Reflections on the Fall Auction Season (Intro to Round Ups)

It was a jam-packed auction season—the first in two years with in-person audiences—with some standout collections and blue-chip artworks that led to a soaring $2.6 billion in generated revenue for Christie’s, Sotheby’s, and Phillips. Due to time, I did not get a chance to cover the Phillips sales, but in the next few blog posts, I summarize some highlights from the modern and contemporary auctions at Sotheby’s and Christie’s. But here, first, an introduction of sorts, with a few over-arching points and themes to touch on:

In a sign of our ever-changing times, it’s worth noting that Sotheby’s has yet again restructured its marquee sales into different categories. You may recall in my December 2020 post, I recounted the confusing structural changes that the auction houses experimented with in the face of the pandemic, including global online “relay” auctions, throwing in some Old Masters (and T-Rexes) into the mix, and generally shaking up the time-honored categories of “Impressionist & Modern” and “Postwar & Contemporary.” And for their 2021 Spring auctions, Christie’s committed to a permanent change away from these categories to respective 20th and 21st century sales, the parameters of which are noted as “flexible.”

This fall, Sotheby’s announced they are restructuring the modern and contemporary evening auctions into 3 sales: “The Modern,” (covering late 19th to early 20th century art), “The Contemporary,” (covering postwar art to the late 20th century) and “The Now” (art of the last two decades). A Sotheby’s representative noted that, like Christie’s’ groupings, these parameters are flexible, because the sales also take into consideration stylistic—rather than strictly chronological—factors.

Sotheby’s’ and Christie’s’ creation of marquee sales just for 21st century art reflects the unprecedented market demand for art by living artists. There is no doubt that the art in these contemporary sales is absolutely fabulous, and when you survey the modern and contemporary sales, the newest work does feel fresh and incredibly satisfying. With waiting lists at galleries for some of the hottest emerging artists—who can only produce so much (good) art in a year—artworks that were painted in 2019, 2020, and 2021 are showing up at auction, and bursting past their estimates at jaw-dropping rates.

The concern of many in the artworld, however, is that emerging artists are missing out on the financial returns. More often than not, it is collectors who are flipping the paintings, after having purchased them at modest “emergent prices” from the artist’s gallery. We are seeing some glimpses where artists are submitting their paintings straight to auction, and reaping the rewards. Until recently, it was considered inappropriate—and even arrogant—for an artist to bypass galleries and sell new work directly to auction. Damien Hirst was one such rare case with his 2008 Sotheby’s auction of new work fresh from his studio, and even as a market veteran, he was called “cocky” by more than one critic for the stunt.

In the NFT market, it is almost exclusively artists who are selling their work at auction (see my post on the Christie’s auction with Beeple’s recent HUMAN ONE, or my general blog post on NFTs, for more on the current NFT trend). But anyways, perhaps with the new trend toward contemporary—and the auction houses’ pivot to serve this market—it’ll be more commonplace to see artists selling directly through auction.

Sotheby’s took another note from the Christie’s playbook, too: they took advantage of the many eyes on the popular modern and contemporary sales to squeeze in an anachronistic but high-profile item: a single lot sale of a copy of the original printed U.S. Constitution, one of only two copies that exists in private hands (out of 13 extant copies total). Wedged between “The Now” and Contemporary evening sale, the Constitution was offered by private collector Dorothy Tapper Goldman, and sold to billionaire collector Kenneth Griffin for $43.2 million.

As always, year on year, as the art market continues to reach dizzying and seemingly endless heights, I reflect on what it says about our culture and society at large. While I love art—which, if you’re reading this blog, I am sure you do too—I am alarmed at the excess of the artworld, especially now, when so many people in the world face financial insecurity in the midst of COVID. The strength of the art market is a symptom—and powerful symbol—of the growing wealth inequality of our times. So until we address wealth inequality in a major way, I don’t think we will see much of a deflation in the art market soon.

There was a lot to cover this year, so I’ve broken up the summaries of the auctions’ offerings into different posts—you can read about Sotheby’s’ sales here, and Christie’s’ sales here. Remember, when I speak of pre-sale estimates it refers to hammer prices, whereas any final selling price I quote includes the buyer’s premium (the buyer’s fees to the auction house).

