Ok, so their star lot (Gerhard Richter’s Abstraktes Bild (811-2)) was pull just before the sale started … the real test was the whole sale. As we saw, the sell-through rate was very impressive (36 of the 39 lots offered sold) and the fact that the hammer price fell within their pre-sale estimate range says a lot for the strength of the market. In fact, with the buyer’s premium added in, they eclipsed the high end of their estimate … the sale totaled £39.6M. In addition, according to Katya Kazakina’s article, ten works were purchased by U.K. based buyers — another very good sign.
The press is also making a big deal about the unsold diamond. My sources, who actually studied the diamond, have stated that the expected price was just too high (bidding reached $61M, but they were looking for $86M — greedy!!). Remember, someone is taking a risk when buying a piece of rough and you cannot be 100% sure of its quality and color until after it is cut and polished … a slight change in color can make a huge difference in value.
Source: London Auctions Hit Bump as Richter Pulled, Diamond Unsold
1,109-carat diamond