MARKET INTELLIGENCE
London Auctions & Frieze London 2022 Show Robust Pricing
Frieze
“Has Frieze Become an Unofficial Fashion Week?” asked the New York Times. All media outlets reported strong results — despite Britain’s economy, the stock market and inflationary environment.
“This is fine. You can’t have too many people,” said David Zwirner, the New York-based gallerist, surrounded by a scrimmage of visitors in his booth at the packed Wednesday preview of Frieze London. By midafternoon, the gallery confirmed the $6 million sale of the latest of Kerry James Marshall’s paintings inspired by John James Audubon’s “Birds of America.” The buyer was an unnamed American museum. Zwirner, whose London branch is celebrating its 10th anniversary this year, said that all the clients he’d hoped to see had turned up at Frieze, which opened to the public on Thursday and runs through Saturday. “‘Frieze is a mandatory stop in the art world calendar,” he added. “We’ve seen collectors from China and from India.” (via New York Times)
London Auctions
Christie’s, Sotheby’s and Phillips held their annual sales during Frieze. The results were stronger than pre-pandemic levels.
Of the evening sales, Christie’s netted £72.5M, Phillips £18.8M and Sotheby’s £97.1M inclusive of Buyer’s Premium. During the same period, OpenSea did $71.59M in volume.
Christie’s sales were 43.77% backed by specialized financial deals and saw a blended 20.00% Buyer’s Premium; Phillips had 33.44% backed by specialized financial deals and a blended 25.00% Buyer’s Premium and Sotheby’s with 65.32% in financial deals with a 16.90% rate.
Full auction breakdowns below.
Christie’s 20th/21st Century: London Evening Sale on October 13th in London totaled £60,445,000 ($68,665,520) hammer against a low estimate of £40,495,000 ($46,002,320).
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Key highlights of the sale included the Hockney, the Richter, and the Bacon.
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Exchange rate is £1 to $1.136
Pre-sale Estimate: £40,495,000 — £55,760,000
Hammer: £60,445,000
Hammer & Buyer’s Premium Total (As Published by House): £72,533,850
Lots Offered: 50
Lots Sold: 47
Lots Bought In: 0
Lots Withdrawn: 3
Sell through rate: 100.00% by Value
Sell through rate: 100.00% by Lot
Phillips 20th Century & Contemporary Art Evening Sale on October 14th in London totaled £15,160,000 ($16,918,560) hammer against a low estimate of £14,780,000 ($16,494,480).
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Key highlights of the sale included the Burri, the Banksy and the Banksy.
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Exchange rate is £1 to $1.116
Pre-sale Estimate: £14,780,000 — £21,030,000
Hammer: £15,160,000
Hammer & Buyer’s Premium Total (As Published by House): £18,835,600
Lots Offered: 37
Lots Sold: 31
Lots Bought In: 2
Lots Withdrawn: 4
Sell through rate: 87.53% by Value
Sell through rate: 93.94% by Lot
Sotheby’s The Now Evening Auction on October 14th in London totaled £9,145,000 ($10,205,820) hammer against a low estimate of £8,080,000 ($9,017,280).
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Key highlights of the sale included the Banksy, the Yukhnovich and the Banksy.
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Exchange rate is £1 to $1.116.
Pre-sale Estimate: £8,080,000 — £10,750,000
Hammer: £9,145,000
Hammer & Buyer’s Premium Total (As Published by House): £11,385,200
Lots Offered: 18
Lots Sold: 17
Lots Bought In: 0
Lots Withdrawn: 1
Sell through rate: 100.00% by Value
Sell through rate: 100.00% by Lot
Sotheby’s Contemporary Evening Auction on October 14th in London totaled £73,940,000 ($82,517,040) hammer against a low estimate of £73,130,000 ($81,613,080).
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Key highlights of the sale included the Bacon, the Richter and the Auerbach.
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Exchange rate is £1 to $1.116.
Pre-sale Estimate: £73,130,000 — £89,320,000
Hammer: £73,940,000
Hammer & Buyer’s Premium Total (As Published by House): £85,743,450
Lots Offered: 41
Lots Sold: 33
Lots Bought In: 1
Lots Withdrawn: 7
Sell through rate: 97.43% by Value
Sell through rate: 97.06% by Lot
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