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Sotheby's Contemporary Auctions Down 80% London, February 2009

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Sotheby's Contemporary Auctions Down 80% London, February 2009

New York, NY - February 6, 2009 Chelseaartgalleries.com  announced today that the sales for Sotheby's contemporary art auctions in London, February 5-6th, totaled £21 million (£25 million including premium). That is down 80% from Sotheby's auctions in London in February last year, when the sales total exceeded £104 million. (results excluding premium

 Thursday February 5 Sotheby's Contemporary Art Evening £15,383,00027 lots 
 Friday February 6 Sotheby's Contemporary Art Day £5,951,500 147 lots

 

Sales total was £21,334,500 (£25,153,450 including premium) a result 0.2% (£53,000) below low end estimate.

Of the 174 lots, 62 lots (35.6%) were sold above high estimate, 28 lots (16.1%) were sold below low estimate, 63 lots (36.2%) were sold within the estimated range, and 21 lots (12.1%) remained unsold (or were withdrawn before the auction).

Perspective

The charts below compare Sotheby's sales performance in early 2008 and late 2008. The charts illustrate how in November 2008, the auction house was caught with auctions planned for a different economical climate. Unsold lots, and lots sold below low-end estimates, dominated the picture.

 

Sotheby's Auctions, London, February 2008 

 

 Sotheby's Auctions, New York, November 2008 

However, if the auctions one year ago are compared with this week's auctions, one has to be impressed by Sotheby's ability to adapt to the current climate. The performance metrics look almost identical, despite dramatically different circumstances.

This feat was accomplished by first cutting the number of lots in half, from 367 lots a year ago, to 147 lots this week. And secondly by lowering estimates and selling less expensive lots (average lot value was £285,000 one year ago, versus £123,000 last week.)

Christie's and Phillips De Pury

The auctions held by Christie's and Phillips De Pury in London next week will be included in an upcoming, more detailed press release (similar to the report from November 2008.)

About chelseaartgalleries.com

Since it's launch in 2006, chelseaartgalleries.com (CAG) has grown to become one of the most popular art portals in the world. Today the website lists 1,400 galleries, 6,000 shows, and 26,000 artists, and 22,000 images. It is viewed more than 380,000 times monthly by 100,000 visitors from 170 countries worldwide.

CAG's mission is to actively promote the understanding and appreciation of contemporary art worldwide by providing easily accessible art information free of charge. To ensure that our user community has a rewarding and effective experience, registered members can personalize chelseaartgalleries.com according to their interests.

CAG has been referenced in newspapers, art magazines and on art sites around the globe, including The New York Times, CNN, USA Today, The New York Observer, The New York Post, The Washingtonian, The Guardian, Le Monde, slate.com, and in hundreds of art blogs.

 

Chelseaartgalleries.com Contact

Jonas Almgren
Founder & CEO
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