As always, peace, love and art.

Until 2022.

Fall Auction Round Up: Sotheby’s

It was a very successful season for Sotheby’s. The big highlight of the week was the sale of divorced mega-collectors Harry and Linda Macklowe.

After nearly six decades of marriage (and art-collecting), the couple went through a bitter divorce. There were 65 artworks for which the divorcees could not agree on a value or settlement, so in 2018 a judge ordered them to sell these works and split the revenue.

Sotheby’s won the bid for the collection, on the promise that they would guarantee at least $600 million to the Macklowes. Well, they delivered: of the 35 lots offered in this single-owner sale, a whopping 20 sold over $10 million, with the final tally coming to a staggering $676 million dollars with fees.

Alberto Giacometti, Le Nez, 1947-49 (cast in 1965), sold for over $78 million. Image courtesy of Sotheby’s.

The biggest ticket items included Alberto Giacometti’s Le Nez (conceived in 1947-49, cast in 1965) which took home $78,396,000; No. 7, a warm Mark Rothko canvas (1951), which achieved $82,468,500; Warhol’s Nine Marilyns in silver from 1962, which took $47,373,000; and a Jackson Pollock which soared past its $25–35 million estimate to sell for $61,161,000 (Number 17, 1951).

My favorite of the sale: Franz Kline’s Crosstown (1955), which brought $12,0401,250 (surprisingly just inside its low estimate of $12–18 million).

Franz Kline, Crosstown, 1955, sold for just over $12 million. Image courtesy of Sotheby’s.

Next, let’s touch on the “The Now” auction. Sotheby’s scheduled this 23-lot auction of ultra-contemporary art as a kind of opening act for its main contemporary evening sale, hoping to generate buzz and interest. It paid off: several artists records, and a 100% sell-through rate that generated $71.8 million, well over its collective presale estimate of $36.6–53.2 million. Perhaps the biggest surprise of the night was the opening lot: Lisa Brice’s No Bare Back, after Embah (2017), which exploded past its estimate of $200,000–300,000 to bring over $3.1 million, crushing the artist’s previous auction record of $34,500.

Lisa Brice, No Bare Back, after Embah, 2017, sold for $3.1 million, over ten times its high estimate. Image courtesy of Sotheby’s.

Toyin Ojih Odutola, now ever-present in contemporary art auctions, also set a new record with Through Line, which took $2.2 million for the evening. This beats Odutola’s record of $832,700 that was set at Sotheby’s Hong Kong this past April.

Yoshitomo Nara, Nice to See You Again (1996), sold for over $15 million. Image courtesy of Sotheby’s.

Undoubtedly the starlet of “The Now” auction was Yoshitomo Nara’s 1996 painting Nice to See You Again. This menacing little tyke had a presale estimate of $8–12 million, ultimately earning $15.4 with fees. Other favorites included Matthew Wong’s exquisite Night Crossing from 2018, which tore past its $1–1.5 million estimate to earn $4.86 million; Hernan Bas’s Night Flight or Midnight Migration, or My Merry Way (2008), which took $746,000 against an estimate of $150,000–200,000; and Mickalene Thomas’s Portrait of Maya #10, which sold for $528,200.

In a first, during the “The Now” sale, Sotheby’s allowed live bidding in cryptocurrency on two works by Banksy (Trolley Hunters and Love is in the Air). While the live bidding was conducted in Ether, the winning bidder can settle their tab in crypto or USD, so frankly I’m not sure what the point was. Alternating the currency during bidding seems arbitrary, and in this case a stunt to pump up interest in cryptocurrency. (Not to mention I think that bidding in crypto is incredibly messy, because crypto’s market is still so volatile and unstable. But perhaps that’s another blog entry…)

Sotheby’s fall season also got a nice boost from the collection of the late Douglas S. Cramer, a TV producer who died in June. Works from his collection will be sold throughout November and December, but the Contemporary auction in particular benefited from some standout works of his, including the biggest prize of the night: Roy Lichtenstein’s Two Paintings: Craig… (1983). The artist gifted the work to Cramer in 1992, and it was a gift that kept giving many times over, earning almost $20.4 million, surpassing its $12–18 million estimate.

