Auction Analysis: New York Post-War and Contemporary Sales – May 2014
|Report Type||Auction Analysis|
Last week’s Post-War & Contemporary Evening sales raised a total of $1,088,714,167 (excluding buyer’s premium) against pre-sales estimates of $968,380,000 to $1,284,470,000. This was the highest ever evening total for Post-War and Contemporary art, with total sales value up 43.3% from May 2013 and 8.7% from November 2013.
Christie’s came out as the clear leader again this season with total sales of $656.6 million (all prices are excluding buyer’s premium) against the pre-sale estimate of $508.1 million to $661.6 million. The auction house accounted for 60.3% of the total evening sales value (up from 57.3% in May 2013). Sotheby’s raised $317.3 million, but the result fell short of its low-pre-sale estimate by 5.5%. Sotheby’s market share this season was 29.2% down from 33.7% in May 2013. Not only has Christie’s gained further market share from Sotheby’s in the last two New York seasons, but the historically much smaller house, Phillips, has also gained market share at Sotheby’s expense, with a 10.5% market share in May 2014, compared to 9% twelve months ago.