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Foreword

Methodology

the present report provides a comprehensive survey

of the auction market for francis bacons paintings

covering the period from 2003 until 2022 all thve

prices mentioned in this report are actualised prices

unless stated otherwise sales prices include buyers

premium but presale estimates do not the information

output is based on artex proprietary data

The present report provides a comprehensive survey of the auction market

for Francis Bacon’s paintings, covering the period from 2003 until 2022.

The prices mentioned in this report have been adjusted using the December

2022 US CPI-U index (consumer price index), unless stated otherwise.

Sales prices include buyer’s premium, but pre-sale estimates do not. The

information contained in this report has been analysed by Artexplored and is

based on Artex proprietary data.

LIST OF TERMS USED IN THIS REPORT:

Lots offered: The artworks that were offered for sale at auction.

Lots sold: The artworks that effectively sold at auction.

Sell-through rate: The percentage of lots sold compared to the number of

lots offered.

Average price: The mean price considering the lots sold.

Repeat sale: The number of times that an artwork was resold at auction. If

an artwork was sold twice, it counts as one repeat sale. If it was sold thrice, it

counts as two repeat sales, etc.

CAGR: The Compound Annual Growth Rate is the annualized average rate

of revenue growth achieved by an artwork over a holding period. It can be

calculated when there is repeat sales involved.

Average CAGR: The mean CAGR achieved by all repeat sales.

Presale estimates The price range in which a lot is expected to sell at

auction It is communicated by the auction house prior to a sale but is often

not publicly disclosed for highervalue artworks eg 20M 40M

Presale midestimate The average of the low and high estimates eg 30M

Price to midestimate ratio The comparative relation between the prices

achieved by the lots sold and their presale midestimate

eg Sales price Presale midestimate Presale midestimate Price to

midestimate ratio

For a 40M sales price 40M 30M 30M 33 Price to midestimate ratio

Artist Report - Francis Bacon