Estimates are still high at over $20 million, and the canvas still bears the autographs of such reliable luminaries as Warhol, Basquiat, and Picasso. But a shadow looms over the spring auction season, which begins Monday.
A cyberattack on Christie's took down the company's website on Thursday, but as of Sunday morning, Christie's had not yet regained control of its website. On Sunday night, Christie's chief executive Guillaume Cerutti confirmed in his first public statement since the cyberattack that eight auctions would go ahead as scheduled, with in-person and telephone bidding ( The rare watch sale has been postponed until May 14th.) . A placeholder website was established to allow access to the digital catalog, but online bidding was not allowed. Analysts are uncertain about the impact on buyers and sellers, as the site is down and questions about the fate of sensitive data are still unanswered.
More than 1,700 modern and contemporary works of art will be put on sale over the next week at Sotheby's, Christie's and Phillips, with an estimated value of $1.2 billion to $1.8 billion.
This represents a significant decline from the market's most recent peak, when it generated an astonishing $2.8 billion in revenue during the 2022 spring season. But the bidding wars that characterized the pandemic spending frenzy were primarily A pre-arranged “guaranteed” deal that guarantees the painting will be sold at the lowest price. Young artists are also seeing the secondary market collapse as speculators exit the market. A recent study by Bank of America Private Bank also found that the average price of art sold at auction in 2023 will drop by 32 percent, the largest single-year decline in more than seven years. It turned out that
“There's all kinds of finger pointing in this space, even among auction houses,” said Drew Watson, head of art services at Bank of America Private Bank. “Sentiment is quite cautious. People are either adopting a more conservative forecast or deciding to wait and see how things play out over the next 12 months.”
Watson and others said several factors contributed to the market decline. Collectors in Russia and the Middle East are obsessed with war. The prolonged period of high inflation in the United States has reduced financial liquidity in the market. Additionally, amid economic instability and China's real estate crisis, purchasing activity in Asia has generally slumped, resulting in a slump in modern and contemporary art auctions.
Brooke Lampley, head of global art at Sotheby's, said of the Asian market: “There was promise of growth, but in recent years those promises have not been fulfilled.”
However, she rejected the perception that the art trade was in the doldrums and said her team was proud of the evening sale that came together. Last season, Microsoft co-founder Paul G. Allen ($1.6 billion including daily sales at Christie's, record-breaking at Christie's) and Emily Fisher Landau ($425 million total at a concert last fall) Backed by a nine-figure collection amassed from the bequests of patrons such as $1 million (Sotheby's), this year's auction was put together by a lottery.
“We're just pounding the pavement to find the best pieces,” Lampley said, adding that the sale was built “very much with today's market appetite in mind.”
For everyone else waiting cautiously for auction results, here are six artists who will be attending the Christie's, Sotheby's and Phillips evening sales that experts say could test the strength of the art market. to introduce.
Jean-Michel Basquiat
“Untitled (ELMAR)” (1982), $40 million-$60 million, Phillips Modern and Contemporary Art Evening Sale, May 14.
While many areas of the art market are softer than they were a few years ago, there is one artist that remains as popular as ever. This is Jean-Michel Basquiat.
The eight-foot-wide canvas by Basquiat, who died in 1988 at the age of 27, commands the highest price of the spring season. “Untitled (Elmer)” from “1982,” about a warrior shooting an arrow at a falling angel, is expected to sell for $40 million to $60 million at Phillips on May 14 (subject to a third-party financial guarantee). Since it is attached, it is sure to sell). Anthropologist and art collector Francesco Pellizzi purchased the painting from Basquiat's first dealer, Annina Nosei, and kept it for the rest of his life. (Pellizzi died last year.) The work, along with two less valuable Basquiats, is being sold at Phillips by a trust affiliated with the collector's family. This week, a total of seven Basquiats (including one of his pieces created by the artist with Andy Warhol) will be offered at his Three House Evening Sale.
“Untitled (Elmer)”)” is one of about 200 paintings the prolific artist painted in 1982, which collectors consider his best year. Basquiat auction revenues fell 46% in 2023 from their peak two years ago, according to analysts at Artnet Price Database. However, experts say the decline is due to a lack of strong titles on the market, rather than changes in demand. Art dealer Nick McLean said: “The Basquiat market feels as strong as ever, but the range of works coming to market this season will test it to its limits.”
andy warhol
“Flowers” (1964), $20 million to $30 million, at Christie’s 20th Century Evening Sale on May 16th.
For nearly 40 years, the health of the auction market has been diagnosed by the rise and fall of prices for Warhol paintings. So experts noticed that last year's evening sale didn't include important works by pop art superstars. It was a shocking omission after the auction house sold a portrait of Marilyn Monroe for $195 million in 2022, breaking an auction record for an American artist.
Christie's is currently offering Warhol's 1964 “Flowers” painting for sale on May 16 with an estimated price of $20 million to $30 million. The work includes hand-painted flower petals and information about her provenance, including a stint at a company called Saatchi Investments in London. , acquired this painting from Thomas Amman Fine Art in Zurich sometime before the 1990s.
Some analysts say the definitive works of Warhol's early work are mostly held in museums, and there is a dearth of iconic works. There are dozens of paintings of flowers by this artist, which may have led to the current estimate. But with few other substantive Warhols available this season, the selling point may indicate collectors' openness to dig a little deeper into the bench.
