Pi-eX POST-AUCTION Analysis

CHRISTIE'S OLD MASTERS

LONDON, December 8th, 2015
General Analysis
Number of lots listed46
Total Hammer Prices 5.326m GBP
Number of lots Bought-In (*) 19
Hammer Price (HP) vs Low Estimate (LE) Analysis
Disappointingly 42% of the lots listed were bought in, which is more than the 25% achieved a year ago at Christie's, or the 35% at the London Christie's Old Masters Evening sale in July 2015. (2)

Even the star lot featured on the cover of the catalogue, Hans Hoffman's "A hare among plants" estimated between 4 and 6 million GBP was bought-in. For the other three lots over 1 million GBP, Han's Memling's "The Virgin Mary Nursing the Christ Child" was withdrawn before auction, Francesco Guardi's "The Island of San Giorgio Maggiore..." did not sell, and Pieter Brueghel II's "The birdtrap" sold at the low estimate price of 1 million GBP.

On average and among sold artworks, Hammer Prices (HP) were 26% higher than Low Estimates (LE). This figure increases to 80% for lots with guarantees, although 1 of the 3 guaranteed lots was bought-in.

The over performer was Bartholomaus Spranger's "The Triumph of Venus", achieving a HP 300% higher than the LE.
Performance Analysis
Total HP vs Total LE (1) 35%
HP/LE among sold works 126%
Percentage of lots Sold 57%
Best performance ratio (HP/LE) 300%
Worse performing ratio (HP/LE) 53%
Percentage of Guarantees without IRB Bought-In (*) 33%
(1) Bought-In lots are included and counted as having a Hammer Price equal to zero.
(2) For Christie's December 2014 and July 2015 sales, sales ratios may include withdrawn lots as bought-in since Christie's does not provide specific data on this.
(*) Bought-In: not sold
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