Christie’s Sales Are Middling Despite Peter Doig's Showstopper

Christie’s four sales in London during Frieze week scored a B on the HENI Auction Index. Despite a headline-grabbing bidding war for a Peter Doig painting that sold for more than $19m, the auction house's overall performance was less impressive than it might at first appear.

The HENI Auction Index is a unique benchmark of auction performance based on 10+ metrics. Looking beyond the standard measurements of success: sales totals and sell-through rate, provides a more nuanced picture of the sales held from October 15-17.

Auction grades

The auction house made much of the fact that the total of its 20th/21st Century evening was the highest in the past seven years. Looking at the four sales together, there was indeed a pick-up in total sales value and the number of lots relative to comparable sales in March. (Christie’s did not hold a major evening sale of Modern and contemporary art in June.)

However, there were only eight new artists’ auction records, which is a third below the typical number in previous comparable sales. Among them were record-breaking sales for Paula Rego and Annie Morris.

Another reason why Christie's results were less than stellar was that many works sold near their low estimate.

Christie’s score was also reduced by a significant pick-up in weak guarantees and irrevocable bids: 11% versus a typical 2% in previous comparable sales. They were “weak” because the work backed by the auction house or a third party sold at or below the low estimate.

After two tough years in the London market, Christie’s can take heart that its performance has improved in the past 12 months from a C to a B.

Sales totals in real $ and number of lots

Guarantees and irrevocable bids

Average hammer to mid-estimate ratio

Methodology: for how the HENI Auction Index classifies sales, see here