What's Happening?
Christie’s and Sotheby’s recently held auctions during Frieze week, with mixed results reflecting the current state of the art market. Christie’s 20th/21st-century evening sale achieved £106.9 million,
within expectations, with notable sales like Peter Doig’s 'Ski Jacket' fetching £14.2 million. However, some works sold below estimates, indicating a correction in prices for certain artists. Similarly, Sotheby’s evening sale raised £47.6 million, with highlights including Francis Bacon’s 'Portrait of a Dwarf' selling for £13.1 million. Despite some successes, the market remains cautious, with many works failing to meet pre-sale expectations.
Why It's Important?
The results of these auctions are significant as they provide insight into the current state of the art market, which has been experiencing fluctuations over the past few years. The mixed outcomes suggest a cautious approach from buyers and a potential recalibration of art values. This could impact artists, collectors, and investors, as well as the broader art market, which relies on high-profile sales to set benchmarks. The auctions also highlight the importance of strategic pricing and the role of guarantees in securing sales, which could influence future auction strategies.
