London Art Auction Sales Down 28% as Ultra-Contemporary Works Struggle
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Combined evening sales at Christie's, Phillips, and Sotheby's in London totaled £114.2 million before fees, down 28% from last year per ArtTactic data.
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Christie's did well with £62.69 million in sales, up 3.7% year-over-year, but Sotheby's only made £37 million, a 55.5% decline.
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Top lots included a Van Dongen painting for £9.1 million and a Basquiat work for £8.8 million at Christie's.
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Ultra-contemporary works struggled, with sales down 50.6% versus last year in London.
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Weak results in Hong Kong for Sotheby's and Phillips signal high seller expectations don't match market conditions.