Sotheby’s Contemporary day sale off to a great start with $18.54 million in the morning session. Confirming the pattern seen last week during the Impressionist and Modern day sale. Clearly there’s an appetite for art at the right price. The several lots that were sold without a reserve price have done well. All sold, many above the estimate range, a few just below.

Dealer Howard Rehs does this analysis on the un-reserve priced day-sale lots:

The morning session offered 21 lots without reserve; they had a combined estimate range of $1.6 – $2.3 million and they brought in about $1.7 million (price does not include the buyer’s commission). 7 sold below their estimate, 8 within their estimate range and 6 above. These unreserved lots really show “market value” since they could have made as little as $1, but the range of selling prices were between $11,000 and $380,000.

What was also very interesting were the lots that sold for more money than lots in the evening sale. A Robert Indiana LOVE sculpture made $760,000 (hammer), that beat out 25 lots from last night’s “important evening” sale!

What all of this does show is that there are people ready to buy when the price is right!

The afternoon session saw 26 lots sold without reserves and a total estimate range of between $1.23 – $1.76 million. Total sales for those 26 lots — $1.19 million; slightly below the low estimate. 16 works sold below their estimates, 5 within the range and only 4 above.

But at least those lots did post a 100% sell through rate!