Contemporary works boost spring auctions

Art in America, Sept, 2005 by David Ebony

All three major New York auction houses chalked up strong totals for the big spring evening sales of Impressionist, modern and contemporary art. However, the fortnight of auctions got off to a shaky start, and the results were uneven, especially for Impressionist and modern works. After several seasons of vigorous sales in those fields, the focus of the most enthusiastic bidders seems to have shifted once again toward contemporary art.

Christie's came out on top this time; its $350.5-million total was significantly greater than the company's $280.7-million take last fall. Sotheby's brought in $212.6 million, below its $353. 1-million fall total. Phillips de Pury & Co., participating only in the contemporary-art week, earned $35.2 million, down from the $44.9 million it generated last fall.

Final prices quoted here include the auction house commissions. As of this season, Sotheby's, Christie's, and Phillips de Pury & Co. charge identical rates--20 percent of the first $200,000 and 12 percent of the rest. Presale estimates are proposed by the auction houses for the hammer prices, exclusive of commissions.

Impressionist and modern

Sotheby's kicked off the season with a tepid sale of Impressionist and modern works on the evening of Tuesday, May 3. The nights total, $91.3 million, was below the auction's $127.3-million presale low estimate, and 20 of the 65 lots offered failed to find buyers. The evening was not without a few high points, however. The top lot, for example, a large colorful canvas from Picasso's 1955 "Women of Algiers" series, sold for $18.6 million (est. $15-20 million) after some spirited bidding. Max Beckmann's colorful Self-Portrait with Crystal Ball (1936) was knocked down for $16.8 million (est. $10-15 million), and Edvard Munch's moody nocturne Summer Night, Asgarstrand (1902) brought $4.5 million (est. $4-6 million). Throughout the sale, though, bidding was sparse, and important lots by Kandinsky, Matisse and Pissarro, among others, were bought in.

Quelling art-world fears of a major market downturn, the following evening auction at Christie's was much livelier. The night's total, $142.9 million, approached the sale's $149.6-million high estimate, and 52 of the 59 lots found buyers. After fierce bidding, the auction's star lot, a gray marble Bird in Space (1922-23) by Brancusi, sold to an anonymous buyer for a staggering $27.4 million (est. $8-12 million), a new auction record for the artist and the highest price ever paid at auction for a sculpture. The pristine work, which was recently discovered in an attic in France in its original crating, had not been seen since the 1920s.

Among other high points in the sale, Picasso's neo-classical-period painting Head of a Woman (1924) brought $13.5 million, near its $13-million unpublished estimate, and van Gogh's airy oil-and-pencil-on-board study View from the Artist's Room, Lepic Street (1887) sold for $2.7 million (est. $1.5-2 million). Despite these successes, a number of major lots by Manet, Renoir, Magritte and others failed to sell.

Contemporary

On the evening of Tuesday, May 10, Sotheby's contemporary art auction generated $68 million, near the night's $63. 1-million presale low estimate. Sixty of the 73 works offered found buyers, and seven new artist auction records were established. The top lot was Andy Warhol's 1963 painting Liz, with a bright red background. The work, sold by L.A. dealer Irving Blum, garnered $12.6 million (est. $9-12 million). Among other highlights of the evening, Roy Lichtenstein's 1995 painting Blue Nude, from the collection of the late Gianni Versace, trounced its $3.5-million high estimate to sell for $5.3 million. A classic photo-realist portrait by Chuck Close, John (1971-72), was knocked down for $4.8 million (est. $5-7 million), a new artist auction record; and Jeff Koons's Cake (1995-97) brought $3 million (est. $2.5-3.5 million), a record auction price for a Koons painting.

Among other new auction records were those established for Robert Gober, whose sculpture Untitled (Leg), 1990, sold for $912,000 (est. $750,000-950,000), and for Marisol Escobar, whose Pop-period sculpture The Cocktail Party (1965-66), featuring 15 lifesize standing figures, also brought $912,000 (est. $400,000-600,000). Tom Friedman's 2001 untitled sculpture of 94 lifesize bees attached to the wall sold for $352,000 (est. $400,000-600,000), and Kara Walker's 1995 wall-hung paper cutout The Battle of Atlanta: Being the Narrative of a Negress in the Flames of Desire--A Reconstruction went for $329,600 (est. $150,000-200,000), auction highs for both artists. Andreas Gursky's auction record was also broken when his photo May Day IV (2000) sold for $632,000 (est. $500,000-700,000); Glenn Brown's large 1996 canvas inspired by Dali, You Take My Place in This Showdown, shot past its $150,000 high estimate to sell for $352,000.

The following evening, Christie's conducted a sizzling auction that realized $133.7 million, well within the $110.8-153-million presale estimate, and the highest-ever total for a single-session auction of postwar and contemporary art Of the 76 works offered, 65 sold, and 13 new artist auction records were set.