New York's fall print auctions exceed expert expectations: print experts breathe a sigh of relief as the first New York-based, post-Sept. 11 print auctions perform well - news - Statistical Data Included

Art Business News, Jan, 2002 by Barden Prisant

NEW YORK--Consider the plight of the poor print experts at Sotheby's and Christie's this season. With the Sept. 11 disaster, the subsequent anthrax scare and the cancellation of the Print Fair, they must have been wondering just how many buyers would be willing to come to the New York sales. The auctioneers must surely have dreaded the prospect of mounting the podium to see a roomful of empty seats.

So, how did they fare?

In the words of Kelly Troester, specialist and head of the Print Department at Christie's, New York, they were "thrilled, relieved and happy."

At the Christie's sale, which took place on Oct. 31, the total sold was $4 million versus last season's $2.1 million. As well, the sale percentage rates were better than those from last season (76 percent by lot and 81 percent by dollar amount vs. 73 percent by lot and 66 percent by dollar amount last spring.) Thus, not only did they gross more, but they also sold more of the lots which they offered.

At Sotheby's, 754 lots were offered (more than twice as many than at Christie's) and were spread out over three days, Nov. 1 to 3. The sale grossed $4.8 million, which was a definite improvement over last spring's $4 million. The buy-in rates, however, were roughly the same as last season's.

By Sept. 11, almost all of the works had already been consigned for the sales. The vendors, despite any subsequent second thoughts they may have had, were essentially committed to placing their prized possessions on the auction block. Thus, the best way to judge the effect of the World Trade Center disaster on the print market is to focus on the buy-in rates. Had it scared buyers off, the rates would have been atrocious. As is evident from the above, though, the figures were as solid as or better than those from last season. Thus, as former Mayor Rudy Giuliani had asked, buyers conducted "business as usual" here in New York.

Christie's Corner

At Christie's, one buyer even went so far as to set a record for a Matisse print. The purchaser, whose identity has not been revealed, paid $666,000 for an image of "Grande odalisque a la culotte bayadere." According to Troester, auction house officials figured it might bring $400,000 or $500,000, but they "didn't really think it would reach six."

In fact, modern prints (as opposed to 19th-century or contemporary prints) in general fared quite well, claiming nine out of the top 10 lots. An image of Picasso's "Le Repas Frugal" sold to an Asian private collector for above-estimate at $138,000. A set of Chagall's "Mein Leben" also sold to an Asian for $116,000, a price considerably beyond its estimate of only $50,000 to $70,000. According to Troester, this is unsurprising; "For the last year to year-and-a-half, Asian buying has picked up," she observed.

Three of the top 10 spots were occupied by etchings by Paul Klee. One of these, "Der Held mit dem Flugel-Inv. 2," set a record for a print by the artist. According to Troester, these fantastical images fared so well because they were "slightly different, fresh to the market" examples. Partly owing to the success of these three, eight of the top 10 in the sale were black-and-white images, and only two were color. This is a rare occurrence, and one might wonder if this interest in stark black-and-white imagery reflects the post-terrorism mood in general.

Why does Troester believe Christie's weathered the storm so well? First of all, she noted the print market has a very broad base and appeal. "The luxury of the print sale," she observed, "is its wider audience; [it is] more accessible to people at all levels. Sure we feel the effect of market changes, but we do not feel the extremes." Additionally, she made an effort to ensure that the sale was "well-edited, just a little cleaner." To do this, she siphoned off works of lesser significance to a Christie's East sale which was held earlier.

Sotheby's Scorecard

Over at Sotheby's, the work of greatest significance could not hold a candle to the record-breaking Matisse sold at Christie's; it was a Gauguin which sold for "merely" $225,750.

How, then, did Sotheby's manage to outsell Christie's by $800,000? One large consignment, in particular, helped. It was the de-accession of 115 lots from the Mexican print collection of Reba and Dave Williams. This power couple, (he was the chairman of Alliance Capital Management, and she is the president of the New York City Art Commission), amassed a collection believed to include 5,000 American, Mexican and British works. They have decided to open a print research center in Stamford, Conn., that will focus purely on the American prints in their collection. Hence, they have consigned their Mexican and British prints to Sotheby's. According to Mary Bartow, senior vice president and director of the Sotheby's New York Print Department, "the Williams section did very well." When the British prints from the Williams collection sold seven days later in London, they caused quite a stir. Every single lot sold, and they grossed $797,000 versus a presale low estimate of only $468,000. It is a further testament to their collecting acumen that one of their Mexican selections was Frida Kahlo's "Frida and the Miscarriage." Bartow called this "the most sought-after graphic image by a female artist," and it fetched an impressive $75,500.