{"id":24545,"date":"2016-06-28T08:17:50","date_gmt":"2016-06-28T12:17:50","guid":{"rendered":"https:\/\/rehs.com\/blog\/?p=24545"},"modified":"2024-03-04T03:51:46","modified_gmt":"2024-03-04T08:51:46","slug":"first-post-brexit-art-auction-tallies-15-7m-amid-turmoil","status":"publish","type":"post","link":"https:\/\/rehs.com\/eng\/2016\/06\/first-post-brexit-art-auction-tallies-15-7m-amid-turmoil\/","title":{"rendered":"First Post-Brexit Art Auction Tallies $15.7M Amid Turmoil"},"content":{"rendered":"<p>Lots of auctions this week in London. \u00a0The first took place at Phillips last night and the results seemed\u00a0ok. \u00a0Of the 31 works offered, 21 sold (65% sell-through rate) &#8212; not the best &#8212; and the total take was $15.7M (low end of the estimate range was $13.4M) &#8230; so with the buyer&#8217;s premium they beat it. \u00a0Katya Kazakina commented that:\u00a0<em>A week of London contemporary art auctions got off to a rocky start at Phillips on Monday, following the economic fallout from Britain\u2019s vote to exit the European Union.<\/em><\/p>\n<p>I still think it is way too early to know what real effect the Brexit vote will have on the art market. \u00a0It is an easy\u00a0excuse to use if you do not get the mix of works and estimates correct.<\/p>\n<p>Among some of the bright spots in the sale were\u00a0a Josef Albers which sold for \u00a3197K ($260K &#8211; est. \u00a3200-300K) &#8230; now you might be wondering: how is that a bright spot when it made less than its estimate? \u00a0Well, the sell bought it in November 2015 for $161K so that seems like a nice return. \u00a0A Michelangelo Pistoletto, from 1968, brought \u00a3905K ($1.2M &#8211; \u00a3est 400-600K) and an Anselm Kiefer (shown below) brought \u00a32.4M ($3.2M &#8211; est. \u00a3400-600K).<\/p>\n<p>There will be plenty of action this week and we will keep you updated.<\/p>\n<p>Source: <em><a href=\"http:\/\/www.bloomberg.com\/news\/articles\/2016-06-28\/first-post-brexit-art-auction-tallies-15-7-million-amid-turmoil\">First Post-Brexit Art Auction Tallies $15.7 Million Amid Turmoil<\/a><\/em><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<div style=\"width: 498px\" class=\"wp-caption alignleft\"><a href=\"http:\/\/www.bloomberg.com\/news\/articles\/2016-06-28\/first-post-brexit-art-auction-tallies-15-7-million-amid-turmoil\"><img decoding=\"async\" src=\"https:\/\/rehs.com\/eng\/wp-content\/uploads\/2016\/06\/488x-1-3.jpg\" alt=\"488x-1-3\" width=\"488\" height=\"284\" \/><\/a><p class=\"wp-caption-text\">Anselm Kiefer &#8220;F\u00fcr Velimir Khlebnikov: Die Lehre vom Krieg: Seesch &#8230; 2004-2010&#8221;<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Lots of auctions this week in London. \u00a0The first took place at Phillips last night and the results seemed\u00a0ok. \u00a0Of the 31 works offered, 21 sold (65% sell-through rate) &#8212; not the best &#8212; and the total take was $15.7M &hellip; <a href=\"https:\/\/rehs.com\/eng\/2016\/06\/first-post-brexit-art-auction-tallies-15-7m-amid-turmoil\/?contemporary=N\">More&#8230;<\/a><\/p>\n","protected":false},"author":21,"featured_media":24546,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,1],"tags":[20,11,9],"class_list":["post-24545","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rehs-galleries","category-rehs-contemporary","tag-auction-results","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>First Post-Brexit Art Auction Tallies $15.7M Amid Turmoil<\/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\/2016\/06\/first-post-brexit-art-auction-tallies-15-7m-amid-turmoil\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"First Post-Brexit Art Auction Tallies $15.7M Amid Turmoil\" \/>\n<meta property=\"og:description\" content=\"Lots of auctions this week in London. \u00a0The first took place at Phillips last night and the results seemed\u00a0ok. \u00a0Of the 31 works offered, 21 sold (65% sell-through rate) &#8212; not the best &#8212; and the total take was $15.7M &hellip; More...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/rehs.com\/eng\/2016\/06\/first-post-brexit-art-auction-tallies-15-7m-amid-turmoil\/\" \/>\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=\"2016-06-28T12:17:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-04T08:51:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/rehs.com\/eng\/wp-content\/uploads\/2016\/06\/488x-1-3.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"488\" \/>\n\t<meta property=\"og:image:height\" content=\"284\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Howard L. 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