"I did feel some relief. We continue to monitor it closely."
"These irrevocable bids helped achieve a robust sell-through rate of 94%."
"On the surface, results were solid... although they came short of their estimates."
"The evening also resulted in losses for a few consignors, most notably the owner of Lucio Fontana's galactic canvas."
In the lead-up to Christie's marquee spring sales, news of a temporary US-China tariff reduction provided relief to its new CEO, Bonnie Brennan. To mitigate financial risk, Christie's relied on substantial third-party guarantees that covered over half of the lots. The sales featured significant collections, yielding a total of $489 million, falling within pre-sale estimates. Although the sell-through rate was an impressive 94%, the bidding was described as shallow, resulting in some consignors facing losses, particularly in the case of artist Lucio Fontana's works that had previously sold for much higher amounts.
Read at Theartnewspaper
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