Cecily Brown, Spree (1999), sold for $6.6 million. Image courtesy of Sotheby’s.

Two Cecily Brown works from Cramer’s collection—Spree (1999) and Bend Sinister (2002)—each exceeded their pre-sale expectations, with the former earning almost $6.6 million (the second highest record for Brown), and the latter over $6.3 million (a third Cecily Brown, Untitled (Trapeze) unfortunately under-performed, bringing only $806,500 against a $1.5–2 million estimate).

My personal favorites from the contemporary auction include two wonderful collages by Romare Bearden which bookended the sale: The Street (1975) and The Cardplayers (1982), with the former setting a new record for the artist when it pushed past its $500,000–700,000 estimate to achieve just over $1.1 million. (Personally, I think it’s insane that a national treasure like Romare Bearden doesn’t have a market even close to the stratosphere of some of today’s popular yet completely mediocre and overrated contemporary art. But what can you do…)

I also loved Charles White’s large charcoal and crayon work Nobody Knows My Name #2 (1965), which exceeded its $400,000–600,000 estimate to bring $867,000; Piero Manzoni’s Achrome (1959), which scored $6.2 million against an estimate of $5.5–6.5 million; and Robert Indiana’s athletic 5 (1964), which broke through its $250,000–350,000 estimate to achieve $528,200.

The total revenue for Sotheby’s contemporary evening sale came to $119.2 million.

Frida Kahlo, Diego y Yo, 1949, sold for almost $35 million. Image courtesy of Sotheby’s.

Finally, the modern sale. The real show-stopper was a double-portrait by Frida Kahlo, with Diego Rivera painted onto her mind’s eye in a self-portrait. Executed in 1949, the tears on her cheeks refer to Rivera’s infamous infidelity. The portrait sold for almost $34.9 million, not only shattering Kahlo’s previous auction record ($8 million) but also breaking the record for any artwork sold by a Latin American artist—a distinction previously held by none other than her husband, Diego Rivera. Sweet revenge for Frida!

Pierre Soulages, Peinture 195 x 130 cm, 4 août 1961 (1961), sold for over $20 million. Image courtesy of Sotheby’s.

Another record was broken that fateful night: Pierre Soulages, one of my favorite artists, is perhaps best known for his monochromatic black paintings, but in this case it was a black-and-red 1961 canvas that set his new record at $20.1 million, crushing the painting’s $8–12 million estimate and Soulage’s previous record of $10.6 million (set in 2018).

One of the other big attractions of the night was Claude Monet’s Coin du basin aux nymphéas, a classic late work from the artist’s famous garden at Giverny. This 1918 canvas’s gorgeous abstract composition feels decidedly modern, and sold for $50.8 million (the pre-sale estimate was not published). A few more Monet’s were included in the sale that are more squarely 19th century Impressionist works, but seemed to make the cut for the modern evening sale.

Other favorites of mine from the sale include a stunning and tame Symbolist landscape by Edvard Munch ($5.32 million) and a classic German Expressionist work by Ernst Ludwig Kirchner (I’m a sucker for Kirchner), which sold for $2.9 million. In total, Sotheby’s modern auction took in $282.8 million, against a pre-sale estimate of $192.2–266.9 million (remember pre-sale estimates are hammer prices, the final total includes buyer’s premiums to the auction house).

The new “hybrid” auction: is it worth it?

A rather odd experiment has come out of the COVID pandemic—although it’s unclear if it really has anything to do with the pandemic—and that’s the merging of departments to create a sale of mixed 19th, 20th and 21st century works. With a few rare exceptions—da Vinci’s Salvatore Mundi and a T-Rex fossil were both recently sold in contemporary art sales—the decades-long modus operandi of the auction world has been to host sales in the category of Impressionist and Modern art separately from Postwar and Contemporary art. This year amidst COVID, Christie’s started a trend of doing a global “relay” sale, which starts in Asia in the evening, and seamlessly continues in New York the same morning. Now, this December, Sotheby’s offered its first Impressionist, Modern and Contemporary art sale, based in New York.

