Christie’s Postwar and Contemporary Evening sale took place in London this week and the results were somewhat surprising. As of late (for the most part), Contemporary Evening sales absolutely kill it. Nearly all the works sell and there are always pieces that blow by their estimates, yielding incredibly strong results. This week however, while most of the work sold (41/46 lots – 89%), the auction totaled just £40M ($65M). Yes, that is right in the middle of the estimate range (£32.2-47.1M), but middle sounds a bit average to me; certainly nothing spectacular. Now, to make things even worse, let’s take out the buyers premium (The buyers premium is 20% for lots up to £1.2… 41 lots totaling £40.3 works out to an average of £982K/lot) So, the total at hammer is a figure that looks more like the low end of the estimate range (£32M). According to art-adviser Clayton Press, “There are several things at play: a general sense of caution given the recessionary concerns, inherent weakness in the euro, fair and auction fatigue and a market preference for superior-quality works.” We will certainly get a clearer picture of the contemporary market as a whole in the coming weeks; several contemporary art auctions are scheduled in the world’s largest markets over the next month.
Doig, Richter Works Lead Christie’s $65 Million Auction – Bloomberg.