To be fair, I did contact my Christies person to see if they would offer any incentives to hit the first bid/reserve on the Banksquiat. Got a stern reminder that "...all bidders with us are subject to the same terms regardless of when they place their bid in a sale..."

It's these cycles in the market when the 25-30% friction cost of auctions becomes significant.

never thought would be cheaper to buy on Christie's Auctions than privately on here!!

Sone poor results. Phillips do these sort of auctions better with the contemporary/ultra contemporary editions sector, different audience.

You are correct they were at Phillips in October last year...really strange that the seller has had to part with them so quickly after purchasing them at what would be a sizeable loss!!

I also think we are still some way from £10k prints TBF and this auction I think will show a slight overall uptick in the general pricing. Just my view!

There’s already a WSM on here for sale for £12k ish so we’re not a million miles away. 

It’s over in the Banksy wanted section for some reason. It’s Stateside. $15k so a touch over £12k 

Just seen the results. Bad day for Banksy prints and looks like low confidence could be around for a while.
A good time to pick up that Banksy you always wanted - one day you may see this dip as an opportunity missed.

What's the logic in having so many Banksy's in a online only auction that is titled 'Contemporary Edition: London' ?

I wonder if too few people saw this auction, if having so many Banksy's in one place (I counted 28) undermined buyer perception of scarcity, and without in-person bidding, was energy missing?

Not trying to diminish the current underlying economic climate, just seems this auction had poor market positioning given the times.

I'm interested in others' comments who have more experience?

50 sets is quite a lot though, I remember the grappling hooks not doing great in the first few auctions and they are proper museum grade works of Art. If the drones are the same as what was at The Walled off, they are pretty small... they are quality though.

I sold at this equivalent auction in March 2022. I'm so I glad I did now. My only regret is not selling in 2021. Christies seem to do zero advertising. Their comms to sellers and pretty much everyone else is awful. I'm talking months just for an email reply and right up until the hammer strike I was being pressured to lower my reserve which I didn't and the sale just about made reserve. I don't understand why these online only auctions aren't advertised more in the national press

Christies auction ending tomorrow. Some solid works throughout and currently looks like some deals on a few sculptures (Invader, Sorayama, Ai Wei Wei, Kusama). Wonder where the bidding will end on these.

onlineonly.christies.com/s/contemporary-edition/lots/3431?loadall=true&page=2&sortby=LotNumber

Christie’s are a very reputable auction house and I’ve bought from them many times and never had an issue. I think some of the prices are reasonable, some are ambitious in the current market (even at the low estimate) when you factor in that you will have to add c35% to the hammer price for Buyers Premium, VAT and ARR when you buy.

Some great pieces in this sale including 3 excellent Bridget Rileys.

1.  Leaving aside purchasing directly from source, it would be difficult to get better provenance than for an auction item coming from Christie's or Sotheby's — even if it is but a mere online‑only sale.


The flipside is that there is often a premium attached to such desirable provenance.

All other things being equal, including any condition issues, you may very well be able to secure the same editioned artworks more cheaply at second or third‑tier auction houses. Or at frankly-dodgy auction houses or other platforms like eBay, where much greater caution and enhanced verification checks become necessary.



2.  If serious about any of the Christie's lots, make sure to attend one of the viewing days at 8 King Street, London SW1Y 6QT*.

Relying solely on condition reports can be unwise in my opinion, especially if you have the opportunity to see the relevant lots in person.



3.  Should you decide to register to bid, do your pricing due diligence beforehand on any artworks of interest.

Then set maximum bid limits for yourself. It is worth writing these figures down on a sheet of paper, and undertaking to not exceed them.

Provided you've done your homework thoroughly on recent sale results for identical or comparable editioned pieces (in the current market, stick to auction results from the last 12 months), your maximum bid limits should normally be defensible.


What you should seek to expressly avoid is becoming emotional while bidding. This easily occurs in the heat of the moment.

When others are competing against us for the same lots, our egos can interfere with the rational decision-making process. We then risk "winning" stupidly, by paying above the odds, instead of walking away if the bidding goes beyond our preset limits.



4.  As already referred to in this thread, remember to add 35–36% on top of each bid you make.

The final amount due to the auction house will be the hammer price, plus the buyer's premium of 26%, VAT at 20% on the buyer's premium, and the droit de suite / artist's resale royalty. You may also need to factor in separate shipping charges.

See section D of the Christie's Conditions of Sale*.


__________


Scanning this Contemporary Edition sale, what strikes me most is the following:


The two Josh Sperling items (lots 4* and 11*) and the Javier Calleja diptych (lot 135*) have already received bidding at levels in excess of their artistic value.

And there are still two weeks left to go.

Sadly, that leaves me out of the running for those pieces.

Just can't compete with the high‑rollin' sneaker boyz. All I can do is eat their dust.


Lot 4


Lot 11


Lot 135