The month of November saw eight high-profile day and evening auctions organized by Christie’s and Sotheby’s New York, garnering total sale of $ 2.1 Billion selling 1265 artworks. This month saw the record setting sale of “Salvator Mundi” by Leonardo da Vinci at $450.3 Million at Christie’s Post-War and Contemporary Art Evening Sale.
Here is a list of the mega day and evening auctions held in New York this month.
• Impressionist and Modern Art Evening Sales- Christie’s New York, Nov 13, 2017.
• Impressionist and Modern Art Evening Sales- Sotheby’s New York, Nov 14, 2017.
• Impressionist and Modern Art Day Sale- Christie’s New York, Nov 14, 2017.
• Impressionist & Modern Art Day Sale- Sotheby’s New York, Nov 15, 2017.
• Post-War and Contemporary Art Evening Sale- Christie’s New York Nov 15, 2017.
• Post-War & Contemporary Art Morning + Afternoon Sessions- Christie’s New York, Nov 16, 2017.
• Contemporary Art Evening Auction – Sotheby’s New York, Nov 16, 2017.
• Contemporary Art Day Auction- Sotheby’s New York, Nov 17, 2017.
Analytical Insights by BlouinArtInfo helps gauge the trends in auction market and presents exciting facts and figures on the art market. Here in this article, we present a comparative analysis of the day and evening similar themed auctions at both auction houses. This analysis covers:
• Total Sales Realized and Sale Volume.
• Bought-in Rates at these auctions.
• Price Estimation Accuracy of the auction houses
• What were the various price bands in which most artworks were sold?
• The Impact of Buyer’s Premium.
Top 10 Artworks Attributing to $1 Billion.A Quick Summary of the New York Mega Auctions
What were the Bought-ins Rates at the Auctions?
Both the auction houses had similar bought-ins rates in the similar themed day and evening auctions. The only exception was Christie’s Post-War & Contemporary Art evening auction which had a slightly higher bought-in rate at 16 %.
What about Price Estimation Accuracy?
In the day and evening auctions of both the themes “Contemporary Art and Impressionist & Modern Art”, Christie’s estimates are more accurate and one stands a greater chance of buying an artwork below the low estimates at Sotheby’s.
What were the various price bands in which most artworks sold?
In the day auctions, most artworks were sold in the price band USD 100,000 to 1 Million and USD 10,000 to 100,000. Both Christie’s and Sotheby’s showed a similar profile of sale in the day auctions. In the evening auctions, Christie’s had a greater share of artworks selling in the price range USD 1 to 10 Million and USD 10 to 100 Million. The record setting “Salvator Mundi” by Leonardo Da Vinci (at $450.3 Million) was the only artwork (sold at Christie’s) that breached the USD 100 Million mark this month.
The Impact of Buyer’s Premium:
Both the auction houses have similar three level buyer’s premium commission rates of 25%, 20 % and 12.5 %, as given below, with the difference in the rate structure in the small band of USD 3 Million to USD 4 Million. The net impact of this, for any artwork selling for more than USD 4 Million one ends up paying an additional premium of USD 75,000 at Christie’s vis-à-vis Sotheby’s. And there were 13 artists whose works sold for more than USD 4 million apiece in both Christie’s and Sotheby’s in these 8 mega New York auctions. The analysis of those 13 artists, whose work sold for over $4 Million individually and their average sale price in both Christie’s and Sotheby’s is shown below.
The Top 16 Paintings that Attributed to $1 BillionGiven the blockbuster success of one painting in particular, it’s kind of unfair to compare the top 10 lots of New York’s auction mega-week. Approximately $2.1 billion of Impressionist, modern, postwar, and contemporary art was sold in five days, yes, but the numbers are skewed highly by Leonardo da Vinci’s Salvator Mundi. Here is a list of the 16 paintings sold in these 5 days that attributed to over $ 1 Billion sales.