While commentators were declaring the auction market volatile, Christie’s demonstrated the placid tone of sales in London yesterday. They held a single-owner sale of a European collection, which spanned African to Contemporary art with some notable Old Master works thrown in, of 52 lots. 43 of those sold for an 83% sell-through rate and a $47.6m total.
There were a smattering of strong prices below the top ten works, mostly for Miró, Calder, Tom Friedman and a few of the objects. Other contemporary artists performed within or just below estimates. In all, it suggests a smooth functioning market. The statistics for the week also suggest a market that is anything but volatile. Both houses registered just under £20m in Day sale lots with many upside surprises.
