Following October’s strong auction results, sales in November brought still more record prices, reflecting the robust conditions on the global art market. Successful sales of Impressionist and Modern art, which turned out more favorably for Sotheby’s than for Christie’s this time, were followed by a vast offering of Contemporary art from both leading auction houses. Apart from the numerous new records that were set for individual artists’ markets and mediums during these sales, the auctions’ repeat sales results and the impressive investment return figures deserve special focus, as they reflect even better the health of the market.
During the first two days of November, Skate’s Top 5000 saw 43 new entries from Sotheby’s and Christie’s Impressionist and Modern art sales; the total trading volume of these works stood at $277.7 mln. Eleven of these entries were repeat sales, which saw an incredibly high average effective rate of return (ERR) of 10.16%. The weighted average ERR for Skate’s Top 5000 artworks now stands at 4.88% on an annualized basis, which is an all-time high….
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