German Summer Auctions: Records and Solid Results Despite Low Sell-Through Rates

Germany's leading auction houses reported record prices for works by Wassily Kandinsky and Georg Kolbe, as well as surprising results for Paula Modersohn-Becker and Piero Dorazio during the summer auction season. Despite cautious sell-through rates—Ketterer in Munich saw nearly a third of lots unsold in its evening sale—the overall outcome was deemed solid. In London or New York, sell-through rates below 90 percent cause concern, but in Germany such figures are typical. Ketterer achieved a total result of approximately 25 million euros. The positive assessment contrasts with lower buyer engagement, highlighting a market that values high-quality lots over volume.