This analysis of the September 2019 Mid-season Contemporary in New York is available to AMMpro subscribers. Monthly subscriptions begin with the first month free. Feel free to subscribe and cancel before you are billed.
Sales during the Mid-Season Contemporary auctions in New York rose again by almost 12% this year over last. The total sale for all three houses was $64m an increase over last year's $57.3m and the $46.6m made in 2017. The rate of increase is slowing. But the total sales volume and the average price of a work sold in these auctions is still higher this year over the last two. Sell-through rates remains the same and only slightly fewer lots were offered this year as last year.
What is surprising to learn is that after years of growth in this so-called middle market, some shifts are beginning to emerge. The top ten lots sold that week accounted for almost a quarter of the total sales volume in September. That's up from closer to 21% the year before. The hammer ratio was also a weak .96 suggesting the estimates are now fully in line with buyer's expectations.
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