February 2021 saw a decrease by almost 7% in the Pi-eX AMI vs previous month, from US$7.320b in January 2021 to US$6.832b in February 2021.
After a short period of growth in December 2020 and January 2021, the fall of the Pi-eX AMI in February 2021 shows how challenging the recovery has been for the auction houses following the Covid19 pandemic.
- The decrease in the Pi-eX AMI reflects a 90% fall in February 2021 of the combined monthly revenue at Christie’s, Sotheby’s, and Phillips year on year.
- The February revenue drop is linked to the late scheduling of the London February Marquee sales.
- While the dramatic drop is due to a scheduling shift of the London February Calendar sales from February to March and April, the poor results show that no other auction was able to compensate for the shifted calendar auctions
- With 92% of the auctions arranged in February by the auction houses being online sales, the results once again highlight the challenges faced by the auction houses in their efforts to adapt their business model in this time of crisis.
More information: Pi-eX Auction Market Index (Pi-eX AMI)