The first contemporary art auctions of 2010 yielded results so strong that one may be mistaken that it was 2007. TotalVolume for all three auction sales was £84,644,000, which is a 230% improvement from February 2009. The average auction price came in at £538,642, 72% higher than last year’s February sale.

 

The overall ArtTactic® Auction Indicator also reflects the positive change in confidence, with the first positive reading (Indicator above 50) since February 2007. The current Auction Indicator stands at 59, a signal that the market is picking up steam and that the expectations of sellers, as well as buyers, are being met.

 

The analysis covers Christie's, Sotheby's and Phillips de Pury Contemporary Evening Sales, in terms of average prices, volumes, top lots,  ArtTactic® Auction Indicator, ArtTactic® Performance Map.