Tag: Art Auctions

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Fall Auction Round Up!

The art world is truly the Teflon market—destabilizing economies and weakening currencies just seem to slide off art, as the art market continues to break records each season. 

This is true too of the ultra-contemporary art market, where works made in the last few years by young artists are selling for wild figures. While this is technically great news for the artist’s reputation and market, most artists do not benefit from the resale of their work—the only people who reap the benefits of the artists’ popularity are the collectors and auction houses. More on that below. (There was too much to cover, so I’ve selected only a few sales and selected highlights to address.)

First, the big hoopla of the 2022 fall auction season was the sale of art from the Estate of Paul Allen at Christie’s. I admire the late Microsoft cofounder’s taste: while the collection certainly leans towards modern and contemporary, he also collected art from “dustier” periods of history, which is a testament to his sincere interest in the vision of artists throughout time. Thanks to some rare and marquee works, over two nights the collection grossed a stunning $1.62 billion, making it the most expensive single-owner sale in history. That value is 40% of Christie’s total auction turnover from 2021! And some silver lining: the Estate will use the proceeds to fund philanthropy.  

Here are some of my favorites from the marquee sale:

Gustav Klimt’s Birch Forest, 1903, oil on canvas. It set a new record for the artist at auction. Image courtesy of Christie’s.

I’m a sucker for Gustav Klimt. His exquisite 1903 painting Birch Forest sold for over $104 million, beating his previous record for one of his famous portraits of Adele Bloch-Bauer, which Oprah bought for $87.9 million in 2006 at Christie’s. (She recently sold it for $150 million. It appreciated well!)

This unusual painting by Edouard Manet, Le Grand Canal à Venise (1874), sold for $52 million.

While this work sold on the low end of its pre-sale estimate of $45–65 million ($52 million), the tight cropping of Edouard Manet’s Le Grand Canal à Venise (1874) is a testament to the burgeoning influence of photography on mid-19th century art. This little vignette would not exist without photography.

 Christie’s lengthy essay on Lucian Freud’s Large Interior, WII (after Watteau) says the painting “stands among the defining achievements of Lucian Freud’s oeuvre.” I love it because I think it asks as many questions as it answers. The masterpiece took in a cool $86 million.

Lucian Freud, Large Interior, WII (after Watteau), sold for $86 million. Image courtesy of Christie’s.

By some accounts there are only 5 Botticellis left in private hands, which makes it remarkable that Allen’s fabulous Madonna the Magnificat only sold for $48.5 million. But that’s the art market for you: everyone wants Postwar and Contemporary art! 

Seurat’s petite Les Poseuses, Ensemble, went for big money–$149 million. Image courtesy of Christie’s.

Last highlight from the Allen sale: Georges Seurat’s, Les Poseuses, Ensemble, from 1888. This small 15 x 20 in. painting is a miniature study (or possibly later version) of a larger canvas in the collection of the Barnes Foundation in Philadelphia. The painting was a response to criticism of his breakout (and still probably most famous) work, Un dimanche d’été à l’Île de La Grande Jatte, seen in the background of this work from 1886. Given its importance in the critical narrative of Seurat’s work (and who doesn’t love a painting within a painting?), this little painting achieved over $149 million. It was the highest bid of the night and year, and the new auction record for the artist. Whew!

New talent Anna Weyant’s Loose Screw (2020), sold for an impressive $1.5 million.

Christie’s other Modern and Contemporary sales—the 20th and 21st century sales, respectively—grossed almost $422 million in one day for just 100 lots. As noted above, one thing that concerns me with the ultra-contemporary sales is whether the artists are getting compensated for the resale of their art at auction. Some of these works, such as a Anna Weyant’s 2020 work Loose Screw, are being flipped a few years after creation for many times what the buyer paid for it. At just 27 years old, Weyant’s painting sold for $1.5 million, or three times the high estimate for her. But who knows what she pocketed in the initial private sale…

Some of these hot artists have gotten hip to the game, and due to their high demand, are going directly to auction to sell their work: Salmon Toor, in conjunction with his gallery Luhring Augustine, put up his 2019 painting Four Guests for auction. It achieved $856,000, five times its high estimate of $180,000—at least he benefited from the sale!

Salman Toor, Four Guests, achieved $856,000. Image courtesy of Sotheby’s.

If you read my blog post on NFTs, you know I’ve never been a fan (and predicted their market instability and downfall), but one possibly positive use of blockchain technology in our industry is for the creation of smart contracts that enable artists to reap royalties on the resale of their work. I still think we just need to implement some federal law that ensures artists get resale rights, but for now blockchain could be a viable solution (if only it wasn’t soooo bad for the planet…sigh…). 

Andy Warhol, White Disaster (White Car Crash 19 Times), was the big winner of the Sotheby’s Contemporary sale, achieving over $85 million. Image courtesy of Sotheby’s.

