Auction Update Review
For the week ending March 20th seven auctions were archived on the Americana Exchange, three denominated in dollars, three in pounds and one in Euros. Sixty-five percent of all lots sold. The results were spotty. Swann had the single largest sale raising $979,437 when selling 60% of the lots in the Stephen White Photography sale on March 23rd. Christies raised $491,414 with a sale of Prints and Multiples in London the same day.
Total sales for the 7 archived events were $2,427,239, the average lot realization $1,695.
Many of the auction houses seem to be struggling to get consignments, possibly because realizations are down and consignors are wary to commit with the possibility outcomes will be disappointing.
If dealers are also experiencing slow sales it seems inevitable they will consign to auction to raise cash.
In the changing alchemy of New York auctions both Swann and Bonhams have been doing well recently while Bloomsbury has been down a bit. Sotheby's, after an off-year in 2009, conducts its first Copley sale in April. The only constant in the auction business apparently is change.
28 March 2010