> TELEPHONE US 212.355.5710
Menu

First Post-Brexit Art Auction Tallies $15.7M Amid Turmoil

June 28, 2016

Lots of auctions this week in London.  The first took place at Phillips last night and the results seemed ok.  Of the 31 works offered, 21 sold (65% sell-through rate) — not the best — and the total take was $15.7M (low end of the estimate range was $13.4M) … so with the buyer’s premium they beat it.  Katya Kazakina commented that: A week of London contemporary art auctions got off to a rocky start at Phillips on Monday, following the economic fallout from Britain’s vote to exit the European Union.

I still think it is way too early to know what real effect the Brexit vote will have on the art market.  It is an easy excuse to use if you do not get the mix of works and estimates correct.

Among some of the bright spots in the sale were a Josef Albers which sold for £197K ($260K – est. £200-300K) … now you might be wondering: how is that a bright spot when it made less than its estimate?  Well, the sell bought it in November 2015 for $161K so that seems like a nice return.  A Michelangelo Pistoletto, from 1968, brought £905K ($1.2M – £est 400-600K) and an Anselm Kiefer (shown below) brought £2.4M ($3.2M – est. £400-600K).

There will be plenty of action this week and we will keep you updated.

Source: First Post-Brexit Art Auction Tallies $15.7 Million Amid Turmoil

 

 

488x-1-3

Anselm Kiefer “Für Velimir Khlebnikov: Die Lehre vom Krieg: Seesch … 2004-2010”

  • MORE ARTICLES