No Wonder Christie's Axed Motorcars

Tonight Christie's capitalized on the interest in its Post-War and Contemporary art auction to make available a watch-only webcast of the sale, something it usually requires an active bidder number to do.
After watching Christopher Burge sell 62 of the 67 lots offered (92.5%) in just about two hours the business judgement which resulted in axing the Motorcars Department is apparent. The sale brought in $287,930,000 hammer and about $322,481,600 with a 12% buyer's premium. 22.6% of the lots sold under the low estimate, 48.4% sold over the high estimate, leaving only about 29% of the lots to sell within the pre-sale range.
Now, admittedly it takes a huge effort, massive amounts of capital and an immense overhead structure of specialists, managers, client services and other staff to pull off 67 consignments that are worth nearly a third of a billion dollars. To support it, on the other hand, Christie's earned something like $50 million from commissions and an unknown amount from profits and profit-sharing on guaranteed lots.
Some of the transactions were breathtaking, like Andy Warhol's "Muhammad Ali". Estimated at $2-3 million, the auction room was holding its collective breath when it sold for $8.8 million to a phone bidder. Warhol's "Liz", on the other hand, sold earlier in the sale for $21 million despite being estimated at $25-30 million.
What I know about the art market can be written on a small paper, but I do know enough to see that this market is very healthy, there are plenty of bidders and they have plenty of money, both collectively and individually.
Christie's made the decision to employ its resources and attention selling art rather than selling old motorcars.
On the strength of tonight's sale it's impossible to argue with that decision.