Here are the results from the first set of European auctions from the past week. We’ll cover three sales: Sotheby’s Jammes (Paris), Sotheby’s London, and Christie’s King Street (London). All results include the buyer’s premium.
Sotheby’s Paris – Jammes IV
Total Lots: 192
Pre Sale Low Total Estimate: 2202800 Euros
Pre Sale High Total Estimate: 2970800 Euros
Total Lots Sold: 139
Total Lots Bought In: 53
Buy In %: 27.60%
Total Sale Proceeds: 2029876 Euros
Given the generally high quality of the material and the provenance, we expected this sale to perform well, and it did, given the challenging economic environment. While the sale proceeds didn’t meet the total Low estimate, a total of over 2 million Euros is very positive in these markets.
Here is the breakdown (using the Low, Mid, and High definitions from the preview post, here):
Low Total Lots: 98
Low Sold: 75
Low Bought In: 23
Buy In %: 23.47%
Total Low Estimate: 385800 Euros
Total Low Sold: 344426 Euros
Mid Total Lots: 77
Mid Sold: 50
Mid Bought In: 27
Buy In %: 35.06%
Total Mid Estimate: 1160000 Euros
Total Mid Sold: 834950 Euros
High Total Lots: 17
High Sold: 14
High Bought In: 3
Buy In %: 17.65%
Total High Estimate: 1425000 Euros
Total High Sold: 850500 Euros
The high end was quite strong in this sale, compared to others this season. Overall, it was a solid sale, top to bottom, and a fitting final chapter to these famous sales.
Sotheby’s London
Total Lots: 177
Pre Sale Low Total Estimate: 1053000 Pounds
Pre Sale High Total Estimate: 1490000 Pounds
Total Lots Sold: 70
Total Lots Bought In: 107
Buy In %: 60.45%
Total Sale Proceeds: 546625 Pounds
While we did point out that the quality of the material in this sale was weaker than normal for Sotheby’s, this was a horror show like none we have experienced. 40 of the first 50 lots failed to sell. Think about that for a second. Only 10 lots in the first 50 found a buyer of any kind. Imagine how ugly that must have been, sitting in the room. Pass. Pass. Pass. Pass. Pass. Pass….
To rub salt in the wound, here is the breakdown (using the Low, Mid, and High definitions from the preview post, here):
Low Total Lots: 65
Low Sold: 21
Low Bought In: 44
Buy In %: 67.69%
Total Low Estimate: 291000 Pounds
Total Low Sold: 91125 Pounds
Mid Total Lots: 109
Mid Sold: 48
Mid Bought In: 61
Buy In %: 55.96%
Total Mid Estimate: 1059000 Pounds
Total Mid Sold: 426750 Pounds
High Total Lots: 3
High Sold: 1
High Bought In: 2
Buy In %: 66.67%
Total High Estimate: 140000 Pounds
Total High Sold: 28750 Pounds
This was quite a signal from the market regarding second tier material, and a wake up call for Sotheby’s I imagine.
Christie’s King Street
Total Lots: 97
Pre Sale Low Total Estimate: 1098000 Pounds
Pre Sale High Total Estimate: 1556000 Pounds
Total Lots Sold: 66
Total Lots Bought In: 31
Buy In %: 31.96%
Total Sale Proceeds: 782250 Pounds
Christie’s took a chance with the contemporary Nordic and Dutch material in this sale, and it appears to have paid off. Given the economic environment, this sale performed admirably.
Here is the breakdown (using the Low, Mid, and High definitions from the preview post, here):
Low Total Lots: 15
Low Sold: 14
Low Bought In: 1
Buy In %: 6.67%
Total Low Estimate: 70000 Pounds
Total Low Sold: 56125 Pounds
Mid Total Lots: 70
Mid Sold: 46
Mid Bought In: 24
Buy In %: 34.29%
Total Mid Estimate: 796000 Pounds
Total Mid Sold: 505375 Pounds
High Total Lots: 12
High Sold: 6
High Bought In: 6
Buy In %: 50.00%
Total High Estimate: 690000 Pounds
Total High Sold: 220750 Pounds
The top end here didn’t perform quite as well, but the bottom end at 14 for 15 was very strong. For the record, the Nordic work sold marginally better than the Dutch work. Overall, a terrific outcome.
