Auction Analysis: New York Impressionist & Modern Auctions – May 2017
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NEW YORK IMPRESSIONIST & MODERN AUCTIONS – MAY 2017
The Impressionist and modern art evening sales in New York this week raised a total of $400,700,000 (excluding buyer’s premium), against a total pre-sale estimate of $354,400,000 to $517,450,000. The total between Sotheby’s and Christie’s was 14.1% higher than in November 2016, and 63.3% above the May results last year.
Christie’s kicked off the auction week in New York with a 55 lot strong Impressionist & Modern Art Evening Sale on the 15th of May, which achieved $251.5 million against the pre-sales estimates of $207.4 million to $307.1 million. This was comfortably within the pre-sale estimate range and 17.5% above their sales total in November 2016, and 106.3% above May 2016.
This was followed by Sotheby’s evening sale on the 16th of March, which achieved a total of $149.2 million, just within the pre-sale estimate range of $147 million to $210.4 million. Sotheby’s result was up 8.8% from November 2016 and 20.9% up from May 2016.
Christie’s was the market leader this season and increased its market share from 49.7% in May 2016 to 62.8% in May 2017.