Auction Update Review
For the week ending 10/31 16 auctions were archived. Five thousand five hundred and two lots were offered worldwide and 3,593 sold for a 65% sell through rate. This continues a pattern of underperformance in the rooms but masks a robust performance in dollar denominated lots the second week. Seventy-five percent has been consistently achieved over the past five years. Lots in dollars achieved a 75% sell-through, all other currencies 60%.
The turnover continues to increase. Against the aggregate low estimate of $14,151,907 and high estimate of $20,060,357, the sales brought in $22,452,283. The strength was in the United States where Sotheby's and Christie's together sold $16 million of prints.
In the United States the auction houses have been aggressively cutting reserves to bring sales back into the normal 70%+ range.