Auction houses go toe to toe: Sotheby's and Christie's match up, yet prove very different in one critical area

Art Business News, Jan, 2005 by Barden Prisant

Art and Politics

A record was also set for Warhol's live-fast, die-young (he did) protege, Jean Michel Basquiat. His screenprint, "Back of the Neck," soared past its estimate of $30,000-$50,000 to bring a bid of $89,625 from an American dealer. Intriguingly, this very same print had sold over at Sotheby's just days earlier for only $60,000.

Why? There are two possibilities. First, the Christie's example was in "excellent" condition, whereas the Sotheby's image was only graded as "good." Second, and more intriguing, the Christie's example had the good fortune to sell early on the morning of Nov. 3. Perhaps the bidders were two ebullient Republicans, or, better yet, a Republican and a Democrat determined to relive the previous day's battle at the polls.

Troester was in a unique position to judge the effect of the election on the market, since her sale spanned the two days, Nov. 2 and Nov. 3. When asked if the mood was different on Nov. 3, she diplomatically responds, "it was a quiet audience, but, still, everyone was bidding." She herself wonders if Republicans were more in evidence than Democrats that day; she jokes that maybe she should send out questionnaires asking bidders' political affiliations for future reference.

While on a political tack, it might be noted that one of the other records set on Nov. 3 was for a Jasper Johns print depicting "Old Glory" titled, "Flags II." Estimated to bring $60,000-$80,000, it ultimately sold to an American private collector (of unknown political persuasion) for $112,330.

Three of the pieces just discussed were purchased by American bidders, and five of the other Top 10 lots sold to Americans, as well. This is quite counterintuitive, since the euro and pound have been very strong, making it relatively cheap for Europeans to shop here. Troester is somewhat baffled by this, but, again, perhaps the election had some effect.

It may well have had some effect on the top lot in the Christie's sale, Picasso's "Suite Vollard," (estimate: $900,000-$1.2 million). In an extremely rare move, Christie's sold it before auction day (Although Troester is not at liberty to state the precise selling price, she does reveal that it was $1 million-plus and that "it would have been a record had it sold at auction.") Rather than risk it faltering on election day, the consignor was probably most pleased to accept a bird in the hand rather than two in the "Bush."

It is becoming clear that there is more and more behind-the-scenes action at the major auctions, as shown by the pre-sale of the "Suite Vollard," the Miro private treaty sale and the post-sale of the top Toulouse. Whether these are one-offs or the start of a trend, it is too early to judge. As for what the future does hold, Troester notes that, for now, collectors are "receptive and aggressive." She does warily add, though, that she'll take it "one sale at a time."

Bartow similarly cautions that although the market is currently healthy, "I can't promise it will continue." However, Bartow does confide that she is already "working on some stuff for next season."