Sanyu, Goldfish, 1930s-1940s, sold for almost $22 million in its own auction at Christie’s in Hong Kong. Image courtesy of Christie’s.

But, to make it more confusing, Sotheby’s also still offered its normal day and evening sales in New York in the separate categories of Impressionist and Modern, and Postwar and Contemporary (October 28th). Christie’s also still offered daytime sales in both categories in New York (December 3rd and 4th), and a few hours before the global relay sale on December 2nd, Christie’s also held a Modern and Contemporary Art Evening sale in Hong Kong, with offerings from an international but largely Asian-leaning roster of artists. Then there was a “separate” auction at 8 pm for a single work of art: Sanyu’s fantastic Goldfish (1930s-40s) which sold for about $21,950,000 (170,170,000 HKD). Then the relay auction—”20th Century: Hong Kong to New York”—finally officially began at 8:30 PM.

What was the point of these mixed sale experiments? There is undoubtedly a utility to separating art by category, so that a collector of, say, Cubism, knows to follow the Impressionist & Modern sales. But, given that the “connoisseur” collector seems to be a dying breed, perhaps the auction houses think it makes more sense to separate buyers by price point, and organize their sales not by date/style, but by quality. This is, in fact, how other auction departments can function—a jewelry or furniture department will separate out its “exquisite” from its “fine” property, for example (and technically, the house’s daytime and evening sales already do this separation of “fine” and “exquisite”). But will this condensing of 150 years of art really make a difference for the art market? Or does this model only further commodify art, and further stratify collectors: the ultra-wealthy collectors and everyone else? All I know is, it’s been highly confusing trying to track these sales, and I’ll go crazy trying to recap all of this, so we’re going to focus on these hybrid sales to see how they did.

Dana Schutz, Elevator, 2017, set a record for the artist at $6.5 million. Image courtesy of Christie’s.

At Christie’s in Hong Kong, where daily reported cases remain low, the auction house hosted a hybrid format of live auction—with dealers and collectors in the audience—and remote bidding via phones and online. With New York’s infection rate tipping towards 5%, bidding remained remote. The sale started off fairly strong in Hong Kong, with a handful of world records set for artists: Dana Schutz’s 2017 Elevator—which was included in the 2017 Whitney Biennial with her controversial painting of Emmett Till—sold for more than 2.5 times its high estimate to bring about $6.5 million (50,050,000 HKD), shattering her previous record of $2.4 million set last year.

Amoako Boafo, Baba Diop, 2019, set a new record for the artist at $1.14 million. Image courtesy of Christie’s.

Baba Diop (2019), a portrait by the new art world darling Amoako Boafo, sold for $1.14 million (8,890,000 HKD), shattering the record his painting The Lemon Bathing Suit (2019) set in February earlier this year at Phillips in London $880,900 (675,000 GPB). Like many emerging artists, Boafo has expressed displeasure that collectors are flipping his works for such steep profits. And the very much under-appreciated French postwar artist Georges Mathieu set a new record for his explosive Souvenir de la maison d’Autriche (Remembering the House of Austria) from 1978, which brought $2.23 million (17,290,000 HKD).

Georges Mathieu, Souvenir de la maison d’Autriche (Remembering the House of Austria), 1978, set a record for the artist at $2.23 million. Image courtesy of Christie’s.

The New York leg of the auction was a more muted affair, with several works hammering at or below their pre-sale estimates, including Andy Warhol’s Small Campbell’s Soup Can (1962; $6 million with fees), Pierre-Auguste Renoir’s Baigneuse au bracelet, Andrée (c. 1917; $2.19 million with fees), and Robert Rauschenberg’s Drawing for Dante’s 700th Birthday (1965), which, even with the buyer’s premium, didn’t break its low estimate of $1.2 million (it sold for $1.014 million). Is it possible that the lack of live audience made for less energetic bidding than the Hong Kong side of the sale? Possibly.

