Christie's and Sotheby's auctions in New York enliven the market

The Christie ’s and Sotheby’s modern and contemporary art auctions took place in New York between May 11 and 13 , an important event to test the health of a market that seems to be responding vigorously to the two auction houses’ proposals, bringing to mind pre-pandemic era dynamics.

Christie’s: Art from^20th &^21st centuries.

The first novelty lies in the name used by Christie’s for the auction segments. "Impressionist and Modern Art“ and ”Post-War and Contemporary Art," are replaced by 20th century and 21st century. The reason for this choice, according to Christie’s, is due to the evolution of an increasingly fluid market that ranges across genres, beyond cataloging of any sort. A fact that allows for softer connections between artists of various currents and eras, also due to the development of the practice of cross-collecting, a phenomenon that has dominated the commercial strategies of auction houses in the past year.

Denominations aside, Christie’s 21st Century evening sale opens May 11 in New York, presenting a catalog mostly focused on proposals by young artists in adherence to the new approach aimed at promoting the latest artistic trends.

The first result that stands out is that achieved by In this Case, a work by Jean-Michel Basquiat. Created in 1983, In This Case is museum-sized (198x187 cm) and is characterized by an energetic use of color. The work changed hands for $93,105,000, slightly less than the record set at Sotheby’s New York in 2017 when Japanese entrepreneur Yusaku Maezawa bought a Basquiat painting for $110,487,500.

All other notable adjudications are for works by young artists. Starting with Jonas Wood, his Two Tables with Floral Pattern (2013) finds a new owner for $6,510,000, more than three times the auction base, while Lynette Yiadom-Boakye, fresh from a recent solo show at London’s Tate Modern, reaches $1,950,000, well above the starting estimate. Striking is Nina Chanel Abney’s painting Untitled (xxxxxx) (2015) depicting two policemen stopping a man forced to remain on his knees, a scene dramatically reminiscent of current events. The work is close to $1 million.

Rashid Johnson’s energetic Anxious Red Painting December^18th (2020), after a long bidding battle, laps the $2,000,000 mark, leaving behind the $200,000 auction base. Proceeds from the work, donated by the artist, will go to support CORE (Community Organized Relief Effort) an association that fights the effect of the Covid-19 pandemic on the poorest people.

A donation was also given by artist Dana Schutz, the sale of her Fisherman (2021)will support the permanent conservation of 2.5 million acres of land in partnership with Art to Acres, a nonprofit organization run by artists to protect biodiversity. Fisherman from $400,000 start, finds new owner for an impressive $2,970,000.

Also excellent were the achievements of Alex da Corte, Salaman Toor and Larva Labs’ 9 Cryptopunks (2017), which were adjudicated for nearly $17,000,000 confirming that the NFT market continues to capture the interest of collectors.

Less brilliant were the results of artists with well-established markets such as Gerhard Richter and Cyndy Sherman, whose works, though adjudicated, did not reach the low estimate. Christopher Wool disappoints expectations, his Hole (1992) changing hands for $3,630,000, just above the base, while the other work OH OH remains unsold.

May 13 is the turn of the 20th century evening sale. Christie’s strategy for this newly nomenclature compartment is to bring together masters on the borderline between modern and contemporary, such as Picasso, Matisse, and Giacometti, with milestones of the purest contemporary, such as Rothko, Mitchell, and Boetti. The technique seems to be working, at least based on the end result, which is close to half a billion dollars in sales.

One of the most important adjudications of the evening is that featuring Pablo Picasso’sFemmeassise près d’une fenêtre (Marie-Thérèse) (1932), which sold for $103,410,000, a staggering result that was followed by sales of the Spanish artist’s other two works in the catalog Tête de femme (1940) and Femme dans un fauteuil (1941). Staying in the early part of the 20th century, Waterloo Bridge, effet de brouillard (1903) by Claude Monet changed hands for $48,450,000. Also featured are two works by Georges Seurat, a painter who, though belonging to the 19th century, had a style crucial to the development of 20th-century painting currents, and, probably for this reason, included in the catalog. Paysage et personnages (La jupe rose) and Le Saint-Cyrien, from 1884 change hands for $13,184,000 and $4,350,000 respectively, both exceeding the high estimate.

Moving on to the second part of the twentieth century, a new record materializes for Alighiero Boetti. The monumental tapestry Sottrazione (1982) fetches $4,590,000, almost double the auction base, a figure that confirms the international market’s granitic interest in the Turin-based artist.

Willem de Kooning ’s two works change hands, but particularly sparking is East Hampton VI (1977), which jumps from $4,000,000 to $10,436,000. Also doing very well is Barbara Hepworth ’s sculptureParent II (1971) at the center of a dispute that from $2,500,000 led it to find a new owner for $7,110,000.

