War, terrorism and economic slump yield quiet fall auctions - Front Page - art auctions, New York - Statistical Data Included

Art in America, Jan, 2002 by David Ebony

New York's biannual, two-week series of auctions of Impressionist, modern and contemporary art is often seen as a barometer for the general state of the art market. This fall, in the wake of 9/11, much trepidation preceded these high-stakes sales at the three major auction houses, Sotheby's, Christie's, and Phillips de Pury & Luxembourg. Some anticipated that air travel fears would prevent important collectors from attending the auctions. Others worried that consignors would withdraw key lots from the sales and that, with signs of a faltering U.S. economy, bidders would be few.

These fears proved largely unfounded. Sales rooms were crowded and bidding was lively for certain lots. However, while each of the three houses produced some notable results, several sales fell flat, and the auction scene as a whole was the quietest in years. The auctions were also upstaged by the price-fixing trial involving Sotheby's and Christie's, which began just as the sales got under way [see p. 136 this issue].

Christie's came out on top this season, realizing $179.6 million for the fortnight of sales, not far from the $189.9-million spring take, but significantly less than the $261.5 million the house earned a year ago. Phillips took second place with $110.2 million total, considerably below its $143.7-million spring earnings, but far above its $45.8-million total last autumn. In less than a year, Phillips seems to have established a pivotal role in the high-end auction field. At Sotheby's, the $101.1-million total was less than half the $222.3-million spring earnings and well below the $196 million the company pulled in one year ago.

Prices quoted here include commission rates, which vary among the three houses. Christie's charges 17.5 percent of the first $80,000, plus 10 percent of any amount above that. Sotheby's commission is 20 percent of the first $15,000, 15 percent of the next $85,000 and 10 percent of any amount over $100,000. Phillips's commission is 15 percent of the first $50,000 and 10 percent of the rest.

Impressionist and Modern

There was a palpable tension in the air at the Nov. 5 season opener at Phillips, which featured 72 works, including top-notch pieces of French and German art assembled by L.A. collectors Nathan and Marion Smooke. By the sale's end, however, sighs of relief could be heard in the room as the auction totaled $86.1 million, exceeding the night's $80.1-million low estimate. Only five works failed to sell. However, numerous auction experts speculated that in spite of the strong total, the house could have lost a considerable sum of money if the undisclosed guarantee it promised the Smookes exceeded the evening's take.

The night's top lot, Suburban House with Washing (1917), an intricate townscape by Egon Schiele, brought $9.9 million (est. $8-$12 million). Among other highlights were a sleek Modigliani sculpture, Head of a Woman (1911-12), which brought $7.2 million (est. $6-$8 million), a record auction price for a sculpture by the artist; and a brightly colored 1912 canvas by Lyonel Feininger, Swinemund City Hall, which sold for $3.3 million, well above its $2.5-million presale high estimate.

The following evening at Christie's also went well. Although 15 of the 64 works offered failed to sell, the auction total, $108.9 million, was not far from the $118.4-million presale high estimate. A few surprisingly hefty prices accounted for the success of the sale, and several new artist auction records were established. The top lot, Fernand Leger's large painting The Motor (1918), from the collection of Rene Gaffe, soared above its $6-million high estimate to sell at $16.7 million, an auction high for the artist. Miro's auction record was broken when his large 1924 canvas Portrait of Madame K brought $12.6 million, more than double the high estimate. Picasso's 1909 bronze Head of a Woman sold for $5 million (est. $2.5-$3.5 million), the highest price ever paid at auction for a sculpture by the artist.

The art market was looking quite rosy until the Nov. 7 evening sale at Sotheby's, which was a resounding flop. The auction's total, $33.1 million, was below the $38-million low estimate, and 13 of 38 lots were bought in. The top lot, Pissarro's Rue Saint-Lazare (1893), sold for $6.6 million (est. $4-$6 million). A Matisse still life, Anemones in Front of a Black Mirror (1918-19), also fared well, fetching $4.2 million, near the $4.5-million high estimate. But overall, bidding was scarce, and numerous lots by artists such as Picasso, Bonnard, Munch, Duchamp and Magritte failed to find buyers.

Postwar and Contemporary

Similarly lackluster results were seen in the contemporary field at Phillips's evening auction on Nov. 12. Despite offering a group of cutting-edge works assembled by writer and collector Tom Pachett, the house took in only $8.3-million, less than the $10.5-million low estimate; 8 of 44 works offered failed to sell. The top lot was Jean-Michel Basquiat's large canvas Untitled (Angel), 1982, which sold for $783,500, substantially less than the $900,000 low estimate. Piero Manzoni's monochrome white canvas Achrome (1957) was second, bringing $750,500 (est. $700,000-$900,000). Certain younger artists sold well at the auction. New auction records were established for Paul McCarthy, whose Assortment (The Trunks: Human Object), 1973-83, garnered $225,500 (est. $150,000-$200,000); for Ugo Rondinone, whose target tondo No. 104 (1998) brought $79,500 (est. $25,000-$35,000); and for Pierre & Gilles, whose hand-tinted photo The White Queen (Catherine Deneuve), 1991, sold for $70,700 (est. $40,000-$60,000).