Unsold Lots, Empty Seats as Brexit Hits London Art Auctions
- About a third of lots unsold at $15.7 million auction
- Collectors are ‘trying to get their heads around’ Brexit
Fr Velimir Khlebnikov: Die Lehre vom Krieg: Seeschlachten, 2004-2010, by Anselm Kiefer.
Source: PhillipsA week of London contemporary art auctions got off to a rocky start at Phillips on Monday as collectors tried to make sense of Britain’s vote to exit the European Union and its fallout.
The evening sale at the company’s Mayfair headquarters tallied 11.9 million pounds ($15.7 million) including fees. While the result was within the estimated range, it represented a 35 percent decline from a year ago. Plenty of seats were empty and 32 percent of the lots failed to sell.