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Robust Bidding at Contemporary Art Auction Bolsters Sotheby’s Robust Bidding at Contemporary Art Auction Bolsters Sotheby’s
(about 17 hours later)
Things were looking up at the beleaguered Sotheby’s auction house on Wednesday night.Things were looking up at the beleaguered Sotheby’s auction house on Wednesday night.
After spirited bidding, Sotheby’s sale of contemporary works raised $242.2 million with fees — easily surpassing the low estimate of $201.35 million — and sold 95 percent of its offerings, Sotheby’s highest rate since 2009.After spirited bidding, Sotheby’s sale of contemporary works raised $242.2 million with fees — easily surpassing the low estimate of $201.35 million — and sold 95 percent of its offerings, Sotheby’s highest rate since 2009.
Only two nights earlier, Sotheby’s sold just two-thirds of its inventory in its Impressionist and modern sale, after a morning announcement of a $25.9 million first-quarter loss.Only two nights earlier, Sotheby’s sold just two-thirds of its inventory in its Impressionist and modern sale, after a morning announcement of a $25.9 million first-quarter loss.
“Given the turmoil at Sotheby’s — they had to cobble together a sale — it just had a more positive vibe at the outset,” the dealer Lawrence Luhring said. “It seemed more lively than last night.”“Given the turmoil at Sotheby’s — they had to cobble together a sale — it just had a more positive vibe at the outset,” the dealer Lawrence Luhring said. “It seemed more lively than last night.”
After Christie’s successful contemporary art sale on Tuesday, which sold 87 percent of its offerings, the Sotheby’s auction helped calm a skittish art market by finding takers for the big-ticket lots and re-establishing a buoyant tone for the contemporary art market.After Christie’s successful contemporary art sale on Tuesday, which sold 87 percent of its offerings, the Sotheby’s auction helped calm a skittish art market by finding takers for the big-ticket lots and re-establishing a buoyant tone for the contemporary art market.
“Now that was an auction,” the art adviser Nancy Whyte said. “There were plenty of buyers out there tonight.”“Now that was an auction,” the art adviser Nancy Whyte said. “There were plenty of buyers out there tonight.”
Never mind that Sotheby’s total sale was 36 percent lower than the $379.7 million it achieved at the equivalent sale last May. At least, in these uncertain times, people were still buying high-end contemporary art — just as they did the previous night at Christie’s, where the Japanese Internet billionaire Yusaku Maezawa splashed out $81.3 million on five trophy works, including a $57.3 million Basquiat. On Wednesday night, he bought two pieces for an additional total of $16.6 million.Never mind that Sotheby’s total sale was 36 percent lower than the $379.7 million it achieved at the equivalent sale last May. At least, in these uncertain times, people were still buying high-end contemporary art — just as they did the previous night at Christie’s, where the Japanese Internet billionaire Yusaku Maezawa splashed out $81.3 million on five trophy works, including a $57.3 million Basquiat. On Wednesday night, he bought two pieces for an additional total of $16.6 million.
At one point, after selling a white Lucio Fontana piece for $2.6 million, there was an audible whoop in the room. “I’m happy for you, as well,” the auctioneer, Oliver Barker, said.At one point, after selling a white Lucio Fontana piece for $2.6 million, there was an audible whoop in the room. “I’m happy for you, as well,” the auctioneer, Oliver Barker, said.
At times there was repeated back-and-forth between two bidders as the price inched up in relatively small increments, as it did for a Günther Förg abstract. “You’re really making me work for it,” Mr. Barker said. (It finally went for $670,000).At times there was repeated back-and-forth between two bidders as the price inched up in relatively small increments, as it did for a Günther Förg abstract. “You’re really making me work for it,” Mr. Barker said. (It finally went for $670,000).
The Sotheby’s result was doubly reassuring, given the auction house’s bumpy year. Even as it acquired Art Agency, Partners, a New York art advisory company, in January, more than a dozen senior specialists have left.The Sotheby’s result was doubly reassuring, given the auction house’s bumpy year. Even as it acquired Art Agency, Partners, a New York art advisory company, in January, more than a dozen senior specialists have left.
At 44 lots, last night’s sale was noticeably smaller than the 63-lot auction Sotheby’s held last May in a more bullish market. As at Christie’s, no work was valued at more than $40 million, reflecting reluctance among collectors to test demand with their most valuable pieces.At 44 lots, last night’s sale was noticeably smaller than the 63-lot auction Sotheby’s held last May in a more bullish market. As at Christie’s, no work was valued at more than $40 million, reflecting reluctance among collectors to test demand with their most valuable pieces.
“There’s still money out there,” the London-based dealer Offer Waterman said. “The election is a big factor. People are waiting. But passionate collectors are still buying.”“There’s still money out there,” the London-based dealer Offer Waterman said. “The election is a big factor. People are waiting. But passionate collectors are still buying.”
Here are some of the night’s main talking points.Here are some of the night’s main talking points.
SURE STARTER Sotheby’s, mindful of jitters in the market, played it safe with established names. The Romanian-born market darling Adrian Ghenie, whose 2014 painting “The Sunflowers in 1937” was sold in February for $4.5 million at Sotheby’s in London, was the only artist under 40 in the auction.SURE STARTER Sotheby’s, mindful of jitters in the market, played it safe with established names. The Romanian-born market darling Adrian Ghenie, whose 2014 painting “The Sunflowers in 1937” was sold in February for $4.5 million at Sotheby’s in London, was the only artist under 40 in the auction.
