Sotheby's and Christie's October Auctions: Mixed Results in Paris and London

Sotheby's and Christie's held their most significant contemporary art auctions of the season in Europe, adopting new formats to respond to the Covid crisis. Both houses combined thematic sales across Paris and London, streaming them online with limited in-person attendance. Sotheby's coordinated from London with audio-video links to Paris and an Asia desk, while Christie's had auctioneers in both cities. Christie's setup proved more functional, avoiding the confusion that cost Sotheby's €50,000 on lot 20. Streaming attracted 200,000 viewers for Christie's, but few bids came via websites and most significant sales were made by London agents. Results were mixed: many lots sold below estimates or went unsold. Sotheby's sold 89 lots: 8 above high estimate, 28 below low, 16 unsold. Christie's sold 57 lots in its 20th Century sale (14 above, 17 below, 6 unsold) and 31 in Thinking Italian Art (6 above, 6 below, 13 unsold). Top lots included Banksy's 'Show Me The Monet' (£7.5m with premium at Sotheby's London), David Hockney's 'Portrait of Sir David Webster' (£12.8m at Christie's London, sold by the Royal Opera House), and Peter Doig's 'Boiler House' (£11.9m). Pierre Soulages' painting sold for €5.4m at Christie's Paris, below its €6-8m estimate. Marina Abramović's VR work 'The Life' sold for £230,000, well below estimate. Italian art sales at Christie's saw many unsold lots despite strong selections.