The evening sale of the first part of Gerald Fineberg’s collection laid bare the market shift for blue-chip postwar and contemporary art.
With no guarantees or irrevocable bids to prop things up, we saw the market adjust to the broader economic reality. Lot after lot sold for less—sometimes far less—than the presale estimates, which were set months earlier and reflected a more robust market. The auction house and the Fineberg estate agreed to lower the reserves. Savvy collectors, dealers, and advisers saw an opportunity—and went shopping. In the end, 91 percent of the 65 offered lots found buyers despite the fact that the event was sold only 76 percent when comparing its hammer price against the low estimate.
Below, the story by the numbers…
Next up: Sotheby’s evening sale, The Now, on May 18. Check back throughout the week for our continuing coverage of this spring’s sales slate.
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