Mr. Ghenie’s 2012 painting “Self-Portrait as Vincent van Gogh” gave a flying start to the sale with six bidders and a price of $2.6 million with fees, against a low estimate of $200,000. It went to the free-spending Mr. Maezawa, who also bought Christopher Wool’s “Chameleon” painting for $14 million.Mr. Ghenie’s 2012 painting “Self-Portrait as Vincent van Gogh” gave a flying start to the sale with six bidders and a price of $2.6 million with fees, against a low estimate of $200,000. It went to the free-spending Mr. Maezawa, who also bought Christopher Wool’s “Chameleon” painting for $14 million.
GEM OF THE NIGHT “Two Studies for a Self-Portrait” by Francis Bacon appealed to similar tastes, if backed by even bigger wallets. The most exceptional small-scale diptych of Bacon self-portraits to come to auction recently, the pair had been in the same British collection since 1970, the year they were painted, and were viewed as the sale’s indisputable triple-A quality works by a trophy artist at the height of his powers.GEM OF THE NIGHT “Two Studies for a Self-Portrait” by Francis Bacon appealed to similar tastes, if backed by even bigger wallets. The most exceptional small-scale diptych of Bacon self-portraits to come to auction recently, the pair had been in the same British collection since 1970, the year they were painted, and were viewed as the sale’s indisputable triple-A quality works by a trophy artist at the height of his powers.
“It’s about perfection,” Grégoire Billault, Sotheby’s head of contemporary art, said of the piece. “One of those dreams we’re all chasing each season.”“It’s about perfection,” Grégoire Billault, Sotheby’s head of contemporary art, said of the piece. “One of those dreams we’re all chasing each season.”
With a low estimate of $22 million, the diptych sold for $35 million to a telephone bidder; the underbidder was the London-based dealer Gladwell & Patterson.With a low estimate of $22 million, the diptych sold for $35 million to a telephone bidder; the underbidder was the London-based dealer Gladwell & Patterson.
TRICKY TWOMBLY Cy Twombly’s “blackboard” paintings have become a gold-standard of contemporary sales, bringing $30 million or more three times in the last two years.TRICKY TWOMBLY Cy Twombly’s “blackboard” paintings have become a gold-standard of contemporary sales, bringing $30 million or more three times in the last two years.
“The ‘blackboards’ are among his most desirable works,” the New York dealer Christophe Van der Weghe said. “The references to school and education appeal to collectors.” “The ‘blackboards’ are among his most desirable works,” the New York dealer Christophe Van de Weghe said. “The references to school and education appeal to collectors.”
On Wednesday night, Sotheby’s put an estimate of $40 million on the 1968 abstract “Untitled (New York City),” notable for its looping calligraphy in pale blue, rather than the usual white. The canvas was bought for $36.7 million by a single bidder on the phone with Patti Wong, chairwoman of Sotheby’s Asia.On Wednesday night, Sotheby’s put an estimate of $40 million on the 1968 abstract “Untitled (New York City),” notable for its looping calligraphy in pale blue, rather than the usual white. The canvas was bought for $36.7 million by a single bidder on the phone with Patti Wong, chairwoman of Sotheby’s Asia.
“Above $20 million, the air is thin,” Mr. Billault said, adding that it was hard to have the fourth major “blackboard” painting to come up for auction recently. “But nearly $37 million I don’t think is a real disappointment.”“Above $20 million, the air is thin,” Mr. Billault said, adding that it was hard to have the fourth major “blackboard” painting to come up for auction recently. “But nearly $37 million I don’t think is a real disappointment.”
However, Twombly’s crimson 2004 abstract “Untitled (Bacchus 1st Version V)” was among five works on the night that carried Sotheby’s-financed guarantees. With an estimate of $20 million, this confirmed a night of lowered expectations, selling for $15.4 million to the London art advisers de Pury.However, Twombly’s crimson 2004 abstract “Untitled (Bacchus 1st Version V)” was among five works on the night that carried Sotheby’s-financed guarantees. With an estimate of $20 million, this confirmed a night of lowered expectations, selling for $15.4 million to the London art advisers de Pury.
CALDER OF THE WEEK Other lots contributed handsomely to Sotheby’s bottom line. Despite a glut of Calders on offer at Christie’s the previous night, at least eight bidders — including the New York collector Adam Lindemann — battled over the 1942 Calder standing mobile, notable for its suspended colored glass elements, formerly owned by Alfred J. Barr Jr., the Museum of Modern Art’s first director. The price soared to $8.3 million, against a low estimate of $3 million, giving Sotheby’s and its seller at least $4 million above the guarantee.CALDER OF THE WEEK Other lots contributed handsomely to Sotheby’s bottom line. Despite a glut of Calders on offer at Christie’s the previous night, at least eight bidders — including the New York collector Adam Lindemann — battled over the 1942 Calder standing mobile, notable for its suspended colored glass elements, formerly owned by Alfred J. Barr Jr., the Museum of Modern Art’s first director. The price soared to $8.3 million, against a low estimate of $3 million, giving Sotheby’s and its seller at least $4 million above the guarantee.
FINAL WORD Calder’s grandson Alexander S. C. Rower, chairman of the Calder Foundation, said the night’s sale suggested that all the “soul searching” about the market had been exaggerated. “The recession,” he said, “is now recessed.”FINAL WORD Calder’s grandson Alexander S. C. Rower, chairman of the Calder Foundation, said the night’s sale suggested that all the “soul searching” about the market had been exaggerated. “The recession,” he said, “is now recessed.”