Art Research Technologies.  Appraisers should be following these quantitative analysis of market sectors.  I find the ART reports packed with much useful information and market analysis. These reports are very helpful when it comes to understanding and viewing trends within the marketplace.