London auctions pass test with second highest total since June 2008 peak.
ArtTactic's Auction Analysis Reports summarise and analyse recent auctions from the key auction houses for each specific geographical region. By collecting and graphing data including volume of sales, average price and bought in rates, the reports are able to judge the success of auctions by comparing the final results to pre-sales expectations.
Last week’s contemporary art evening sales in London passed the test when it raised a total of £118.8 million against a pre-sale estimate of £95.2 - £134.7 million. This is 16% higher than February 2011, but still 38% below the peak in June 2008. The average auction price for the three sales was £796,612, which is the second highest average price achieved since June 2008.