“Welcome back to the art market!”
Posted by Pi-eX Research on 11th Mar 2021
“Welcome back to the art market!” said Jussi Pylkkänen, the auctioneer of the Modern British Art evening auction arranged at Christie's on March 1st 2021.
It did, indeed, feel, that the art market was back after months of uncertainties and little live activities.
The March 1st evening sales will be remembered for many reasons:
- In just one evening, the March 1st sales (a private collection sale “A Family Collection: Works on Paper, Van Gogh to Freud” and the Modern British evening sale) generated more revenue ($61m) than all sales arranged by Christie’s in January and February 2021 ($48m).
- Sir Winston Churchill was the star of the Modern British evening sale as 3 of his artworks, never offered at auction before, sold for £9.4m (over $13m) total Hammer Price.
- The 2021 Modern British evening sale showed one of the best performances overall in the Modern British Art market segment since 2012 as only one lot was bought-in (unsold) and 70% of all lots auctioned obtained Hammer Prices above their initial Low estimates.
After months of uncertainties, it certainly felt good to see the art market back!
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