Clearing bands are calculated using rolling 48-month windows of auction results. For each month, we examine the distribution of prices achieved over the preceding four years and identify the price levels above which approximately 30%, 50%, and 70% of transactions cleared. Rising or compressing bands suggest stable or improving market conditions, while widening or downward shifts indicate increasing dispersion and pricing uncertainty. Used in this way, clearing bands help advisors evaluate not just “what an artwork might be worth,” but whether current market conditions are favourable for consigning at a particular price level.

Auction prices form through multiplicative bidding, where bid increments typically increase as prices rise rather than remaining fixed. This means that higher outcomes naturally exert disproportionate influence on average prices, making the mean especially sensitive to a small number of high-value sales. Median prices behave differently, as they track the midpoint of all transactions and only move when price changes are shared across a broad range of works. Comparing the two therefore helps show whether value is concentrated in a small number of exceptional sales or supported more widely across an artist’s market.