Leonora Carrington
“Les Distractions de Dagobert” (1945), $12 million to $18 million, Sotheby's Modern Evening Auction, May 15.
Not every auction consignment begins with a collector wanting to sell. In some cases, it starts with an enterprising professional convincing a collector that now is the time to part with their prized possession.That's the story behind “Dagobert's Distraction” A painting by British-born Mexican painter and writer Leonora Carrington (1945) sold for between $12 million and $18 million at Sotheby's on May 15.
Carrington had led a colorful life that included several expulsions from school, separation from his family, and hospitalization in a mental hospital, but he created this work at the age of 28, shortly after moving to Mexico. The artist, who passed away in 2011, is receiving renewed interest as audiences reevaluate female surrealism. Carrington's children's book The Milk of Dreams inspired the title of the 2022 Venice Biennale.
The previously unknown painting was sold at auction in 1995 for $475,500 ($974,500 today after accounting for inflation). Our work comes with a guarantee, so it's sure to set a new standard for artists. The current lowest estimate is more than three times Carrington's highest bid of $3.3 million, set in 2022. This is a huge leap forward. But Julien Dawes, head of impressionist and contemporary art at Sotheby's, said her work had sold privately for about $10 million.
Jeffrey Gibson
2 works, $40,000-$200,000, Sotheby's Now Evening Auction, May 13th, Phillips Contemporary Art Day Sale, May 15th.
Journalists and auctioneers are similar in some ways. They both love news pegs.
Over the past year, Jeffrey Gibson has won two of contemporary art's highest honors. The Indigenous and queer artist represented the United States at the Venice Biennale and was selected for one of the Metropolitan Museum of Art's façade commissions. The 2015 beaded work “Make Me Feel It” which was sold for a high price of $60,000 at Phillips and the 2014 beadwork “Make Me Feel It” which was sold for a high price of $200,000 at Sotheby's, made a full-fledged appearance at the evening sale. This is the figurative sculpture “Always After Now'' from 2007.
What makes these works of art remarkable isn't their appearance, but their pricing, which appears to be well below the mainstream market where Gibson's iconic punching bags cost upwards of $400,000 . The below-retail price is a strategic move by auctioneers to lure collectors into a bidding frenzy. But if that gamble fails at public auction, the artist's market slumps, and the collector who just bought the high-priced work on the primary market is told he got a bad deal, the artist can suffer.
A spokesperson for Sikkema Jenkins & Co., one of Gibson's distributors, said: “While we are transparent about the retail price of our work at exhibitions, we do not comment on other markets.” Stated.
joan mitchell
Paintings estimated at $53 million, Sotheby's Contemporary Evening Auction, May 13, Christie's 20th Century Evening Sale, May 16.
Record-breaking auction sales for abstract expressionist stars like Jackson Pollock ($61.2 million, set in 2021) and Mark Rothko ($86.9 million, set in 2012) may only happen once every decade. But the two highest prices ever paid at auction for Joan Mitchell were recorded in a matter of weeks last fall, even as her performance continued to lag behind that of other men. This season, Sotheby's and Christie's are looking to keep the momentum going by offering six Mitchells across the evening sale. Together, they are estimated to be worth more than $53 million. The four works guaranteed by Sotheby's are by the same American collector.
“This is one of the few markets where we've seen auction prices soar over and over again,” said art advisor Alan Schwartzman.
But will there be enough demand to absorb everything Mitchell has to offer? Experts say the artist's work ranges from the frenetic, intertwined compositions of the '50s to the vibrant, brush-like compositions of the '80s. They point out that the work will be of interest to a variety of buyers because it is so diverse, even a series of paintings. Following the Louis Vuitton Fondation's touring retrospective and popular pairing of Mitchell and Monet shows in 2022, the question is how many collectors will shell out big bucks in the same week.
“The Joan Mitchell market is defining itself in real time,” Schwartzman said.
Ana Mendieta
“Untitled (Sandwoman Series)” (1983), estimated at $300,000-$500,000, Christie's Rosa de la Cruz Evening Sale, May 14.
The private museum built by Miami collector Rosa de la Cruz through the purchase of contemporary art died with her. Earlier this year, the collector's family closed the foundation and consigned more than 20 works of art to Christie's for a sale that is expected to bring in $30 million. This came as a shock to some dealers who believed the art they placed with the Cuban-born dela Cruz would have a permanent home.
“Our job as gallerists who discover artists is to get their work into the best possible hands,” said dealer Marianne Boesky. “The Delacruz collection is considered to be among the finest and is currently up for auction.”
What this means for collectors on May 14th is a rare opportunity to purchase works by artists that rarely make it onto the secondary market. One of the most surprising of hers is her 1983 sculpture by the Cuban-American performance artist Ana She Mendieta, which is more than double her high-water mark price at auction. It has a high price tag of $500,000. Will collectors seek out her artist sculptures in performances? Did the popular podcast about her death introduce her work to new patrons?
Not everyone is convinced that the gamble will pay off. “There are pieces in the collection that are not what the market is looking for,” Bank of America's Mr. Watson said. “The market wants quality works and paintings by major post-war women artists.”
But it's these gambles that make auctions so thrilling to watch.
