Art News: One Week of Sales at Sotheby’s Totals $752.3 Million

Art News: One Week of Sales at Sotheby’s Totals $752.3 Million

Art News: One Week of Sales at Sotheby’s Totals $752.3 Million

$BID

Tad Smith, Sotheby’s (NYSE:BID) President & CEO, commented: “Beginning with the Bowie sales in London, continuing with the Impressionist and Modern evening and day sales in New York, adding the Geneva jewelry sale performance, and ending with the Contemporary evening and day sales in New York, Sotheby’s has demonstrated that its consigning clients should be confident about the state of the markets, and its shareholders should be enthusiastic about Sotheby’s future.”

Mike Goss, Sotheby’s CFO, added: “We’re feeling very good about our fourth quarter results, but even more importantly, we’re looking forward to 2017 with a pronounced sense of optimism.”

LONDON

David Bowie’s Personal Art Collection Brings $41.1 Million, with Every Lot Sold

Over 55,500 Visitors Attend Worldwide Pre-Sale Exhibitions

The Three Sale Sessions Last Over 12 Hours, Attended by Over 1,750 Bidders

**

NEW YORK

Contemporary Art Sales Series Achieves $356.8 Million

The Triumph of Painting: The Steven & Ann Ames Collection Totals $131.3 Million

Evening Sale Led by Two Gerhard Richter Abstract Paintings,
Sold for $34 Million and $22.7 Million Respectively

Evening Sale Participation from 38 Countries, with Asian Participation Up 11% Year-on-Year

**

Impressionist & Modern Art Sales Series Brings $196.5 Million

Evening Sale Led by Edvard Munch’s ‘Girls on the Bridge’, Sold for $54.5 Million
– $20+ Million More than Its 2008 Auction Price –

A New Auction Record for László Moholy-Nagy,
Whose ‘EM 1 Telephonbild’ was acquired by The Museum of Modern Art in New York

Day Sale Led by Diego Giacometti’s Rare Octagonal Table, Sold for an Auction Record $3.8 Million

**

GENEVA

Magnificent Jewels & Noble Jewels Realize $136.4 Million

Highest Total for any Jewelery Sale across All Auction Houses this Autumn

Two Magnificent Pink Diamonds Each Soar Over $15 Million

The 8.01-Carat “Sky Blue Diamond” Achieves $17.1 Million

Sotheby’s has been uniting collectors with world-class works of art since 1744. Sotheby’s became the first international auction house when it expanded from London to New York (1955), the first to conduct sales in Hong Kong (1973), India (1992) and France (2001), and the first international fine art auction house in China (2012). Today, Sotheby’s presents auctions in 10 different salesrooms, including New York, London, Hong Kong and Paris, and Sotheby’s BidNow program allows visitors to view all auctions live online and place bids from anywhere in the world. Sotheby’s offers collectors the resources of Sotheby’s Financial Services, the world’s only full-service art financing company, as well as private sale opportunities in more than 70 categories, including S|2, the gallery arm of Sotheby’s Contemporary Art department, and two retail businesses, Sotheby’s Diamonds and Sotheby’s Wine. Sotheby’s has a global network of 80 offices in 40 countries and is the oldest company listed on the New York Stock Exchange (BID).

*Estimates do not include buyer’s premium. Prices achieved include the hammer price plus buyer’s premium and are net of any fees paid to the purchaser where the purchaser provided an irrevocable bid.

Symbol Last Trade Date Change Open High Low Volume
NYSE:BID 38.39 18 November 2016 0.90 37.61 38.53 37.39 493,700
HeffX-LTN Analysis for BID: Overall Short Intermediate Long
Neutral (0.14) Bullish (0.25) Neutral (0.19) Neutral (-0.03)

Have a terrific weekend.

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Shayne Heffernan Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

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