13 12

Auction Sales (YoY)

KEY

TAKE

AWAYS

• No more than 3 Water Lilies are auctioned every year.

• Over 27% of the lots sold had repeat sales.

• Their market saw peaks in annual sales revenue in 2008, 2018, and 2021.

FIG 3 WaterLilies Grey Weather 1907 W

1708 belongs to the second Water Lilies series

and sold in 2022 for £30M 375M or 393M

when adjusted for inf lation

FIG 4 The WaterLily Pond 1919 W 1880

belongs to the third Water Lilies series and sold

in 2021 for 508M 563M when adjusted for

inf lation

This total represents the aggregate of all auction sales prices between 2004 and 2023 each adjusted for inf lation

Considering 23 lots carrying presale estimates

Auction Sales (YoY)

Above Within Below

39%9%52%

Price

Volume

Average sales price

Total Sales

Revenue at Auction

$1.2 B

*

30

Lots offered

8

Repeat sales

27

Lots sold

5%

Average

CAGR

90%

Sell-through

rate

13.7 %

**

Average price

to mid-estimate

ratio

$44.5M

Average

price

52.2 %

**

Lots sold

above

mid-estimate

FIG 2. Water-Lilies (1904) (W 1662) belongs to the f irst Water Lilies series and sold in 2007 for

£18.5M ($36.7M or $54.6M when adjusted for inf lation).

AU C T I O N M A R K E T (2 0 0 4-2 0 2 3)

General

Overview

Lots Performance Compared to Pre-Sale Estimates**