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London Cont Avg Price in Evening Sale Rises 64.2%

February 18, 2014 by Marion Maneker

Sotheby's Evening Sale

ArtTactic reported some numbers on last week’s Contemporary art Evening sales showing that they came in on the high end of the estimate range at  “£193,899,000 (excluding buyer’s premium) against a pre-sale estimate of £163,755,000 to £208,535,000.”

Surprisingly, June 2012 still holds onto the title for the highest sale total for London in the category. But these 2014 numbers bested February  2013 by 35% and June 2013 by 42%, dramatic jumps by any measure.

But what may be the most interesting number to come from the week is the observation that the number of works declined by nearly 18% and the average price of the works shot up more than 64%:

With a smaller number of lots on offer this season (112 vs 136 in February 2013), the average auction price increased by 64.2%, from £1,054,081 to £1,731,226. The average was lifted by the top end of the market (lots above £1 million), which accounted for 85.4% of the overall sales result.

Auction Analysis: London Post-War and Contemporary Sales – Feb 2014

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Filed Under: Auction Results

About Marion Maneker

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