New York, NY Results in Review 2008: Christie's and Sotheby's Fine Oriental Rug and Carpets
First to kick off the major Oriental Rug and Persian Carpet sales was Christie's on June 3, 2008. The sale consisted of 122 lots, 85 for which were sold, (or 69.6%). Following seven days later, Sotheby's held a sale on June 11. Featured this sale were 334 lots, 224 which sold (or ~ 67%).
This winter, Sotheby's put foot forward between the two auction houses by hosting their winter sale first. The November 25th Sale featured 367 lots up to the block, with only 147 selling (or 40%): approximately a 40% drop in the number of sales as compared to June. Christie's followed foot just under 2 weeks later with their December 8 sale 2060. This sale featured 124 lots, only 64 which sold (or ~51.6%), down approximately a 27% drop in lots sold in June.
Between the two auction houses together, average percent of June, 2008 lots sold was 68.3%. For the winter, the average was 45.8% of lots sold. This is a marked decrease in percent of lots sold, down 33% vs. ~6 months ago.
What does this mean?
Although sales seem very soft, record numbers are still being hit for select lots within each sale. While there is ongoing uncertainty with present economic conditions, it seems clear that this is a buyer's market.
Full Results 2008 for oriental rugs and Carpets:
Christies June 3, 2008: 6,016,500 USD (Sale 2006)
Sotheby's June 11, 2008: 4,055,127 USD (Sale N08456)
Sotheby's November 25, 2008: 2,400,376 USD (Sale N08503)
Christies December 8, 2008: 764,750 USD (Sale 2060)