{"id":22384,"date":"2015-11-05T17:59:51","date_gmt":"2015-11-05T17:59:51","guid":{"rendered":"https:\/\/rehs.com\/blog\/?p=22384"},"modified":"2019-02-28T22:44:11","modified_gmt":"2019-03-01T03:44:11","slug":"worries-of-market-chill-at-sothebys-auction-of-ex-chiefs-collection","status":"publish","type":"post","link":"https:\/\/rehs.com\/eng\/2015\/11\/worries-of-market-chill-at-sothebys-auction-of-ex-chiefs-collection\/","title":{"rendered":"Worries of Market Chill at Sotheby\u2019s Auction of Ex-Chief\u2019s Collection"},"content":{"rendered":"<p>They tried their best, but in the end the estimates were a little too high for certain works &#8212; some of which weren&#8217;t so great to start with. \u00a0It will be interesting to see if the auction house can cover its $500 Million bet with the remaining works. \u00a0Tad Smith (Sotheby&#8217;s president)\u00a0was quoted in their post-sale press release as stating:\u00a0&#8220;&#8230; with more then 400 works still to be sold over the next several months, we are on track to cover most of the total guarantee.&#8221; &#8230; from that, I would say he is not even sure the bet will pay off.<\/p>\n<p>&nbsp;<\/p>\n<p>The low end of the presale estimate was $375M and the sale generated $377M, so without the buyer&#8217;s premium they fell short of their goal. \u00a0Of the 77 works offered 69 sold (89.6%). Top lot was Modigliani&#8217;s <em>Paulette Jourdain<\/em> at $42.8M (est. $25-$35M). One positive thing is that in this instance, since Sotheby&#8217;s basically owned all the lots, the buyer&#8217;s premium is all theirs.<\/p>\n<p>&nbsp;<\/p>\n<p>There is still a lot more art to be sold over the next two weeks &#8230; so hold on to your hats as this will\u00a0be a wild ride.<\/p>\n<p>&nbsp;<\/p>\n<p>For press coverage on last night&#8217;s sale you can see:<\/p>\n<p>Robin Pogrebin&#8217;s full article\u00a0<a href=\"http:\/\/www.nytimes.com\/2015\/11\/05\/arts\/design\/worries-of-market-chill-at-sothebys-auction-of-ex-chiefs-collection.html?ref=arts&amp;_r=0\">HERE<\/a>.<\/p>\n<p>Katya Kazakina&#8217;s full article <a href=\"http:\/\/www.bloomberg.com\/news\/articles\/2015-11-05\/taubman-art-trove-fetches-377-million-in-mixed-sotheby-s-sale\">HERE<\/a>.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"http:\/\/www.nytimes.com\/2015\/11\/05\/arts\/design\/worries-of-market-chill-at-sothebys-auction-of-ex-chiefs-collection.html?ref=arts&amp;_r=0\"><img decoding=\"async\" class=\"alignnone \" src=\"https:\/\/rehs.com\/eng\/wp-content\/uploads\/2015\/11\/05AUCTION-master675.jpg\" alt=\"05AUCTION-master675\" width=\"313\" height=\"174\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>They tried their best, but in the end the estimates were a little too high for certain works &#8212; some of which weren&#8217;t so great to start with. \u00a0It will be interesting to see if the auction house can cover &hellip; <a href=\"https:\/\/rehs.com\/eng\/2015\/11\/worries-of-market-chill-at-sothebys-auction-of-ex-chiefs-collection\/?contemporary=N\">More&#8230;<\/a><\/p>\n","protected":false},"author":21,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,1],"tags":[207,20],"class_list":["post-22384","post","type-post","status-publish","format-standard","hentry","category-rehs-galleries","category-rehs-contemporary","tag-auction-news","tag-auction-results"],"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>Worries of Market Chill at Sotheby\u2019s Auction of Ex-Chief\u2019s Collection - 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\/2015\/11\/worries-of-market-chill-at-sothebys-auction-of-ex-chiefs-collection\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Worries of Market Chill at Sotheby\u2019s Auction of Ex-Chief\u2019s Collection\" \/>\n<meta property=\"og:description\" content=\"They tried their best, but in the end the estimates were a little too high for certain works &#8212; some of which weren&#8217;t so great to start with. \u00a0It will be interesting to see if the auction house can cover &hellip; More...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/rehs.com\/eng\/2015\/11\/worries-of-market-chill-at-sothebys-auction-of-ex-chiefs-collection\/\" \/>\n<meta property=\"og:site_name\" content=\"Rehs Galleries\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/RehsGalleriesInc\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/howard.rehs\" \/>\n<meta property=\"article:published_time\" content=\"2015-11-05T17:59:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-03-01T03:44:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/rehs.com\/eng\/wp-content\/uploads\/2015\/11\/05AUCTION-master675.jpg\" \/>\n<meta name=\"author\" content=\"Howard L. 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