Sotheby's’ Post

Unpacking for Observer the results and dynamics in these summer Sales in London. The June art auctions at Sotheby's, Christie's and Phillips brought in overall modest results that didn't stray far from the already conservative estimates. This summer’s auction round in London again confirmed a market considerably readjusting for Modern and Contemporary art. As sales and auction records slow down, this prompts the question of whether it’s time to update the auction calendar. The June London sales are now so compressed between the mammoth May Sales in New York (along with the May art fairs) and a busy fall season that seems to start earlier and earlier each year. The few bright spots of hope that led to impressive numbers were mainly for heavily guaranteed lots, as in-house and third-party guarantees played a significant role in directing and manipulating those sales—in the Sotheby’s evening sale alone, 30% of the lots were under guarantee. Read more on: https://lnkd.in/e9PBzYiG #artadvisor #artmarket #artauctions

Here's how to bid for some wonderful original art pieces all in aid of Imara CIO

The post-war, blue-chip segment of the art market started off the year in a convincing fashion. Of the 128 lots that meet Partasio’s definition of post-war, blue-chip paintings only 11% remained unsold and 66% of sold lots exceeded pre-auction estimates.   Although the overall blue-chip market keeps performing there is no doubt that a bottom-up approach is essential to make the correct purchase and sale decisions. It is therefore incredibly important to understand the individual private and public market dynamics of artists and the underlying quality / relevance of each painting. #artinvestment #artinvesting #diversification #alternativeassets

Auction Snapshot: Sotheby's Hong Kong Evening Sales - 5th April 2024. The renewed excitement and energy during Art Basel Hong Kong last week failed to spill into Sotheby's two Hong Kong evening sales today, and signals that the market softening felt by Sotheby’s during London’s sales in March, is now also affecting the Asian market. Total sales across The Now Evening Auction and the Modern & Contemporary Evening Auction came in at HK$549.5 million (approx $70.2 million), below the pre-sale estimate of HK$577.3 million to HK$837.1 million, and 52.5% below last year’s total. A total of 8 lots were withdrawn in the two sales, with a total low estimate of HK$69.0 million (accounting for 10.7% of total low estimate pre-withdrawal) Another sign of market uncertainty came in the form of fewer auction guarantees this season, only 5 lots were guaranteed and accounted for hammer sales of HK$119.4 million (21.7% of total hammer sales). This was significantly lower than in April 2023, when 12 lots were guaranteed with a total hammer value of HK$615.1 million (53.1% of total hammer sales). Return on auction guarantees are dwindling, an estimated 2.9% return this season (assuming guarantee level is at the low estimate). This could indicate that risk capital allocated to auction guarantees, are going elsewhere where yields are higher. Trying to ween consignors off the dependency on guarantees could prove challenging and could exacerbate the softening we are currently witnessing. However, there was still significant demand for specific artists and segments. 20th Century Chinese artists were back in vogue, with Zao Wou-ki, Chu Teh-Chun and Wu Guangzong making it into the Top 20 lots sold. There was particularly strong demand for Wu Guangzong, with all of his works selling at or above the high-estimate. Among the young artists, Lucy Bull’s Radiator (2019) sold for HK$4.5 million at the high-end of the estimate of HK$3 to HK$5 million and Robert Nava also sold at the high estimate. However, other young artists such as Jadé Fadojutimi disappointed with Fishing For Steps (2017) selling for HK$1.45 million well below the pre-sale estimate HK$2 to HK$3 million. For full auction analysis see link: https://lnkd.in/eYJB4YZF #art #artauction #sothebys #hongkong #contemporaryart #modernart

🖼 The art market today, especially in the Asia Pacific (APAC) region, is nothing like it was ten years ago. The days of onsite art auctions, where people spend millions of dollars on a single painting, are gradually passing. This transformation is particularly notable in the APAC art market, where traditional auction houses like Christie's, Sotheby's, and Bonhams are expanding their online presence to cater to a broader audience. As a result, art ownership is becoming increasingly accessible and affordable for all art enthusiasts across the entire APAC region. Learn more about the traditional art auctions in their new online formats via the link! ⬇️ https://lnkd.in/grD65Fw8 #artmarket #auctionhouse #APAC #ArtIndustry

Sotheby's "Art Moderne et Contemporain Day Auction" in Paris on April 24th, 2024 featured more than 300 lots, and raised over 13 million euros (+182% vs 2023). The impressive result can be attributed to several key factors: - Unlike in previous years, where the focus was predominantly on Impressionist and Modern art, the 2024 day auction was rebranded to include both Modern and Contemporary art. This broader scope attracted a wider audience by appealing to a more diverse collector base. - Although the auction was conducted online-only, Sotheby's offered presale activities typically reserved for live auctions. This approach helped to recreate the emotional engagement and excitement associated with live events, potentially enhancing bidder participation and investment in the sale. - The center of gravity of the European auction world continues to move slowly toward Paris as custom borders between the UK and Europe result in a growing number of artworks offered in Paris, while demand also increases as some potential buyers move away from London. Source: Pi-eX MESO Auction Series Report Paris Spring IMP-MOD & CONT at Sotheby's - Revenue by number of lots #art #fineart #paris #france #impressionist #modern #contemporary #sothebys #daysale #artanalysis #auctionreport #publicauction

In line with the rather somber performance of the March sales in the British capital, the June auction results further manifest the increasing lag of the London auctions behind the New York sales series. While New York has been the dominant sale location of 20th and 21st century art for decades, ever since the pandemic and the Brexit consequences London’s auctions are notably shrinking in numbers and volume. Continue reading the full report about last week's auctions in London: https://bit.ly/4cC6TAj #ArtMarket #ArtMarketInsights #LondonAuctions

Its always interesting to see market trends...

Combined results in Hong Kong at Sotheby’s “The Now Evening Auction” and “Modern & Contemporary Evening Auction” show the impact of current affairs on the public auction market in Asia. - Combined total Hammer Price plummeted to HKD 547m / $70m, down 62% in original currency versus April 2021 (HKD 1443m / $186m). - The disappointing result stands in sharp contrast to the upward trend observed until 2021. - Despite a smaller selection of artworks being offered (61 lots catalogued versus 97 in April 2021), the percentage of lots withdrawn, bought-in, or sold below their Low Estimates has never been higher at 42%. Source: Pi-eX MICRO Report: Sotheby’s April Modern and Contemporary evening sales in Hong: 2007-2024 #fineart #art #auction #hongkong #sothebys #contemporaryart #modernart #china #auctionreport #artanalysis #artsales

💬 Hey bidder, place your bid! How do you feel about a lack of price transparency? 🎨💸 What if you only get to know your rank and not the current bid? Sotheby's is shaking the auction world with its controversial new "Sotheby’s Sealed" format debuting with a classic infinity mirror piece by Yayoi Kusama. Originally used for luxury items like cars and watches, this format is now being applied to fine art, igniting a heated debate on transparency. 🔥 🔍 What’s Happening? Upon submitting a bid, participants are informed of their rank relative to other bidders. The top bidder is notified of their status as the “high bid”, without any insight into the margin by which they lead. This secretive approach is a stark departure from the traditional open auction model. Is Sotheby’s Sealed a bold innovation or a dangerous gamble? Read more in the comments! #privateartconsulting #art #artmarket #auctions #sothebys #artauction #fineart #artcommunity #auctions #luxury