In other news, Sotheby’s had a decent fall season too: across six sales of Modern and Contemporary art, Sotheby’s grossed $856 million, with the Contemporary evening sale taking in $269 million, and the Modern evening sale grossing $253 million. The marquee pieces that drove the Contemporary sale was Andy Warhol’s White Disaster (White Car Crash 19 Times), which brought $85.3 million, and Francis Bacon’s Three Studies for Portrait of Lucian Freud, which took $30 million. 

But notably several works in the sale, including the Bacon triptych, sold on the low end of—or below—their presale estimates, indicating the Sotheby’s specialists were a little too optimistic with their forecasts. 

Robert Gober’s untitled installation underperformed, falling short of its low estimate by about $2.3 million. Image courtesy of Sotheby’s.

One of the most disappointing results was for Robert Gober’s Untitled installation (1993-94). The photo doesn’t do the art much justice, and even in person, it takes a moment to realize what you’re looking at: it’s a storm drain with real water trickling in it. As you pay closer attention, you see a man’s chest is the drain, complete with real human hair. The installation had a pre-sale estimate of $6–8 million, but sold well under at $3.68 million. Perhaps the practicality of installing a work that is a storm drain/fountain was just too much of a headache for collectors…

Some other favorites of mine from the Sotheby’s Contemporary sale:

Ed Clark’s Blue Splash of 1967, sold for $882, 000 against an estimate of $200,000 – 300,000.

Ed Clark, Blue Splash, 1967, sold for $882,000 in Sotheby’s Contemporary evening sale. Image courtesy of Sotheby’s.

As lovely as Jean-Michel Basquiat’s Saxophone (1986) is, it sadly was one of the works over-estimated by the Sotheby’s specialists: it sold for $13.67 million, against a pre-sale estimate of $12 – 18 million. 

Jean-Michel Basquiat, Saxophone (1986), brought $13.67 million at Sotheby’s Contemporary evening sale. Image courtesy of Sotheby’s.

Always love me some Joan Mitchell. Her classic 1956 Untitled had a pre-sale estimate of $1.5 – 2 million, and sold for $3.2 million. 

Joan Mitchell, Untitled (1956), sold for $3.2 million in Sotheby’s Contemporary sale. Image courtesy of Sotheby’s.

Lastly, Kenneth Noland’s Sounds in the Summer Night (1962), sold for $3.2 million against a $2 – 3 million estimate. Love the palette.

Kenneth Noland, Sounds in the Summer Night, took $3.2 million in Sotheby’s Contemporary sale. Image courtesy of Sotheby’s.

Well for now (er, as always?) the art market remains alive and well. Until next time, peace love and art. ❤️

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Fall Auction Round Up: Christie’s

Christie’s had one of its most successful weeks in its history–which given the current state of the country and world, is saying something. With just the three auctions discussed below–the 20th and 21st century sales, plus a single-owner auction of Impressionist masterpieces–Christie’s raised nearly $1 billion.

Jean-Michel Basquiat, The Guilt of Gold Teeth (1982), sold for $40 million. Image courtesy of Christie’s.

Christie’s’ first sale of the week was its 21st century sale (i.e. contemporary art). The biggest ticket item of the sale was a massive Jean-Michel Basquiat painting, The Guilt of Gold Teeth from 1982. Interestingly, there is no lot essay for this work, which is surprising given the pre-sale estimate of $40–60 million. Perhaps this work was a last-minute addition to the sale, which may explain why it ultimately did not meet the house’s expectations, selling with fees at the low estimate of $40 million. Peter Doig’s large Swamped, one of his classic images of a canoe on water, took in almost $40 million as well.

Peter Doig, Swamped (1990), sold for almost $40 million. Image courtesy of Christie’s.

The next big seller was from Beeple, the artist with the record-setting NFT collection EVERYDAYS: The First 5000 Days which earlier this year sold for $69 million. Here, Beeple has created HUMAN ONE, a kinetic sculpture with four video screens of rotating landscapes traversed by a lonely astronaut. As Beeple explains in his own Terms and Conditions issued with the art, the sculpture is the “Physical Element” that displays the digital “Artwork:”

“Although the NFT and Physical Element are sold to the purchaser, the Artwork is licensed and not sold to such purchaser. The Artwork is neither stored nor embedded in the NFT, but is accessible through the NFT. The Physical Element displays a copy of the Artwork.”

Beeple, HUMAN ONE (2021), sold for almost $29 million. Image courtesy of Christie’s.

Of course, given the hype of NFTs, and Beeple’s recent success (which instigated said hype of NFTs), HUMAN ONE achieved almost $29 million. While I think Human One is far better than 5000 Days, in my opinion, Beeple is a better opportunist than an artist. Here’s why:

You don’t need a f*cking NFT to create a digital work of art!! It is strictly a marketing ploy. NFTs are being marketed to sell you the idea that you can’t own or trade unique digital artwork unless it has been minted on the blockchain. But this is completely false.

There are hundreds of artists who create digital artwork. Sometimes, the artist designs a special mechanism or sculpture to display the digital creation. There are also artists who have used A.I. algorithms to create digital art that changes and evolves. All of these works can be created as secure, unique artworks (i.e. one copy) or limited edition works (often in small editions of 2, 3, 5, etc.). This can be all be done without NFTs. Let me repeat: the NFT is completely unnecessary.

