This will be my paintings soon hehe 🙂 Watch out Sotheby’s, here I come!
Tuesday evening’s sale of Impressionist and Modern art at Sotheby’s brought in $269.6 million, a 71% rise from the prior year’s sale but well short of rival Christie’s $479 million Monday night haul.
Nearly all of the 64 works at Sotheby’s found a buyer (often in Asia), for a 92% sell-through rate by lot. But many of the works sold after just a few bids and for below their low estimates, including some of the bigger-ticket items.
“[Sotheby’s] bidding is a lot more thin than last night,” said Morgan Long, senior director at The Fine Art Group, referring to Impressionist and Modern evening sale at Christie’s on Monday. “A lot of works are being sold to their guarantors or one bid above.”
The total before the buyer’s fees, which both Sotheby’s and Christie’s increased this fall, came to $232.1 million. The result still marks a substantial rise from the $157.7 million notched in the fall of 2016 on a 42-lot sale, and suggests the market is loosening up. Both buyers and sellers are more comfortable trotting out their wallets or their merchandise and rolling the dice than they have been in the past few sales cycles…..