Sotheby's Impressionist/Modern Results: Relief and Vindication

Simon Shaw

Relief and satisfaction were palpable among Sotheby's Impressionist/modern experts at their press conference (which was viewable online) after tonight's big sale.

The sale's hammer price totaled $208.63 million ($235.33 million with buyers premium) for 52 lots, within a presale estimate of $203.9-280.1 million. (One lot was withdrawn before the sale, which is why the estimate range is lower than what I reported previously.)

Christie's hammer price and the number of lots it offered last night were higher---$246 million for 58 lots. But Christie's percentage sold by value (82%) and by lot (76%) fell short of those at Sotheby's---90% and 79%, respectively. Christie's hammer total fell short of that auction house's presale estimate range.

Americans took home 67% of the sold lots tonight at Sotheby's, compared to only 32% last night at Christie's. Go figure.

David Norman, worldwide co-chairman of Sotheby's Impressionist/modern department, exulted that last night's 90% sold total by dollar value was in line with what one would expect "when the market is strong and booming." The key, he said, was "keep the estimates appealing, choose the right property and promote it with zeal."

And maybe also bring in Simon Shaw (above), who arrived in February from Sotheby's, London, to become the head of New York's Impressionist/modern department. Shaw, who was chief spokesman during tonight's postsale press conference, emphasized that the average value of sold lots tonight was $5.7 million, compared to $3.5 million at Sotheby's lackluster Impressionist/modern sale last November.

"The decisions we took were vindicated this evening," Shaw crowed to the assembled journalists---those on the premises and those of us online. We who watched from home got to hear someone warn Shaw and Norman, before the start of the proceedings, that the microphone for online transmission was already live. Shaw immediately quipped:

I was just about to sing some Celine Dion.

"My (He)art Will Go On," perhaps?

For my coverage of the sale while it was still in progress (including record prices and the priciest of the buy-ins) go here. For Sotheby's official auction results (with buyers premium), go here.