You may glean from my tone that I am not a fan of NFTs. You can read my fuller assessment of NFTs here (one point I think I failed to make in my previous blog post on NFTs is that they have an astronomical energy footprint and are thus terrible for the environment. One more reason not to be suckered in to this ridiculous hyped-up scam).

I need some cheering up: let me talk about the art that I liked in the 21st century sale.

The first three lots in the sale were among my favorites: opener Darling by Xinyi Cheng from 2017 sold for $300,000, far outstripping its $30,000–40,000 estimate. And the second lot, Hilary Pecis’s 2019 canvas Upstairs Interior, sold for more than ten times its high estimate of $80,000, bringing $870,000. And while I don’t love all of Nicolas Party’s work, I do like the landscape he submitted to the auction, which roared past its $300,000–500,000 estimate to achieve $3.27 million, with fees. All together, Christie’s 21st century sale raked in $219 million.

Just as Sotheby’s’ season benefitted from the marquee sale of the Macklowe Collection, Christie’s’ fall season was enhanced by a collection of Impressionist masterworks from the Estate of the late Edwin Cox, a Texas oil magnate. The heart-stopping prizes of the night included an absolutely magnificent Vincent van Gogh landscape from 1889. Cabanes de bois parmi les oliviers et cyprés has the classic van Gogh palette, with its aquamarine sky and bushes, contrasting against the bright yellow fields and spindly cypress trees. The show-stopper sold for $71.35 million with fees (estimate was by request).

Vincent van Gogh, Cabanes de bois parmi les oliviers et cyprés (1889), sold for over $71 million. Image courtesy of Christie’s.

Two more van Goghs brought in stunning prices as well: a bright watercolor of peasants harvesting threshes by haystacks (Meules de blé) from 1888. Interestingly, this work was stolen by the Nazis from the famous French banking family the Rothschilds in Paris 1941. Christie’s noted that the sale of the work was pursuant to a settlement between the Cox Estate and the descendants of the Rothschilds, who claim rightful ownership. I think they’ll be satisfied with their settlement: this little work on paper sold for over $35.8 million.

The other van Gogh took everyone by a surprise: a portrait of a boy with a blue flower in his mouth, painted one month before the artist’s untimely death in July of 1890. The boy’s red hair is wild; his cheeks ruddy from his antics in the sun; his lips chapped; and he has a rather goofy expression. Given the admittedly less appealing palette and subject, Christie’s had put a more modest estimate of $5–7 million on the painting, but bidding far surpassed expectations, bringing this small portrait (16 x 12 in.) to more than $46.7 million.

Gustave Caillebotte, Jeune homme àsa fenétre (1876), sold for $53 million. Image courtesy of Christie’s.

And finally, a record was set for the evening for Gustave Caillebotte’s Jeune homme àsa fenétre, from 1876. This museum-quality work went, in fact, to a museum: the Getty in Los Angeles acquired it, shelling out $53 million, more than double the artist’s previous record of $22 million.

Andy Warhol, Jean-Michel Basquiat (1982), sold for over $40 million. Image courtesy of Christie’s.

All in, the Cox collection grossed over $332 million, serving as a highly satisfying appetizer to the evening’s main entrée: the new 20th century sale. The fresh catch (to continue the food analogy) of the night was Andy Warhol’s portrait of fellow art market superstar Jean-Michel Basquiat. Dated from 1982, the painting incorporates a brief experimental phase of Warhol’s, in which he coated paintings with a copper metallic pigment and urinated on them, creating an oxidized effect over time. The portrait sold for just over $40 million, making it the highest selling work of the night.

Lee Bontecou, Untitled (1960), sold for $9.2 million. Image courtesy of Christie’s.

Another notable sale of the evening was Lee Bontecou’s classic sculptural painting Untitled from 1960. With an estimate of $2–3 million, it sold for more than double the high estimate, bringing $9.2 million and breaking the artist’s previous record of $1.9 million (set over 10 years ago). Cy Twombly also has had a good auction season, with a few works offered at both Sotheby’s and Christie’s; in this sale, a large untitled painting from 1961 brought $32 million.

Some additional personal favorites from the sale: Light, a still life by Alice Neel. More reminiscent of Jane Freilicher than the portraiture for which Neel has become so well-known, this still life was recently featured in Neel’s retrospective at the Metropolitan Museum of Art. The painting brought over $2.3 million against a $900,000–1,200,000 estimate. David Hockney’s bright study of a Woldgate Tree, May from 2006 sold over its $3–5 million estimate to bring $6.27 million. And Kazuo Shiraga’s dynamic abstraction Chiken-sei kendoskin (1961) sold for $3.33 million, against a $2.5–3.5 million pre-sale estimate.

In total, the 20th century took in $419.8 million, which, when taken together with the Cox collection sale that preceded it, Christie’s had a $752 million dollar evening—one of its most successful nights ever.