Middle Eastern Auction Analysis – September 2011
|Report Type||Auction Analysis|
The Modern & Contemporary Middle Eastern market shows signs of weakness, as 56% of the lots fail to sell
ArtTactic’s Auction Analysis Reports summarise, analyse and compare recent auctions from the key auction houses for each specific geographical region. By collecting and graphing data including volume of sales, average price and bought in rates, the reports are able to judge the success of auctions by comparing the final results to pre-sales expectations.
Sotheby’s sale of Modern and Contemporary Arab and Iranian art, fell 23% short of its low pre-sale estimate. The most troublesome aspect of the sale was the 56% rate of unsold lots. The result questions whether the global art market is already starting to feel the pinch of the negative economic outlook and the recent turmoil in the world’s financial markets. The September 2011 Auction Analysis report provides fully updated results and analysis from Sotheby’s most recent Middle Eastern sales.