Nov 28, 2016

November’s New York Auction Results: Half of Last Year’s Total

November auction sales have totalled $1.29 billion this year, a healthy amount, but down significantly on last November’s totals.
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Comparing November 2016 against the same period in 2015 may be a little unfair given that there were a few special auctions by Christies’ and Sotheby’s that didn’t happen this year. Yet even considering the additional $565m that those two auctions netted, a 27% reduction in overall value suggests that the auction market is continuing to contract.

November’s leaders in terms of sales were Christies’, who reported sales of around $618 million, ahead of rival Sotheby’s who brought in $553 million. Christie’s took the spoils through their impressive Impressionist sales while a bumper contemporary art day sale put Sotheby’s just ahead for that era.

Phillips showed growth and netted $121 million.

The results continue to suggest that demand at the lower value and mid-tier of the market continues while buyers and sellers are getting more cautious with sales of high value pieces.

Here’s a selection of some of the more notable sales results:

Total $1.29 billion

Sotheby’s total: $555.3 million
Sotheby’s Impressionist and Modern Art Evening Sale: $157.7 million
Sotheby’s Impressionist and Modern Day Sale: $38.8 million
Sotheby’s Contemporary Evening Sale: $276.6 million
Sotheby’s Contemporary Day sale: $80.2 million

Christie’s total: $618.1 million
Christie’s Post-War and Contemporary Evening Sale: $277.5 million
Christie’s Post-War and Contemporary Day Sale: $61.5 million
Christie’s Impressionist and Modern Evening Sale: $246.3 million
Christie’s Impressionist and Modern Works on Paper Sale: $10.5 million
Christie’s Impressionist and Modern Day Sale: $22.3 million

Phillips total: $121 million
Phillips 20th Century and Contemporary Art Evening Sale: $111.2 million
Phillips 20th Century and Contemporary Art Day Sale: $9.8 million