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1st Quarter Auction Review 2018

Published
No. Pages18
Report TypeArtist Report
Auction sales shows steady growth in Q1 of 2018

Overall auction sales by Sotheby’s, Christie’s and Phillips grew by 6.5% in Q1 2018 amounting to $1.62 billion compared to $1.53 billion in 2017. This follows on a 25.1% increase in auction sales for the full year of 2017 compared to 2016.

London and Hong Kong gain market share whilst New York and Paris experience a decline in sales

First quarter sales in London was up 25.8% from 2017 across all three auction houses and its market share grew from 56.7% in 2017 to 66.9% this year. Hong Kong also saw its market share increase from 0.8% in 2017 to 10.8% in 2018 on the back of growing auction sales that were up a staggering 1,332.8% compared to the same period last year.

Average auction price in Q1 2018 up nearly 20% from last year

The average auction price per lot sold in the first quarter this year was $105,424 compared to $88,474 for the same period last year. This represents a 19.2% increase in the price paid for each auction lot across the three auction houses globally.

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Overall auction sales by Sotheby’s, Christie’s and Phillips grew by 6.5% in the first quarter of 2018, amounting to $1.62 billion in sales compared to $1.53 billion in 2017.