The auc­tion­eer’s art

The Jewish Chronicle - - Classifieds -

PR I V A T E i n v e s t o r s dom­i­nated the buy­ing at Acui­tus’s lat­est auc­tion, which raised £14.5 mil­lion. Acui­tus auc­tion­eer Richard Auterac says: “This auc­tion painted a very vivid picture of the buy­ing pre­ci­sion that pri­vate in­vestors are bring­ing to the sec­tor. Where lots fit­ted their cri­te­ria, there was sus­tained bid­ding which saw guide prices sub­stan­tially ex­ceeded in the en­er­getic room.”

A Kwik-fit Cen­tre at Sta­ples Corner, London sold for £1.47 mil­lion at a yield of 5.2 per cent, while 15 Grape Street WC2, a 3,755 sq ft of­fice build­ing let to Cuba for its London con­sulate, sold for £1.4 mil­lion, at a yield of 5.5 per cent.

The auc­tion showed de­mand for all sec­tors across a wide ge­o­graph­i­cal spread, with buy­ers in the mar­ket for in­dus­trial and of­fice as­sets as well as re­tail. “Where pric­ing is re­al­is­tic — with­out be­ing soft — in­vest­ments sell,” says Mr Auterac. “This is con­stantly demon­strated by the lots of­fered on be­half of re­ceivers and ad­min­is­tra­tors and their bank clients, which sell well be­cause they cap­ture the cor­rect ap­proach to pric­ing for the as­sets in­volved.”

Vin­cent Van Gogh’s for­mer res­i­dence sold at the Savills Na­tional auc­tion. The house, with an English Her­itage blue plaque say­ing that the artist lived there from 1873-1874, went for £565,000 af­ter en­thu­si­as­tic bid­ding. The auc­tion notched up 88 per cent succ e s s a n d r a i s e d £35,740,450. Christopher Cole­man-smith says: “Our first two auc­tion sales of this year have prob­a­bly been the strong­est of any Lon­don­based auc­tion­eer ever.” A stu­dio flat in­vest­ment in Maryle­bone sold for £111,000, prov­ing you can still buy in London’s zone one at un­der £125,000.

An­drews and Robert­son achieved £20 mil­lion at its Fe­bru­ary auc­tion, which drew com­pet­i­tive bid­ding from a packed auc­tion room and saw the re­turn of fa­mil­iar faces, as well as new bid­ders. Fresh-to-mar­ket lo­cal au­thor­ity prop­er­ties with po­ten­tial for re­fur­bish­ment or re­de­vel­op­ment were very pop­u­lar. There was de­mand across the price spec­trum; larger lots sold par­tic­u­larly well. Some 84 out of 131 lots sold on the day, a 65 per cent suc­cess, while post-sale de­mand was ro­bust.

Five north London prop­er­ties with de­vel­op­ment po­ten­tial, of­fered on be­half of the London Bor­ough of En­field, caused a stir, re­sult­ing in a 100 per cent suc­cess rate. Each sold at well above guide price and way ahead of the best of­fers re­ceived prior to auc­tion, demon­strat­ing the pow­er­ful dy­namic that can be cre­ated only in the room.

Pro­pri­etor Robin Cripp, A&R’S lead auc­tion­eer, says: “There is def­i­nitely a mar­ket for cor­rectly priced stock, wher­ever the lo­ca­tion. Buy­ers, both lo­cal, na­tional and over­seas, are look­ing for a se­cure haven for their eq­uity and those with the knowl­edge to as­set­man­age prop­er­ties in regions as well as in the cap­i­tal see that there is no bet­ter place in which to in­vest eq­uity at present.”

Van Gogh’s south London house, sold by Savills for £565,000

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