Sotheby’s Contemporary Art Evening Auction offered an exceptional selection of works by some of the most important and sought-after artists over the last 100 years. This sale at £109.3 million/$152 million (inclusive of buyer’s premium) could not beat Christie’s sale a day before at £138 million/$189.9 million (inclusive of buyer’s premium). Peter Doig
’s “The Architect's Home in the Ravine” at £14.4 million was the top lot of this sale. This work is an important milestone in the artist’s career, when just a year after graduating with a master’s degree from Chelsea, he was awarded the highly prestigious Whitechapel Artist’s award. “The Architect’s Home in the Ravine” has sold several times in auctions before and this article shows an analysis of its price performance over the years.
There were three masterpieces by Gerhard Richter
(“1025 Farben,” “Gelbgrün” and “Wind”) that sold for £7.4 million, £10.9 million and £3.1 million respectively. David Hockey’s “Different Kinds of Water Pouring into a Swimming Pool, Santa Monica” disappointed, failing to sell in this auction.
For the art enthusiasts, Blouin Artinfo presents a detailed post auction analysis.
Analytical Insights powered by BASI (Blouin Art Sales Index)
This section includes:
• A Summary of Sales
• Price Estimation Accuracy: What percentage of artworks sold above high estimates, between low and the high estimates, and below low estimates?
• Top Artworks Sold — Their Hammer Prices and Price Estimates.
• Past sales of Peter Doig’s “The Architect's Home in the Ravine”
Unsold LotsA Summary of Sales:
On an average, artworks were sold for 1.25 times the estimated low price. 9.8 percent (6 artworks) were unsold/bought-ins.
• Sale Total: (£109.3 million inclusive of buyer’s premium)
• Sale Volume: 55 Artworks
# of Artists (Sold): 36
The auction failed to breach its estimated sales (high) of £118.7 million, and managed a total sale of 92 percent by value (against high estimates) and 90 percent by volume.
Price Estimation Accuracy:
What percentage of artworks sold above high estimates, between low and the high estimates, and below low estimates?
• 25.5 percent (14) artworks sold above the high estimate.
• There were a significant number of artworks (23.6 percent) that sold below the low estimate.
• The rest, 50.9 percent artworks sold between the low and high estimates.
Top Artworks Sold — Hammer Prices and Price Estimates
Peter Doig’s “The Architect's Home in the Ravine” was the top lot of this sale realizing a sale of £14.4 million ($20.3 million) inclusive of buyer’s premium. Although this was the top lot, Doig’s work sold (hammer price) for less than its estimated low price of £14 million. The other top artworks in this sale were Gerhard Richter’s “Gelbgrün (Yellow-Green)” and “1025 Farben,” Christopher Wool’s “Untitled” and Lucio Fontana’s “Concetto Spaziale, Attese.” On an average, all of these sold for 1.4 to 2.2 times their estimated low prices.
The above graph shows the estimated low price of the top lots and their hammer prices.
An Analysis of Past Sales of Peter Doig’s “The Architect’s Home in the Ravine”
Peter Doig’s “The Architect’s Home in the Ravine”
Signed, titled and dated 1991 on the reverse
oil on canvas
200 by 250 cm. 78 7/8 by 98 3/4 in
Peter Doig’s “The Architect's Home in the Ravine” has sold several times in the last 16 years. In 2002, it sold for $426.2K (£280K) at Sotheby’s London, and has shown remarkable price appreciation over the years. At $16.4 million in 2016 to $20 million in this sale, the value of the artwork has appreciated at the rate of 22 percent in the last two years.Lots Sold between (£1 to £5 Million) — Hammer Prices and Price Estimates
The lots that sold between £1 million and £5 million are shown in the above graph. This list includes works of Rudolf Stingel, Andy Warhol, Gerhard Richter, Antony Gormley, Jean-Michel Basquiat and others. A significant number of lots in this price segment sold (hammer) exactly at their estimated low price or below. There were a few that sold (hammer) for an average 1.1 to 2 times the low estimate.
Surprisingly, David Hockney’s “Different Kinds of Water Pouring into a Swimming Pool, Santa Monica” that was expected to sell for between £6 and £8 million remained unsold. While at the Christie’s sale a day before, Hockney’s “California Bank” sold for £3.4 million. There were five other artworks by Ed Ruscha, Sergio de Camargo, Howard Hodgkin, Alexander Calder and Danh Vo that remained unsold/bought-ins in this sale.