{"id":17030,"date":"2014-10-17T18:00:13","date_gmt":"2014-10-17T18:00:13","guid":{"rendered":"https:\/\/rehs.com\/blog\/?p=17030"},"modified":"2019-02-28T23:31:00","modified_gmt":"2019-03-01T04:31:00","slug":"modest-results-for-a-major-sale","status":"publish","type":"post","link":"https:\/\/rehs.com\/eng\/2014\/10\/modest-results-for-a-major-sale\/","title":{"rendered":"Modest Results for a Major Sale"},"content":{"rendered":"<p>Christie&#8217;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 &#8211; 89%), the auction\u00a0totaled just\u00a0\u00a340M ($65M). Yes, that is right in the middle of the estimate range (\u00a332.2-47.1M),\u00a0but <em>middle<\/em> sounds a bit average to me; certainly nothing spectacular. Now, to make things even worse, let&#8217;s take out the buyers premium (The buyers premium is 20% for lots up to\u00a0\u00a31.2&#8230; 41 lots totaling\u00a0\u00a340.3 works out to an average of\u00a0\u00a3982K\/lot) So, the total at hammer is a figure that looks more like the low end of the estimate range (\u00a332M). According to art-adviser Clayton Press, &#8220;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.&#8221;\u00a0We 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&#8217;s largest markets\u00a0over the next month.<\/p>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" class=\"alignleft\" src=\"http:\/\/www.bloomberg.com\/image\/ihHUX0a1Xd_4.jpg\" alt=\"ihHUX0a1Xd_4\" width=\"301\" height=\"375\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"http:\/\/www.bloomberg.com\/news\/2014-10-17\/doig-richter-works-lead-christie-s-65-million-auction.html\">Doig, Richter Works Lead Christie\u2019s $65 Million Auction &#8211; Bloomberg<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Christie&#8217;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 &hellip; <a href=\"https:\/\/rehs.com\/eng\/2014\/10\/modest-results-for-a-major-sale\/?contemporary=N\">More&#8230;<\/a><\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,1],"tags":[11,9],"class_list":["post-17030","post","type-post","status-publish","format-standard","hentry","category-rehs-galleries","category-rehs-contemporary","tag-rehs-contemporary-news","tag-rehs-galleries-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Modest Results for a Major Sale - Rehs Galleries<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/rehs.com\/eng\/2014\/10\/modest-results-for-a-major-sale\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Modest Results for a Major Sale\" \/>\n<meta property=\"og:description\" content=\"Christie&#8217;s Postwar and Contemporary Evening sale took place in London this week and the results were somewhat surprising. 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