Sotheby's

SIGNS of recovery at the top end of the art market were seen again as greater levels of international bidding emerged at the latest contemporary art auction series in London.

John Ward, head of Sotheby’s New York silver department, said it was the piece of American silver that had it all: “Large size, great condition, beautiful design by an idiosyncratic maker, fresh provenance, and a great story.”

If the price paid for Alberto Giacometti's (1901-1966) sculpture L'Homme qui Marche I is anything to go by, then the art market is now striding out of recession. Selling for £58m (plus premium) at Sotheby's evening sale on February 3, it became the most expensive object ever sold at auction.

SERIOUS levels of demand emerged for works at the very top end of the art market as this month’s flagship Impressionist and Modern art auction series raised a combined hammer total of £225.8m, massively up on the £108.8m for the equivalent series last year.

MAJOR American museums played an active role as both buyers and sellers in the latest Old Master sales in New York.

A “ONCE-in-a-century” discovery of Renaissance silver has been bought by the French State for 1.4m euros – less than a week before it was due to go on sale at Sotheby’s in Paris.

SOTHEBY’S staged a white-glove sale in London last week as 50 works from the collection of Lord and Lady Attenborough all found buyers.

THE latest series of contemporary art auctions in New York provided some further evidence of confidence returning at the top end of the market.

HAS the top end of the art market bounced back? This was the opinion ventured by some commentators after the flagship sales of Impressionist and Modern art in New York last week.

DAMIEN Hirst and juggled dates have severely skewed Sotheby’s third quarter results for 2009, contributing to a fall in revenue of 41 per cent year-on-year to $44.9m.

SOTHEBY’S latest Hong Kong Asian series saw mainland Chinese buyers come of age in the field of Imperial Chinese art.

IT’S all change among Australia’s leading auctioneers as Goodmans, linked to Bonhams since 2003, are to adopt the Sotheby’s brand instead.

The partnership between Toronto auctioneers Ritchies and Sotheby’s has been dissolved after payment deadlines were missed following a joint sale of Canadian art on May 25.

Second quarter results for Sotheby’s in 2009 show operating revenues down almost half to $167.3m on the first three months of the year thanks largely to the decline in auction totals.

SOTHEBY’S New York hold the W. Graham Arader sale on June 19, offering 204 lots from the well-known American prints and maps specialist.

After more than 40 years, Sotheby’s have scrapped their annual sale at Gleneagles and will now hold biannual sales of Scottish art in London.

Conservative estimates tailored to new realities enabled the New York flagship sales of post-War and contemporary art to set solid selling rates. But, for both major houses, the financial gulf between this year and 2008 was enormous.

SEVERE belt-tightening is the order of the day at Sotheby’s as the company ride out the downturn and position themselves to take strong advantage as the market recovers.

SOTHEBY’S Hong Kong spring sales series of classical, modern and contemporary Asian art, wine, jewellery and watches from April 4 to 8 were not as financially rewarding for the firm as in recent times.

SOTHEBY’S are to continue with their strategy of focusing on their top-end clients while reducing lot volumes below the $5000 level.