Auction houses v Art dealers
Yesterday I spent the whole of my afternoon following the Christie’s auction of Modern British and Irish Art.
The famous auction house has adapted to the digital age by holding auctions online.
It attracts a more global audience but I felt some of the bidding tension one experiences in the room was lost.
The hammer price is not the one the successful bidder will pay as on many lots there is a buyer’s premium of 30% as well as associated costs to be added.
The bidder will also have to pay for carriage and VAT.
The dealer is more accommodating on price through negotiation but their commission can be 50% and you need to check on Art Net the price history.
The dealer will argue that their cost includes provenance, which can be an important issue if the work was ever looted or culturally appropriated.
In most lots yesterday the estimate was reached and in the case of the inner sleeve of Sergeant Peppers by Sir Peter Blake bettered reflecting the popularity and collect ability of pop memorabilia.
Victorian art (William and Winifred Nicholson, Augustus John is good value) but 20th Century British art (Patrick Heron , Patrick Caulfield , Christopher Wood) was fetching high prices.
Reflecting the interest in women artists Pauline Boty, Prunella Clough, sculptress Elizabeth Frink sold well.
If one believes the art journalists like Melanie Gerlis in the Financial Times , the auction houses are losing the battle to the dealers. Sotheby ‘s profits are 88% down , Christie’s 22% whilst the big players like Gagosian dominate the market.
