The case

Recently, the art market has weakened and competition is fierce. London’s autumn auctions were anticipated with nervousness, but auctioneers can now breathe a sigh of relief.

Source: Frankfurter Allgemeine: Anne Reimers, London

The commentary

The result of Christie’s auction in London shows that despite a certain restraint in the art market and fierce competition, slight optimism is possible. Not only did ‘20th/21st Century Evening Sale’ attract the attention of local buyers, but it also reached international collectors who bid either in the room or by telephone.

With a turnover of just under £ 82 million, the auction was at the lower end of the estimates (£ 73.4 million to £ 110.6 million), but well above the previous year’s results, when £ 44.7 million were generated. This increase shows that despite macroeconomic challenges and uncertainty in the art world, there is still a demand for high quality art.

It is worth noting that 89 % of the lots found a buyer and 26 works came with guarantees, indicating a growing confidence on the part of sellers. The VIP presence at the Frieze fairs that coincided with the auction did not prevent bidders from attending the event or bidding remotely, emphasising the international nature and appeal of this auction.

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