RawFacts Monthly – February 2017
- Pages: 8
- Access: Analyst
Auction Sales in February down 64.3% compared to last year.
RawFacts Monthly signals that February sales at Sotheby’s, Christie’s and Phillips were down 64.3% compared to 12 months ago. This follows a 31.3% decline in auction sales in January. Total auction sales last month amounted to $201.1 million (based on 3,731 lots sold) versus $563.2 million in February 2016 (based on 5,234 lots sold). Compared to February 2016, Christie’s reported a 29.6% decrease in auction sales in February 2017 (from $251.4 million to $177.1 million), while Sotheby’s confirmed a 92.6% decline for the period (from $264.6 million in February 2016 to $19.5 million), due to rescheduling of the major February sales in London because of the Chinese New Year.
Modern and Impressionist art raise $172.7 million.
The Modern and Impressionist art sector accounted for $172.7 million worth of sales in February 2017 (down 41.9% from February 2016). The second biggest market this February was Post-War and Contemporary with $6.2 million in reported sales.
London dominates sales in February.
Auction sales in London at Sotheby’s, Christie’s and Phillips accounted for 90.7% of total sales, ahead of New York with 6.8%. Paris sales were up 329.9% from last year with sales totalling $4.9 million, or 2.4%, of the February total.