Barnard Marcus this week posted its lowest success rate since 2011 at its penultimate sale of the year, but it has already topped last year’s sales.
The 17 November sale raised £19.7m – the lowest total since May 2013 – off a 64% success rate.
In line with a slowdown in the residential market, Barnard Marcus’ auctions have steadily declined from a March peak of £40m raised in a single auction with an 87% success rate.
However, so far this year the auction house has sold 297 more lots than last year and has already beaten 2013’s total value of £211m, taking £240m in 2014 to date.
Of the 203 lots offered in the latest sale, 102 sold in the room and 27 sold prior.
The top lot was a freehold detached house with planning consent in Cheam, Surrey, which sold for £1.2m off a guide price of £450,000.
Sold on behalf of the London borough of Sutton, the former children’s home sits in just over a third of an acre. It was bought by a private buyer who intends to develop the site.
Another highlight was a three-storey, six-bedroom house in Balham, SW12, which sold for £1m. It is in need of modernisation and is currently vacant. It was sold by the London borough of Wandsworth and bought by an owner-occupier.
“The auction got off to a great start, with everything selling at good prices.
owever, repossessions in provincial locations let us down,” said auctioneer Chris Glenn. “Regardless of what people say, London is still doing well. When you put the right type of stock in front of people, they will buy it.”
The auction took place at the Grand Connaught Rooms, WC2, which will also be the venue for the firm’s last auction of the year on 16 December.
