Art Market: New York`s Spring Auctions 2019 Redux - About Trophy Bunnies & More

(Drivebycuriosity) - Last week´ s spring auctions in New York showed the status quo of the art market. The auctions for impressionists, modern, post war & contemporary art brought together nearly $2 billion (bloomberg). Christie´s auctioned a grand total of $1,073 million, Sotheby´s cashed in almost $1 billion & Phillips realized over $135 million .

These are solid sales, a sign that the art market is still in a robust health, trade war or not. Apparently the market is benefiting from the ongoing growth of the global economy.  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. And many sellers did it for philanthropic causes like rainforest conservation (theartnewspaper).

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Screaming Popes

There were some spectacular results and records.  Claude Monet’s "Meules" (1891) became the most valuable Impressionist work of art sold at auction, setting a new record for the artist. The painting achieved $110.7 million @ Sotheby`s  — 44 times the price when it last sold at auction in 1986. His  “Coin du bassin aux nymphéas” (1918-19) reached $21.8 million @ Christie´s. Pablo Picasso`s  “Femme au Chien” (1962) -  which includes his wife`s dachshund - left Sotheby´s for $54.9 million.

Jeff Koon´s became the world’s most expensive living artist on 15 November with his "Rabbit" (made of steel) and  reached a new record of  $91,075,000 at Christie`s. The winning bid came from art dealer Bob Mnuchin, U.S. Treasury Secretary Steven Mnuchin’s father, who was in the sales room and said he made the purchase on behalf of a client. Many rich men have trophy women, someone got a trophy bunny.

Christie´s also sold Andy Warhol’s Double Elvis (Ferus Type) (1963) for $53 million. I believe I saw Gerhard Richter in this group, who also was represented in the spring auctions.

Mark Rothko's "Untitled" (1960) fetched $50.1 million & Francis Bacon’s "Study for a Head" brought $50.4 million, both @ Sotheby´s. The "Study" belongs to Bacon´s "Screaming Pope" series which was inspired by Velázquez. I spotted also one in the Vatican Museums.

Balthus's 'Thérèse sur une banquette' achieved $19 million, a new World Auction Record for the artist. Modigliani's 'Lunia Czechowska (à la robe noire)' achieved $25.2 million, against a low estimate of $12 million  both @ Christie`s. Beauty has many faces.

Coming to the category surprises and up-and-coming artists:  Phillips auctioned Dana Schutz’s "Signing" (image above) for $980,000  —a new record for the artist. Hours later the auction @  Sotheby`s broke this record, her "Civil Planning" went for $2.4 million. Her "First Telepathic Email" reached $250,000 Sotheby`s, exceeding its $150,000 high estimate.


Discoveries & Price Jumps 

There also were some amazing discoveries & price jumps. @ Sotheby´s I discovered Andy Denzler`s fascinating “Golden Hands on Black II” (2017, oil on canvas, Estimate $40,000 -60,000, sold for $212,500 ). I admire the expressionist style of this work - a kind of magic. I also liked there Jonas Wood`s  “The Speller”  (2007, oil on canvas, Estimate $500,000 - 700,000, sold for $1.7 million); Michael Borreman`s “Thunder” (2006, oil on canvas, Estimate 180,000 -250,000, sold for $500,000) & Jennifer Bartlett`s  “Four A.M” (1991-92,  acrylic on canvas, Estimate $30,000 - 40,000, sold for $262,500). 

But the auctions did not only cater the super-rich - contrary to what the New York times claims (nytimes). There were also a lot moderate priced items. Above some bargains.  I saw @ Christie´s Sarah Hughes` “You are me and you are me too”  (2012, oil, acrylic and enamel on canvas, Estimate $15,000 - 20,000). At Phillips I enjoyed seeing Richard Estes` lovely "Turkey Landscape" (Estimate $40,000 - 60,000) & the fascinating "Surface to Air" by Michael Bevilacqua (Estimate $20,000 -30,000).

The auction houses looked like huge museums and together they over-trumped any major museum exhibition of contemporary art I know including New York´s MoMa, Los Angeles`"Broad" and Chicago`s Art Institute. Admission was free and taking pictures was permitted. Priceless!