Sotheby's - Art Moderne et Contemporain Day Auction
April 24th, 2024 - Paris
Executive Summary
The Art Moderne et Contemporain Day Auction hosted in Paris by Sotheby's presented a compelling tableau of the current art market's tendencies and collector behaviors. Out of 291 lots offered, 245 found buyers, resulting in a sell-through rate of 84.19%. This strong performance rate reflects healthy demand and collector activity within the art market, particularly for modern and contemporary works. Despite this, the total hammer price of €10,297,300 suggested that the artworks generally sold for less than their median estimates of €11,246,850, indicating a market scenario advantageous to buyers. However, it's essential to note that the total value of the auction, including buyer's premium, reached €13,077,571, signifying the additional costs borne by collectors and the auction house's role in market pricing. The average price per lot stood at €53,377.84, which, although robust, indicates a range of selling points for the diverse array of artworks available.