Contemporary Art: New York`s Spring Auctions 2018 Redux

(Drivebycuriosity) - Last week´ s auctions in New York showed the status quo of the art market. The auctions for post war & contemporary art @ Sotheby`s, Christie`s & Phillips (my reports christ  soth phil ) brought together $813 million.

This is a solid result and a sign that the art market is in a robust health. Apparently the global art market is again following the stock markets which are hovering near all-time highs. History shows that stock markets & art markets walk side by side. Art is not only bought by collectors, who love it and want to own it, art is also purchased by investors & speculators who hope to sell it later for a higher price. These people consider art as an asset, comparable to stocks, bonds & real estate - and as long as they become more wealthy, they spend more for art.

Who were the top sellers? The usual suspects of course. Francis Bacon`s "Study for Portrait", one of his many portraits depicting his lover and muse George Dyer (painted 1977), was sold @ Christie`s for $49.8 million.  

Jean-Paul Basquiat is still cult (nypost). Phillips sold his 1984 painting "Flexible" for $45.3 million, more than double its presale estimate, and Sotheby’s auctioned his “Flesh and Spirit” for $30.7 million.  

Andy Warhol belongs to the kings of the art market as well: Christie´s sold his "Most Wanted Men No. 11, John Joseph H. Jr." $28.4 million and his "Double Elvis Ferus Type" for  $37 million.

Other brand names also did well. Nicolas de Stael’s beautiful "nu Debout" (1953) made a record $12.1 million (est. $7.5 million–$9.5 million). It last sold at Artcuriel in Paris in June 2013 for €4,690,690 and last week`s figure literally doubled that result.
Helen Frankenthaler`s "Blue Reach" (Estimate  $1 million — $1.5 million) sold @ Sotheby`s for $3 million.




                                                            Push & Pull

How did my favorites fare? Mark Tansey`s: "Source of the Loue" (Estimate  $2.5 million — $3.5 million) was sold for $7.45 million, his "Study for Push and Pull" (Estimate $1.5 million — $2 million) $3.13 million (both sold @ Sotheby´s).

Phillips sold Gerhard Richter `s wonderful "Italienische Landschaft (Italian Landscape)" (Estimate $1.5 million - $2 million) for $4 million. I believe I recognize Mount Vesuvius who destroyed once Pompei. Apparently the painting belongs to the artist`s early works when he enlarged and transferred photographs such as personal snapshots or images drawn from newspapers and magazines. He then blurred the images by dragging a dry brush over wet pigment.

Alex Katz`s "The Light 1 (Estimate $300,000 — $500,000) was sold @ Sotheby´s for $951,000.

"Wir sind durch" by Sigmar Polke  (Estimate   $900,000 — $1,2 million ) went for $ 1.5 million (Sothby`s).  

Another German painting, Trinker" by Georg Baselitz (Estimate  1.2 million - $1.8 million), was sold @ Christie´s for $3.3 million

And Christie’s auctioned a private collection of 22 paintings spanning the career of Richard Diebenkorn  for a combined $43 million. Above 2 of his paintings: "Untitled" & "Table and Folding Chair".


                                              Surprising Price Jumps

Coming to the category surprises and up-and-coming artists. It seems that Cecily Brown`s star is still rising. Last year I reported about her show @ Paula Cooper Gallery New York  ( driveby). Christie´s sold her "Girl Trouble" (Estimate $700,000 - $1 million) for $1.81 million.

Christie`s also auctioned Francois-Xavier Lalanne’s  The Mayersdorff Bar (1966), commissioned by a Belgian client and crafted in maillechort, steel, brass, copper, and blown glass, sold to a telephone bidder for $4.57 million (est. $2.2 million–$2.8 million). It came backed with a third-party guarantee and last sold at Sotheby’s Paris in November 2010 for €384,750.

David Wojnarowicz’s apocalyptic, four-panel spray paint and stencil composition, Science Lesson (1982–83), featuring a flotilla of floating figures and houses in space and armed soldiers racing across volcanic ground with a view of Earth burning in the distance, sold  @ Christie`s to a telephone bidder for  $708,500 (est. $400,000-$600,000).

Sotheby´s auctioned Avery Singer`s "Fellow Travelers, Flaming Creatures (Estimate $80,000 — $120,000 ) for $735,000 & the powerful "Dancer" by Barkley L. Hendricks  (Estimate   $400,000 — $600,000 ) for $2.1 million.

At Phillips some of the lower priced paintings made surprising jumps. The auction house sold "Untitled" by David Salle (Estimate $10,000 - 15,000) for $52,500.

"The Hero Centaur" by Hernan Bas (Estimate $30,000 - 40,000) for $81,250.

And "Vanity" by Shara Hughes (Estimate $10,000 - 15,000) for $60,000!


The selection above is very subjective, as usual. All mentioned price are without guarantee.

To be continued