Pi-eX POST-AUCTION Analysis

Sotheby's IMPRESSIONIST & MODERN SALE

NEW YORK, May 5th, 2015
General Analysis
Number of lots Sold50
Total Hammer Prices $321m
Number of lots Bought-In (*) 14
Hammer Price (HP) vs Low Estimate (LE) Analysis
On average and among sold artworks, Hammer Prices (HP) were 26% higher than Low Estimates (LE). This figure increases to 30% for lots with guarantees and 36% for lots with irrevocable bids.

Besides "L'allee des Alyscamp" by Van Gogh which reached $59m HP (with estimate on request only), the star of the show by value and performance was Claude Monet with five works sold out of six listed and four obtaining very strong HP/LE performance in the $10m plus category.

Pablo Picasso performed very well too with all six works listed sold for an average HP of 38% higher than their LE.

The overperformer of the evening was Giacometti with three works of art sold for HP on average 79% higher than LE, while only one work was bought-In (*). At the opposite, the underperformer was Edgar Degas with none of his works even reaching their Low Estimates and two works bought-In out of three offered.
Performance Analysis
Total HP vs Total LE 140%
Percentage of lots Sold78%
Best performance ratio (HP/LE) 267%
Worst performance ratio (HP/LE) 67%
Percentage of Guarantees without IRB Bought-In (*) 0%
(*) Bought-In: not sold
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