Auction Live Stream – Sotheby’s attempt to stream its art sale live The June 29 auction of modern, glamorous and contemporary pieces showed that buyers are not ready to bid on art online.
The live art auction began on June 29 at 12:30 p.m., New York time. It was almost midnight for London and dawn the next day for Hong Kong. Oliver Barker, president of Sotheby’s Europe, conducted the sale from an eight-screen studio in the London auction house’s warehouse; Film actor Joel Mischon, whose production company produces “The X Factor” and “Strictly Come Dancing,” was called in to coordinate the operation. Yet for all these technological innovations, tradition was also reflected: workers in New York and Hong Kong took phone calls on old-fashioned landlines with coiled black cords. A traditional carved shield—lowered to complete the sale after what the auction house calls a “fair warning”—is placed on the podium.
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It was a week of tests and changes in the auction market. Former Christie’s auctioneer Loïc Gouzer, who brought in a world record Leonardo da Vinci that sold for $450 million in 2017, announced that after taking time off to recover from Lyme disease, he was returning with a members-only auction program. a painting for a week. The offer will not last more than a few minutes (“You sleep, you fail,” he told them).
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) Christie’s, on the other hand, announced that it was merging its Impressionist and Modern art with its Modern art departments, eliminating the decades-old separation. But it was the real-time Sotheby’s replay of the canceled spring sale that got the most attention. At the helm was Mr Barker, who presided over Damien Hirst’s famous auction in 2008 on the day Lehman Brothers collapsed and the Dow Jones fell more than 500 points.
The June 29 sale was the culmination of planning and development that began a year ago when French telecommunications magnate and art collector Patrick Drahi took Sotheby’s by surprise for $3.7 billion. Mr. Drahi appointed Charles Stewart, a former investment banker and media executive, as CEO to increase the company’s use of technology. Prior to the auction, visitors were invited to view the art online and use augmented reality to locate the artworks in their homes. “You get to the point where technology has to get out of the way so that the client can appreciate the art,” says Stefan Pepe, whom Mr. Stewart appointed to lead Sotheby’s new products and technology division.
Nothing is left to chance at night. Many of the lots were secured or had “irrevocable third-party offers” before bidding began, meaning they sold early. But there were still some lessons that the entire auction market will now be pondering. First, despite the prowess of Mr Mishcon’s production, the real-time international auction is a wooden bear: it took almost five hours to sell 62 lots, more than three times what would have been sold on the auction floor. By the end of the night, everyone was tired.
Second, the works that sold easily were contemporary, reasonably priced, and scarce. “The Age of Visibility,” Matthew Wong’s incredibly dense 2018 landscape, was estimated to fetch $60,000-$80,000. Buyers interested in getting their hands on it left pre-sale offers of up to $850,000. and broker; after others bid higher, the painting sold for $1.8 million. (Wong, a Canadian artist, died last October, and his work almost never sells.) Conversely, more difficult works tend to be much more difficult to sell, even if they are large. Clyfford Still was one of the key figures of American abstract expressionism. He left almost all his work in the museum, and rarely comes to auction. Although he is a master, and painted “PH-144 (1947-Y-No.1)” at the peak of his career, he attracted only one bid on the night. An American collector acquired it for a low estimate of $25 million plus fees.
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Third, and this may be the most important takeaway from Sotheby’s sales, at least in the right categories, buyers are no longer afraid to bid on art online, even at the highest level. Previously, the most money ever spent on a single item at an online auction was $5.99 million for a diamond ring at a 2016 sale in Geneva. At the Sotheby’s sale, an online bidder from China spent more than ten minutes trying to get it. money. . Francis Bacon’s epic “Triptych Inspired by Aeschylus’ Oresteia”. The fact that he didn’t win in the end is more important than the fact that he was willing to give away $73.1 million online in the attempt. (Finally sold over the phone to a client of Grégoire Billault, head of modern art at Sotheby’s in New York, for $84.6 million)
For auction houses, online bidding is easier, cheaper and easier to manage than traditional bidding. Sotheby’s says the audience for the digital auction was five times the average for the evening’s big sales, where it sells its most expensive items, evidence of strong global buying power. A third of its new customers in the past year have been online bidders. Each auction house wants more, and each spends more money. Sotheby’s may be the first to live stream a major sale, but it won’t be the last.
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A recently discovered painting made headlines in 2017 when it fetched $450 million at auction. Then it’s gone again We use cookies to personalize content, provide social media features and analyze our traffic. You have the right to disable cookies at the browser level, although this may affect your experience. Read more
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