{"id":30282,"date":"2018-06-27T14:29:26","date_gmt":"2018-06-27T18:29:26","guid":{"rendered":"https:\/\/rehs.com\/blog\/?p=30282"},"modified":"2024-03-12T01:45:20","modified_gmt":"2024-03-12T05:45:20","slug":"sothebys-contemporary-in-london-so-close-yet-so-far","status":"publish","type":"post","link":"https:\/\/rehs.com\/eng\/2018\/06\/sothebys-contemporary-in-london-so-close-yet-so-far\/","title":{"rendered":"Sotheby’s Contemporary In London. So Close, Yet So Far."},"content":{"rendered":"
\"lucian_freud-300x242\"<\/a>

Lucian Freud<\/p><\/div>\n

This week, Sotheby\u2019s London presented their Contemporary works of art\u00a0and\u00a0it began with an evening sale that went pretty well.\u00a0 Taking top honors was Lucian Freud\u2019s\u2019\u00a0Portrait on a White Cover<\/em>\u00a0which carried a \u00a317-20M estimate and hammered for \u00a319.7M or \u00a322.5M ($29.8M) with commission (w\/c).\u00a0 Coming in second was Basquiat\u2019s\u00a0Untitled<\/em>\u00a0(how can they tell one \u2018Untitled\u2019 from another) which was estimated at \u00a37.5-10M and hammered for \u00a312.8M (\u00a314.67M\/$19.49M w\/c) and taking the third spot was David Hockney\u2019s\u00a0Double East Yorkshire<\/em>\u00a0which had trouble and hammered for \u00a39.8M (\u00a311.88M\/$14.98M \u2013 w\/c), requiring the buyer\u2019s premium to make it into the \u00a310-15M estimate. Rounding out the top five were Basquiat\u2019s\u00a0New York, New York\u00a0<\/em>which brought \u00a37M (\u00a38.1M\/$10.8M w\/c) and Peter Doig\u2019s\u00a0Daytime Astronomy<\/em>\u00a0at \u00a36.6M (\u00a37.67M\/$10.2M \u2013 w\/c).<\/p>\n

\"basquiat_untitled-201x300\"<\/a>

Basquiat<\/p><\/div>\n

It was an\u00a0interesting\u00a0sale to watch.\u00a0 The first 17 lots all did pretty well, selling within or above their estimate ranges \u2026 some even crushed it like Basquiat\u2019s\u00a0Untitled<\/em>\u00a0(another one) at \u00a33.9M\/$5.2M w\/c (est. \u00a31.5-2.5) and Cecily Brown\u2019s\u00a0The Skin of Our Teeth<\/em>\u00a0at \u00a33M\/$4M w\/c (est. \u00a3750-950K). Lot 18, an Andy Warhol, was the first to sell below its range at \u00a31.15M hammer (est. \u00a31.2-1.8M).\u00a0 From that point on the results were up and down, but every lot sold\u2026\u00a0well, almost every lot.\u00a0 It looked like they were going to have a white-glove sale until lot 43 appeared\u00a0\u2026\u00a0a Keith Haring that was estimated to sell for \u00a3800-1.2M and sadly there were no takers.\u00a0 Even sadder, it was the next to last lot on the sale. As they say, so close, yet so far.<\/p>\n

\"hockney_landscape-300x109\"<\/a>

Hockney<\/p><\/div>\n

By the end of the session, 43 of the 44 works sold, giving them\u00a0a solid\u00a097.7% sell-through rate.\u00a0 The total take was \u00a393.7M\/$124.4M (110.24M\/$146.4M w\/c) on a presale estimate range of \u00a379.7-108.2M, so they comfortably made it at the hammer and beat it with the buyer\u2019s premium (w\/c).\u00a0 Of the 43 sold works, 13 sold below, 15 within and 15 above their range leaving them with an accuracy rate of 34% which is not too bad when you consider that another 34% sold above expectations.\u00a0 If you have to be wrong, that is the way to do it!<\/p>\n

Of note, the competition decided to forego a Contemporary sale in June, which is probably a good idea since we seem to be getting to the point where there is just way too much material hitting the market.\u00a0 A little breather is in order \u2026 but wait, there is always July and more sales.<\/p>\n","protected":false},"excerpt":{"rendered":"

This week, Sotheby\u2019s London presented their Contemporary works of art\u00a0and\u00a0it began with an evening sale that went pretty well.\u00a0 Taking top honors was Lucian Freud\u2019s\u2019\u00a0Portrait on a White Cover\u00a0which carried a \u00a317-20M estimate and hammered for \u00a319.7M or \u00a322.5M ($29.8M) … More…<\/a><\/p>\n","protected":false},"author":21,"featured_media":30285,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[207,20,283,11],"class_list":["post-30282","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rehs-galleries","tag-auction-news","tag-auction-results","tag-contemporary","tag-rehs-contemporary-news"],"yoast_head":"\nSotheby\u2019s Contemporary In London. 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