Contemporary Art Energizes Fall Auctions

Art in America, Jan, 2001 by David Ebony

Against the backdrop of uncertainty surrounding the ongoing criminal investigation of Christie's and Sotheby's, not to mention a skittish stock market and an undecided presidential election, the fall auction season was rather uneven. While there was serious bidding in all fields, most of the energy seemed focused on contemporary work, which reached record price levels at all three major New York auction houses. In the fields of Impressionist and modern art, however, collectors of big-ticket items were cautious. A few prized items in these sales produced soaring results, but many pricey lots were bought in.

The fall results were strongest at Christie's. During the two weeks of Impressionist and modern sales, postwar and contemporary art, the house pulled in $261.5 million, above the $256-million spring take, and the $252 million earned a year ago. Sotheby's total for these sales was $196 million, well under the spring's $228-million total, and far below the $313 million realized last year. Phillips's $45.8-million take this season fell short of the $57.5 million earned during its debut evening sales last spring. The inaugural evening sale for Alice, a new auction house established by former Sotheby's CFO Francis Simon, had disappointing results on Nov. 14, when only 6 of 19 lots of Impressionist and modern works sold for a dismal $606,000, nowhere near the $6.7-$9.8- million presale estimate.

Final prices include commission rates, which varied among the houses. Christie's charges 17.5 percent of the first $80,000, plus 10 percent of the rest. Sotheby's prices include 20 percent on the first $15,000, 15 percent of the next $85,000, and 10 percent of any amount above $100,000. Phillips charges 15 percent on the first $50,000 and 10 percent of anything above.

Impressionist and Modern: The season opened with Phillips's sale on Monday evening, Nov. 6. Technically, the auction was a vast improvement over last spring's debut. However, neither the fine sound system nor the ace auctioneer (Simon de Pury, former chairman of Sotheby's Europe, making a guest appearance) could prevent the evening from being a disappointment. Thirteen of the 29 lots offered failed to sell, and the evening total, $32.6 million, was below the $39.5-$54.1-million presale estimate.

The top lot, Cezanne's canvas, Hill of Galet, Pontoise (ca. 1880), brought $8.5 million, just above its $8-million low estimate (it sold at auction for $11 million in 1996). A Renoir landscape, Women in the Garden (1873), sold for $6.7 million ($6-$8 million); and a large, vibrant still life by Matisse, The Gladioli (1928), brought $5 million (est. $5-$7 million). In spite of these successes, important lots by Manet, Leger, Modigliani and others failed to find buyers.

Skipping Election Day, the next evening auction was at Christie's on Wednesday, Nov. 8. The sale total, $143.5 million, was below the $163-$220-million estimate, and 31 of the 74 lots offered were bought in. The auction was notable, however, for the sale of a Blue Period Picasso, Woman with Crossed Arms (1901-02), from the McCormick collection, which had been on extended loan to the Art Institute of Chicago. After a prolonged telephone bidding war, an anonymous collector snagged the prized canvas for a staggering $55 million, more than double the work's $25-million unpublished presale estimate. The sum was the largest ever paid for a Picasso at auction and the fifth highest for any work sold at auction.

Another highlight of the sale was Giacometti's bronze Tall Standing Woman I (1962), which brought $14.3 million (est. $10-$15 million), a record for the artist and the highest price ever paid at auction for a sculpture.

The following evening, Sotheby's Impressionist and modern sale was similarly uneven. Totaling $123 million, the auction fell short of the $150-$210-million expected, and 24 of 60 lots offered went unsold. Still, the evening produced some big prices, including Manet's Young Woman in a Garden (1880), which fetched $20.9 million, just above the $20-million low estimate. Matisse's auction record was broken when The Persian Robe (1940) brought $17 million (est. $9-$12 million). Another highlight was Berthe Morisot's 1873 canvas, Cache-Cache, being sold by the Bellagio Gallery of Fine Art in Las Vegas. The lush landscape sold for $4.4 million (est. $3.2-$5 million), an auction record for the artist.

Postwar and Contemporary: The auction rooms heated up during the following week's sales, when feverish bidding sent prices for many recent works of art through the roof. Phillips's contemporary auction on Monday, Nov. 13, was a solid success. Holding its last evening sale before moving to new digs at 3 West 57th Street (the company has been renting the American Craft Museum to conduct its evening auctions), the house took in $10.6 million, above the night's $10.5-million high estimate. Only 2 of 47 works offered failed to sell, and seven new artist auction records were established.

Top lot was Andy Warhol's large painting, Flowers (1964), which garnered $1.9 million, well above the $1.2-million high estimate. The auction record for Damien Hirst was broken when his In Love--Out of Love (1998), a diptych featuring real butterflies stuck in paint, brought $750,500 (est. $400,000-$800,000). New auction records were also set for Jeff Wall, whose light-box photo, The Well (1989), sold for $277,500 (est. $120,000-$180,000); and William Kentridge, whose laser disk, Felix in Exile/History of the Main Complaint (1994), brought $101,500 (est. $20,000-$30,000). Maurizio Cattelan's sculpture, Untitled (taxi-dermied dog), 1998, fetched $77,300 (est. $40,000-$50,000). New artist auction records were also set for Andreas Gursky, Sam Taylor-Wood and Rineke Dijkstra.