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Contemporary Art Auctions
New York, November 2009 | FOR IMMEDIATE RELEASE |
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New York, NY - November 15, 2009 One Art World announced today that the sales for the contemporary art auctions in New York, November 10-13th, totaled $263 million ($308 million including premium), well within the estimated range. The sales total was nevertheless slightly down from one year ago (when the auctions were held in the midst of the financial meltdown). But the sell-through is now back above 80% (it was 56% in November 2008). And even though the total number of lots on sale dropped from 1,338 in 2008 to 1,086 in 2009, the number of lots sold increased from 754 to 872.
| Total Sales (millions) | $790 | |
| | Total Number of Lots | 1,600 | |
| | Median Price (thousands) | $150 | |
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Note: Hold your mouse over the bars in the chart to see the exact amounts. Gray indicates unsold lots.
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New York, November 10th - 13th, 2009
For detailed information on each auction, please follow the links below.
| Tuesday November 10 | Christie's Post-War & Contemporary Evening Sale | | $63,945,000 | 47 lots | | Wednesday November 11 | Christie's Post-War & Contemporary Morning | | $24,215,100 | 181 lots | | Wednesday November 11 | Christie's Post-War & Contemporary Afternoon | | $11,859,500 | 148 lots | | Wednesday November 11 | Sotheby's Contemporary Art Evening Sale | | $117,110,000 | 55 lots | | Thursday November 12 | Sotheby's Contemporary Art Day Auction | | $36,241,500 | 351 lots | | Thursday November 12 | Phillips De Pury Contemporary Art Part I | | $5,855,000 | 40 lots | | Friday November 13 | Phillips De Pury Contemporary Art Part II | | $3,880,200 | 264 lots |
Results excluding premium Sales total was $263,106,300 ($308,381,275 including premium), a result within the estimated range.
Of the 1,086 lots, 333 lots (30.7%) were sold above high estimate, 324 lots (29.8%) were sold within the estimated range, 215 lots (19.8%) were sold below low estimate. The sell-through rate was 80.3%, as 214 lots (19.7%) remained unsold (or were withdrawn before the auction).
Profile
More than 50% of the sales total was concentrated to 25 lots (2.9% of all sold lots), at a value of $131,900,000. The average price for those 25 lots was $5,276,000. The average price for the remaining 847 lots was $123,663.
PerspectiveThe following performance charts for the two preceding contemporary November auctions in New York, in 2007 and in 2008, are provided as reference.
The sell-through and sales within estimates continue to match the values before the crash in the fall of 2008, as they did in the May auctions. But this time, the auctions also had some blue chip lots that sold at multiples of their high estimates, creating a sense of excitement that wasn't there in May.
Andy Warhol's "200 One Dollar Bills" sold for $39 million, more than 3 times the high estimate of $12 million. Peter Doig's "Reflection (What does your soul look like)" sold for $9 million, 50% above high estimate. Robert Rauschenberg's "Untitled (1961)" on paper board sold for $780,000, more than 5 times the high estimate. A sculpture by William Anastasi sold for $140,000, 20 times its high estimate of $7,000! Cy Twombly had three works on paper for sale that in total sold for $1.6 million, almost twice the high estimates of $850,000.
For the complete press release, including total sales by auction house, performance by artist, biggest surprise lots and biggest surprise artists, see:
FULL PRESS RELEASE.
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