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Sotheby's 17 October: to lower estimeyta not dotyanuli, but otherwise all is well
ARTinvestment.RU   20 октября 2008

Trading Results Sotheby's, which exhibited works by contemporary artists, did not reach the expected level, but organizers estimate they cautiously optimistic

October 17 in London took place auction of contemporary works of art held by the house Sotheby's . The results of the auction - 22 million pounds (38 million dollars) is not exceeded even the lower limit of estimeyta in 30,6-42,8 million pounds, which, according to experts, is related to the current problems in the economy.

The most expensive lot past auction began «skulls» Andy Warhol (Andy Warhol), which were sold to the New York collectors, and Jose Alberto Mugraby (Jose and Alberto Mugrabi) for 4.35 million pounds, with estimeyte in 5 -- 7 million pounds. The second result - 2.8 million pounds - showed «abstract picture» Gerhard Richter (Gerhard Richter), but it failed to reach the lower limit of estimeyta to 3 million pounds. The third position in the list of the most expensive lots of the auction without a title is the work done by Jean-Michel Baskov, (Jean-Michel Basquiat) in 1981, which went under the hammer for 1.6 million pounds when estimeyte in 1,5-2 million pounds. Only three of these products have been sold more than 1 million pounds. A border of 1 million dollars in general overcame seven works.
One of the most successful lots became «physician» (Healer) sculptor El Anatsui (El Anatsui) from Ghana. The work was estimated at 180-250 thousand pounds, but was sold for 349 thousand pounds - the highest price for the things of this author.
landscape by Gerhard Richter «Jerusalem» estimated at least 5 million pounds, but has not found its buyer.

is not true and the «geographic» organizers expectations: 40 percent of buyers came from the United States, 38 percent are from Europe, 16 per cent - the representatives of Great Britain, 2 per cent of profits with the Near and Middle East, 2 per cent - from Asia, and another 2 percent is owed to all other regions. Russian investors, who had high expectations, at an auction almost no.

Of the 62 lots represented at the auction, no buyers were 17, ie, sold nearly 73 percent exhibited works.

performance of the organizers did not consider disappointing. The head of the department of modern art Sotheby's European unit Vestfal Cheyenne (Cheyenne Westphal) stated that although the result did not exceed the lower limit estimeyta, but still became the second largest among all the October auction of works of modern art. If you compare the results with last year's auction resulted in a (then sold 84 percent of lots for a total amount of 34.9 million pounds), the difference was not too significant, especially given the difficult economic environment in which today almost all investors, collectors and art dealers. Jose Mughrabi, who became the owner of «Cherepov» Warhol, spoke in an interview: «Trades were excellent. Of course, there were some failures, but they all proved to be much smaller than the stock market. From Warhol painting, I feel much more confident than with U.S. Treasury bond ».

material produced Catherine Onuchin

Sources: sothebys.com , bloomberg.com , artinfo.com , artinvestment.ru



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Индексы арт-рынка ARTIMX
Индекс
Дата
Знач.
Изм.
ARTIMX
13/07
1502.83
+4,31%
ARTIMX-RUS
13/07
1502.83
+4,31%
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