Art Market : Looking Forward to the Past, the results ! By Artprice
All of Artprice’s econometrics department’s forecasts and statistics -published in its press releases prior to the auction- have been confirmed by the results of yesterday evening’s historic auction, which just goes to show that the Art Market is efficient, regulated and that it now goes by the economic rules of the museum industry (see below the 9 analysis and results), according to thierry Ehrmann, founder and president of Artprice, and CEO of Artprice Inc.
1. On 11 May 2015, Christie’s put up for auction five masterpieces, spanning over a century of Art History, from Monet and the Impressionnists to the most contemporary painters.
2. Looking Forward to the Past set a new record for a Fine Art piece sold at auctions and points to a new type of sale.
3. Peter Doig‘s Swamped (1990) sold for close to $26 million (buyer’s premium included). The painting had already been auctioned in 2002 it had sold for $55,500.
4. Pablo Picasso‘s Les femmes d’Alger (Version ‘O’) set a new record with the historic $160 million ($179,365,000, buyer’s premium included) the previous record had been set by Francis Bacon tryptich at $123 million.
5. Only one sculpture by Amercian artist Alexander Calder did not find a buyer.
6. New records were set for many artists: Dubuffet ($24.8 million, buyer’s premium included), Soutine ($28.2 million), Cady Noland ($9.8 million) and Diane Arbus ($785,000).
7. Alberto Giacometti‘s L’homme au doigt (1947) sold for $141.3 million (buyer’s premium included).
8. With an auction total of $705.9 million (buyer’s premium included) and an average $20 million paid for each of the 34 pieces that sold, this sale is the third best auction of all times. At the 12 November 2014 historic auction, the average price for the 75 lots on offer was just $11 million.
9. Never before were that many masterpieces sold in one single hour!
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