Take a look at this top ten list from Sotheby’s off-season sale of Old Master paintings held at Sotheby’s in the shadow of the dramatic May Contemporary and Modern art sales and before the American art sales. The sell-through rate was typical for an Old Masters sales which can be hit or miss at 73%. The top lot was an obscure work estimated at $250k. The fact that it was bid up to six times the low estimate might have been just one of those random art market events.
Every single lot in the top ten sold for prices well above the high estimate. The whole sale was estimated at between $5.4m and $7.9m. The final tally—even with 27% of the lots failing—was $9.8m.
If you have a good explanation, we’d love to hear it.