Auction Analysis: New York Post-War & Contemporary Auctions – Nov 2016
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New York Post-War & Contemporary Auctions – Nov 2016
The Post-War & Contemporary Evening sales in New York this November raised a total of $574,028,000 (excluding buyer’s premium). This result was against the total pre-sale estimates of $523,910,000 to $743,120,000. The total among Sotheby’s, Phillips, and Christie’s was 30.7% lower than November 2015. However, it was only 3.1% lower than May 2016. Thus signalling that the market could be reaching the bottom.
Christie’s kicked off the November auctions in New York with their 61 lot strong Post-War and Contemporary Art Evening Sale achieving $239.46 million. This against a pre-sale estimate of $216.64 million to $296.61 million, putting it 41.6% below their sale in November 2015.
This was followed by Phillips’ 20th Century & Contemporary Art Evening Sale, which achieved a total of $97.16 million, just short of the pre-sale estimate range of $98.72 million to $144.16 million. Notably, Phillips’ result was 113.7% higher than November 2015.
Sotheby’s ended the week with their Contemporary Art Evening Sale. They raised $237.41 million, putting it comfortably within the pre-sale estimate range of $208.55 million to $302.35 million. Sotheby’s result was 36.2% lower compared to November 2015.
Christie’s combined market share ended up being 41.7% (down from 49.6% in November 2015). This was against 41.4% for Sotheby’s (down from 45% in November 2015). Notably as well, Phillips ended up with 16.9% of the market (up from 5.5% in November 2015).
Comparative Performance (Christie’s, Sotheby’s and Phillips).
Total sales vs estimate (2008 – 2016).
Average prices 2008 – 2016.
ArtTactic Confidence Indicators.
Auction Guarantee Analysis.
Auction Heatmap (visual representation of the auction rhythm)
Top 10 Auction Prices.