Auction Update Review
Twenty-seven European and American auctions archived this past week continue to show strength in the market. Six are denominated in dollars, five in British pounds, and sixteen in Euros. Against a total high estimate of $22,767,614 they raised a robust $21,848,051 or 96% of their aggregate high estimates. These overall numbers however mask a strong if somewhat less compelling picture beneath. One sale in Paris on November 22nd, did so well that it distorts the overall view. There, at 9 Avenue Matignon, Christie's offered sixty-five Avedon photographs with a high estimate of $4.5 million and sold them for $7.2 million. This was both the largest sale by dollars [actually Euros but converted for this article] and also the best performance in terms of total sales compared to total high estimate: 161%. Nine other sales realized more than 100% of their high estimate and helped carry overall sales for all the auctions to close to the total of their high estimates. When Christie's sale is excluded the other 26 sales achieved a highly respectable 88% of the high estimate.
By currency the sixteen sales in Euros saw 13,835 lots offered and 8,821 sold [64%] for $14.56 million, 113% of the high estimate. Six sales in dollars saw 1864 lots offered and 1,447 sold [78%] for $2.4 million, 77% of the aggregate high estimate of $3.1 million. In England five sales in Pounds saw 1,736 lots offered and 1,093 sold [63%] for $4.9 million against their aggregate high estimate of $6.8 million.
Good material is doing very well and other material selling when reserves are at or below buyer expectations.