After Action Report: Sotheby's Modern Evening sale + Emily Fisher Landau Day sale

A strong Day sale for Fisher Landau and solid bidding on select lots in Sotheby's $224m Modern Evening sale point to a downshifting market

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In This Issue

1. Sotheby’s Modern Evening Sale: $224m total; 1.07 hammer ratio; 84% sell-through rate

2. About Last Night: Aggressive sale management masks a weakening Modern market at Sotheby’s

3. Notes: Picasso Slow Burn, Balthus, The Market Below $10m, Underbidders, Asian Buyers, Irrevocable Bids

4. Charts: Results, Top Ten by Premium, Top Ten by Hammer Ratio

5. Emily Fisher Landau Day sale: $18m total; 1.15 hammer ratio; 96% sell-through rate

6. Charts: Results, Top Ten by Premium, Top Ten by Hammer Ratio

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The Dial

Sotheby’s Modern Evening = $224,335,300

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About Last Night

Aggressive sale management reduced Sotheby’s 40-lot sale down to 33 lots. Without the withdrawn lots, the hammer ratio would have been .97 and the sell-through rate would have fallen to 78%. These numbers are eerily similar to the sale statistics for Christie’s Modern day sales. The Modern market remains over estimated. Nevertheless, Sotheby’s Modern posted numbers that were above water on hammer ratio and at the industry average for sell-through rate. The sale’s strength rested on half a dozen lots bid beyond the estimates. Some rare finds like the Art Institute of Chicago’s de-accessioned Balthus, a Cubist Picasso and a posthumous cast of a Giacometti were sold at substantial prices even if they failed to meet the estimates.

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Notes