Pierre-Auguste Renoir, Baigneuse au bracelet, Andrée, c. 1917, did not perform very well, selling for $2.19 million. Image courtesy of Christie’s.

The real winner and standout piece of New York’s offerings in the relay sale was Henri Toulouse-Lautrec’s stunning painting of his favorite model, Carmen Gaudin, called Pierruse from 1889. The painting came from the collection of automotive mogul Henry Ford II, and had never been offered at auction before. The provenance no doubt helped the painting burst past its estimate of $3–5 million, selling for just over $9 million with fees.

Henri Toulouse-Lautrec, Pierruse, 1889, sold very well at $9 million. Image courtesy of Christie’s.

Sotheby’s hybrid sale, spanning 150 years of art, had a healthy total hammer value of $52.9 million against a cumulative pre-sale estimate of $40.1–58.6 million. The sale started off with a bang with Barkley L. Hendrick’s excellent Mr. Johnson (Sammy from Miami), 1972, which broke through its pre-sale estimate of $2–3 million to sell for just over $4 million with fees—a new record for the late artist.

Barkley L. Hendricks, Mr. Johnson (Sammy from Miami), 1972, set the artist’s new record at $4 million. Image courtesy of Sotheby’s.

The next headline grabber was Alexander Calder’s fabulous mobile, Mariposa (1951). This piece came from the corporate collection of Neiman Marcus, which is selling off its holdings since filing for bankruptcy. The mobile sold for more than double its high estimate, or $18 million with fees.

Alexander Calder, Mariposa, 1951, sold for over $18 million. Image courtesy of Sotheby’s.

The other big surprise of the evening came with Matthew Wong’s Pink Wave, a 48 x 60-inch oil on canvas dated to 2017. Tragically, the artist committed suicide in 2019 just as his career was taking off. But, as one might expect, the death of the artist makes for a finite inventory, which has accelerated his market: Pink Wave exploded past its pre-sale estimate of $300,000 – 400,000 to sell for $2.35 million with fees. Believe it or not, that makes it only the third highest auction result for the late artist.

Matthew Wong, Pink Wave, 2017, sold for $2.35 million. Image courtesy of Sotheby’s.

Despite these marquee prices, the success of Sotheby’s hybrid sale is misleading: one might be confused by the mention of Milton Avery and Edvard Munch works in the press release, neither of which was included in the sale. Artnet reports that nearly twenty-percent of the entire sale was withdrawn prior to the auction, ostensibly because tepid pre-sale interest augured poor results. No bueno.

Are these hybrid sales worth it? I’m not yet convinced, but obviously it’s a new experiment that needs further testing.

2020 was a challenging year for the art world—galleries and art fairs certainly reported lower sales, and many arts professionals find themselves under- or unemployed. But, as we have seen with the ever-widening wealth gap in this country, the ultra-wealthy have been doing just fine. Sure, some have tightened their purchases and prioritized other investments in this economic downturn, and the market reflects some of that conservatism. But with artist records still being broken, and many millions still spent on blue chip artists, the .01% are still keen to buy art. Unfortunately, only .01% of galleries and artists are benefitting from this patronage. I may be one of the few art advisors you’ll hear say this, but here it is: we need the market to continue to contract before the art world implodes.

Fall 2019 Auction Roundup: Young Artists Bring Big Returns Amidst an Otherwise Humdrum Season

This year’s Fall modern and contemporary auctions in New York were once again a mixed bag: there were no real headline-grabbers, and there even a handful of flops. But there were also some bright spots; several records were set, and as blue-chip artists become more and more out of reach for most collectors, more buyers are purchasing younger contemporary artists’ work at auction, especially those artists for whom there’s a waiting list on the gallery circuit.

Ahead of the sales there was cautious speculation of how global turmoil—Brexit, protests in Hong Kong, and the Trump impeachment inquiry—could impact the art market. Once again, there’s mixed data on this; while there is generally some soft market contraction, there was spirited bidding this season from Asia, including Yoshitomo Nara’s smashing new auction record of $25 million at Sotheby’s in Hong Kong, despite its political upheaval. And although the fall New York auctions were more subdued than the last few years, sell-through rates were still strong, and every auction sold within its pre-sale estimate range. Ultimately, despite some soft contraction, the art industry survived 2019 with few scratches. Let’s recap some of the auction highlights, starting with the Impressionist and Modern sales, and move our way up to contemporary.

