Private sales at auction houses: irrelevant
Mick Weinstein, commenting on Marion Maneker’s art-market chart, asks whether the auction totals include private sales. The short answer is that no, they don’t; the longer article is that it’s important not to get snowed by auction houses desperately trying to point to any bright spot amidst the gloom. Wait until they reveal hard numbers, and in general don’t trust anything they say which isn’t backed up by verifiable facts. Especially when the bright spot being claimed by Sotheby’s is that its private sales “have not declined at all”. If Sotheby’s private sales are flat, and its public sales have imploded, you can see why its share price has cratered.