Major auctions of modern and contemporary art in London last week offered additional proof that the market is softening.
That total doesn’t include an additional £16.1 million realized for the Josefowitz collection for 14 lots of antiquities, Old Master Prints, and Asian sculpture and design, ArtTactic said. The collection, which will continue to be featured in three upcoming Paris sales, is expected to realize more than £80 million in all.
Phillips’ single evening auction of 20th-century and contemporary art on Friday achieved £14.5 million, just above a presale low estimate expectation of US$13.9 million, a 4.2% drop from a year earlier. Last week, sales of ultra-contemporary works totaled £6.29 million, within expectations, but down 50.6% from a year earlier, ArtTactic said. Only 68% of 39 lots offered across all three houses in London sold above the middle of their presale estimate range, compared to 79.4% that did a year ago, the firm said. The biggest sale was for Caroline Walker’s Fragranced, which achieved £445,000, above a £150,000 high estimate.
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