Artnet sales by price chart
Less paintings sold above $10 million in 2019 than previous years–but that’s not necessarily a bad thing. Chart courtesy of artnet.com

Generally, the Impressionist and Modern category slowly continues to downshift in value; Christie’s and Sotheby’s Imp & Mod evening sales this fall were down 52% and 40% respectively from the equivalent sales in May. But it is important to remember that there were some blockbuster artworks offered in May: Monet’s Mueles (1890) set a record at Sotheby’s for any Impressionist work at $110.7 million, and works from the esteemed S.I. Newhouse collection gave Christie’s Imp & Mod sale a $100 million boost.

Boccioni - Unique Forms
Umberto Boccioni’s Unique Forms of Continuity in Space, 1913 (1972 cast), set a record for the artist.

Christie’s took in $191.9 million (with buyer’s premium) against a pre-sale estimate of $138–203 million; this was a 31% drop from the equivalent sale last November of $279.3 million. Only sixteen of the 58 lots had in-house or third-party guarantors, which accounted for about $53.3 million of the total sale. One of the great highlights of the sale was Umberto Boccioni’s Forme uniche della continuità nello spazio (Unique Forms of Continuity in Space), the artist’s undisputed masterpiece. Boccioni was one of the founding members of Italian Futurism, and just as his work was maturing, he tragically died in 1916 during a training exercise in World War I, at the age of 33. With a curtailed body of work, Christie’s specialists noted that this was a difficult lot to price; it is only the second time in a century that one of Boccioni’s sculptures has been offered at auction. The auction house conservatively estimated the work at $3.8–4.5 million, but the bronze busted past its high estimate to sell for a record $16.2 million, with fees.

Caillebotte - Richard Gallo portrait
Gustave Caillebotte’s Richard Gallo et son chien Dick, au Petit-Gennevilliers (1894)

Sotheby’s Impressionist and Modern evening sale outperformed Christie’s, raking in $209 million; unfortunately, this was still far below the equivalent sale from May ($349.8 million) or last November ($315.4 million). One of the gems of the evening was Gustave Caillebotte’s Richard Gallo et son chien Dick, au Petit-Gennevilliers (1894), a large, richly-painted portrait of his friend walking along the Seine. But the painting generated less interest than Sotheby’s anticipated, selling just inside its low estimate at $19.7 million, with fees. A happier outcome occurred for Polish painter Tamara de Lempicka’s La Tunique Rose of 1927, depicting a solidly-built, reclining woman in a red slip. The lovely modernist painting surpassed its high estimate of $8 million, as well as the artist’s previous auction record of $9.1 million, selling for $13.4 million with fees.

Lempicka - La Tunique Rose
Tamara de Lempicka, La Tunique Rose (1927), set a record for the Polish artist.

Moving on to the Contemporary market: Christie’s topped the evening sales with $325.3 million, which was squarely in the middle of its $270.3–397.8 million estimates. This is a 9% downturn from the same sale in November 2018, but it is worth noting last year’s $357.6 million sale was augmented by David Hockney’s $90.3 million Portrait of an Artist (Pool with Two Figures). 24 of the 54 lots offered this year had third-party guarantees. Despite promoting the “fresh to market” appeal of the works (all but three of the 54 lots had not been offered in at least ten years), 43% of lots hammered below their low estimate. But this contraction in the market was countered by a few bright spots.

Ruscha - Hurting the Word Radio #2
Ed Ruscha, Hurting the Word Radio #2 (1964), was the highlight of Christie’s contemporary evening sale.

