Auction Analysis: London Contemporary Evening Sale – July 2013
|Report Type||Auction Analysis|
The Post-War and Contemporary Art Evening sales in London raised a total of £136,600,000, against a pre-sale estimate of £115,720,000 – £162,490,000. This was a 4.7% decrease from February 2013, and 31% lower than June 2012. The results seem to be a combination of two factors; firstly, auction houses are finding it increasingly challenging to get sellers to consign top quality work, and secondly the market is showing resistance to work priced between £1 million to £3 million. A total of 11 works estimated above £1 million failed to sell, missing out on £20.85 million in potential sales (based on average estimate).
Whilst several of the works estimated above £1 million failed to sell, a total of 37 works below £500,000 exceeded their average pre-sale estimate, which suggests that buyers are looking for value in lower price segments.