Pi-eX POST-AUCTION Analysis

Sotheby's OLD MASTERS

LONDON, December 9th, 2015
General Analysis
Number of lots listed 44
Total Hammer Prices 19.305m GBP
Number of lots Bought-In (*) 15
Hammer Price (HP) vs Low Estimate (LE) Analysis
On average and among sold artworks, Hammer Prices (HP) were 111% higher than Low Estimates (LE). The average reduces to 89% if bought-in works are taken into account. (1)

Both the star lot John Constable's "The Lock" and the guaranteed lot Jan Gossaert's "The Virgin and Child" were sold for exactly their Low Estimates (LE), respectively 8 million GBP and 4 million GBP.

The remaining lots over 1 million were bought-in(*). This included Sir Anthony Van Dyck's "Portrait of Queen Henrietta Maria", estimated between 1.5 and 2.5 million GBP and Gaspar Van Wittel's "Florence, a View of the City from the Right Bank ...", estimated between 1.0 and 1.5 million GBP.

"A Grotto in the Gulf of Salerno..." by Joseph Wright of Derby achieved the best performing HP versus LE ratio with 550% as it sold for a Hammer Price (HP) of 550,000 GBP.

34% of lots were bought-in, compared to 16% a year ago and 35% in July 2015.
Performance Analysis
Total HP vs Total LE (1) 89%
HP/LE among sold works 111%
Percentage of lots Sold66%
Best performance ratio (HP/LE) 550%
Worse performing ratio (HP/LE) 75%
% of Guarantees without IRB Bought-In (*) -
(1) Bought-In lots are included and counted as having a Hammer Price equal to zero.
(*) Bought-In: not sold
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