The standout of the evening was Ed Ruscha’s Hurting the Word Radio #2 (1964), a great, early example of Ruscha’s more conceptual approach to Pop, which achieved $52.5 million with fees. Another lovely offering was a rediscovered Hockey painting called Sur la Terrasse of 1971, which hasn’t been shown publicly since 1973. Encouraged by last year’s record Hockney sale, the Christie’s specialists estimated Sur la Terrasse to reach $25–45 million. Unfortunately, this proved to be ambitious; the painting hammered under estimate, and only reached $29.5 million with fees.

Hockney - Sur La Terrasse
David Hockney, Sur la Terrasse (1971)

Sotheby’s Postwar & Contemporary evening sale brought in $270.5 million with an 89% sell-through rate, which was down 25% from November’s 2018 sale ($362.6 million). Artnet reports that the top bidders of the night seemed to be hailing from Asia: Sotheby’s head of contemporary art for Asia bid on behalf of one client who spent $54.4 million, or 20% of the value of the total sale. This buyer purchased the top lot of the evening, Willem de Kooning’s Untitled XXII (1977) for $30.1 million, as well as Clyfford Still’s PH-399 (1946) for $24.3 million, well over its $18 million high estimate. But other lots did not fare as well: one high-profile work was a Francis Bacon Pope painting deaccessioned from the Brooklyn Museum, which sold for $6.6 million against an estimate of $6-8 million. And works by Hans Hofmann, Robert Motherwell and David Hockney all passed unsold.

The market for artists of color and women artists continue to rise, with records set and re-set for several artists this season. On the heels of a retrospective exhibition at Mnuchin Gallery, Alma Thomas set a new record when her 1970 painting Fantastic Sunset sold at Christie’s for $2.7 million with fees. Also riding the success of his retrospective at the Whitney Museum of Art, Charles White set a new auction record, only to have it broken the next day: his painting Banner for Willie J (1976) sold at Christie’s for $1.2 million, followed by his work on paper Ye Shall Inherit the Earth (1953), which sold for $1.8 million at Sotheby’s. Also at Sotheby’s, Norman Lewis’s Ritual (1962) sold for $2.8 million, trumping his previous record of $956,000; and Kerry James Marshall had another eight-figure sale when his painting Vignette 19 sold for $18.5 million, just a few million shy of his $21.1 million record for Past Times, sold to P. Diddy a few years ago.

White - Ye Shall Inherit the Earth
Charles White, Ye Shall Inherit the Earth (1953), set a record for any medium by the artist.

As the .001% continues to push prices at the top of the market beyond the reach of collectors, more buyers are taking the risk to purchase art by emerging artists at auction, paying incredible amounts for some artists who are not quite “market tested.” Reviewing the day sales, rather than evening sales, is very eye-opening in this regard: Michael Armitage’s The Conservationists (2015), was estimated at $50,000–70,000 when offered at Sotheby’s contemporary day sale; the painting soared to $1.52 million, over twenty-one times its high estimate. Tschabalala Self’s Star, also from 2015, sold at Phillips for $350,000, nearly triple its high estimate of $120,000. Based on retail data, artnet speculates that Star probably only cost $10,000 when it was first offered in a gallery in 2015. Noah Davis, who died tragically in 2015 from cancer, had his first artwork offered at auction this year in May, selling for $47,500, well-past its $10,000–15,000 estimate. At Phillips this fall, his painting Single Mother with Father out of the Picture sold for $168,750, far outperforming its $40,000–60,000 estimate. Notably, all these young artists are also artists of color, yet again underscoring the craze for collecting artists that have, in previous generations, been marginalized.

Armitage - Conservationists
Michael Armitage, The Conservationists (2015), sold more than twenty-one times its high estimate.

With the presidential election on the horizon in 2020, the market will likely contract a little more, as it did during the 2016 election cycle. As has been the case the past few years, there will be some standout works that will tantalize the market, such as the likely forthcoming sale of the famous (or infamous) Macklowe Collection. In my honest opinion, it would not be the end of the world if the market contracted a little bit; to quote one of my favorite artists, Gerhard Richter, “It’s not good when [my art] is the value of a house.” Even with a slight softening, the art market will likely continue to be quite healthy; that is, Richter’s work will always be the cost of a house. A very nice, very big house. In the Hamptons. With a helipad.

See you 2020. Peace, love and art!