Sotheby's

SOTHEBY'S keenly anticipated sale of the collection of the late Sir David and Lady Scott on November 19 provided a confidence-boosting result. Any pre-sale fears that the ‘unfashionable’ Victorian pictures it contained might damage results were soon put aside.

THE latest series of contemporary art auctions in New York showed how much the market has fallen since its peak. With sale totals down well over 50 per cent from last year’s autumn series held at the height of the boom, the extent of the damage caused by the current economic distress and diminished confidence amongst buyers was manifest. The question now is will prices stabilise or fall further?

GUARANTEES slashed, costs to follow. That’s the message from Sotheby’s as they announce third quarter losses of $46.2m. And consignors will have to be more realistic about the deals they can secure and their expectations at auction in future.

Following the sometimes painful results of last week's Impressionist and Modern art sales in New York, there can now be little doubt that the worldwide financial distress is undermining demand for trophy paintings and sculpture. All sales missed their low estimates by some margin.

THE balloon-like market for contemporary art lost much of its air last week as both the Frieze Art Fair and its related auctions suffered the full force of the global economic crisis.

An American collector has filed two lawsuits against Sotheby's, alleging they concealed a financial interest in and inflated the price for an Edward Hicks' Peaceable Kingdom that he bought in May for almost $10m.

Sotheby’s have announced that they are to open an office in Doha and are planning a series of auctions in the Qatari capital in early 2009.

As experienced art dealers discussed the £95.6m sale of 233 new works by Damien Hirst (b.1965), it was the word 'celebrity' that cropped up the most to explain the phenomenal prices seen at the Beautiful Inside my Head Forever sale.

Markenfield Hall, a 14th century moated manor house near Ripon in Yorkshire, has won the new Historic Houses Association and Sotheby’s Restoration Award for 2008.

SOTHEBY’S have announced that, as of next year, all their dedicated contemporary Asian art sales will be held in Hong Kong.

AT Sotheby's on July 17, a wooden file box containing nearly 4000 index cards compiled by the father of professional forensic pathology, Sir Bernard Spilsbury, sold at £15,000 to a collector.

SOTHEBY’S dependence on the contemporary art market could hardly be clearer than in their latest set of figures.

LONDON’S latest contemporary art sales saw vast sums of money continuing to be channelled into top-end post-War art as prices and confidence in the market remained high.

London’s flagship June Impressionist and Modern sales saw Christie’s and Sotheby’s notch up a premium-inclusive total of £298m between them in three days.

Sotheby’s have announced the highlight of their autumn series: an auction of new works consigned by Damien Hirst on September 15-16.

AN influx of Russian buyers was in town last week to flex their wallets and work their way through a week-long series of Russian sales in four London rooms. On offer was a rich mix of paintings, Fabergé, arms and armour, porcelain, metalware and anything else the auction houses thought might tempt the Russian palate.

Sotheby’s New York and Christie's King Street both withdrew furniture lots provenanced to dealers John and Carlton Hobbs from sale last week – casualties of the unfolding "fake" furniture scandal first exposed by The Sunday Times.

Christie’s are to adjust their buyer’s premium thresholds, with effect from June 2, in line with changes announced by Sotheby’s last week.