Mark Rothko ’s splendid Untitled (1970) in shades of blue clocks in at $38,145,000 in adjudication, while arousing much interest is Wayne Thiebaud ’s 1968 portrait of a tennis player entitled Toweling Off. Starting from an auction base of $1,200,000, it reaches $8,489,500. Another notable result is that of Chinese artist Zao Wou-Ki whose work
10.2.81 (1981) doubles the auction base by settling at $3,030,000.

Jean-Michel Basquiat, In This Case (1983) Courtesy of Christie’s

Jonas Wood, Two Tables with Floral Pattern (2013) Courtesy of Christie’s

Rashid Johnson, Anxious Red Painting December 18th (2020) Courtesy of Christie’s

Pablo Picasso, Femme assise près d’une fenêtre (Marie-Thérèse) (1932) Courtesy of Christie’s

May 12: Sotheby’s evening sale

May 12 is Sotheby’s turn to open the dances, starting with the private collection of Mrs. John L. Marion, philanthropist and chairman of Sotheby’s from 1975-1994. There were four notable results from this first group of lots: Kenneth Noland’s Rocker (1958), which sold for $4,255,000; Andy Warhol ’s Elvis 2 Times (1963), which fetched an impressive $37,032,000; Gerhard Richter’s Abstraktes Bild (1992), which scored the $23,244,000 adjudication; and Larry Rivers’ Africa I (1961-1962), which shredded the low estimate of $350,000, coming in at $2,077,000.

With the first round over, we get into the meat of the auction with the Contemporary Art Evening Auction.

There is much anticipation for Versus Medici, made in 1982 by Jean-Michel Basquiat, a work that is the highlight of the evening. Despite high expectations, the work does not take off as it should, in fact settling at $50,820,000, reaching the high estimate.

Different discourse for Love is in the Air (2005)by street artist Banksy, at the center of a battle that demolishes the low estimate of $3,000,000 to touch the $13,000,000 adjudication.

Interesting is the result achieved by artist Elizabeth Peyton ’s portrait of David Bowie (2012), which changes hands for $2,077,000 well above the low estimate, as well as noteworthy is No Title (Deeper above all...) (2011), which reaches $2,682,000. The work is by Raymond Pettibon, an artist known for making iconic album covers such as that of the Goo album by Sonic Youth, a cult band of the 1980s/90s New York alternative scene.

Pakistani-born artist Salman Toor is featured with a 2019 work The Arrival that pulverizes the starting estimate set at $60,000 and finds a new owner for $867,000.

Record for Robert Colescott ’sGeorge Washington Carver’s Crossing the Delaware: Page from an American History Textbook (1975), a work that represents a satirical intervention in American history by the artist. The painting flies at $15,315,900 in adjudication.

Cy Twombly ’s swirling Untitled (Rome) (1970) touches $41,628,000, while Bruce Nauman’s luminescent neon work Life, Death, Love, Hate, Pleasure, Pain (1983) touches close to $9 million, leaving the auction base behind.

The last installment of Sotheby’s auction is devoted to Impressionist and Modern Art. The highlight of the session is Claude Monet’s marvelous Le Bassin aux nymphéas (1917-19), an iconic work by the French artist, a magnet that draws the attention of the bidders, who vie for the masterpiece to the final bid of $70,353,000.

Other Impressionist masterpieces alternated during the course of the auction, from Degas to Cezanne. A noteworthy result is Pierre-Auguste Renoir’s Femme nue couchée (1892) changes hands for $4,255,000, more than triple the low estimate. Making the noise, however, are works belonging to other currents. Diego Rivera, for example, a Mexican painter who is also famous for being Frida Kahlo’s husband, is featured with Retrato de Columba Domínguez de Fernández (1950), a work that reaches $7,445,250. The same goes for Egon Schiele, present withSichentkleidendes Mädchen (1911) and Kauernder weiblicher Akt (1917), adjudicated above the high estimate. Surprise for the work Autoportrait au scorpion (1938) by painter Lenor Fini, which from an auction base of $600,000 flies to $2,319,000.

Jean-Michel Basquiat, Versus Medici (1982) Courtesy of Sotheby’s

Banksy, Love is in the Air (2005) Couresy of Sotheby’s

Robert Colescott, George Washington Carver Crossing the Delaware (1975) Courtesy of Sotheby’s

Claude Monet, Le Bassin aux nymphéas (1917-19) Courtesy of Sotheby’s

Diego Rivera, Retrato de Columba Domínguez de Fernández (1950) Courtesy of Sotheby’s

Overview of results

What emerges from this three-day auction is the fact that young art is making more and more space for itself, claiming its own position within the contemporary scene. Young artists show their identity, many times taking a position on difficult and sadly topical issues and pouring onto their works the tensions of the times they live in, managing to bring out an energetic painting that knows how to capture the market’s attention.

A market that shows new blood, a sign of confidence that is beginning to make itself felt after a period of profound uncertainty.

Of course, as we have seen, established masterpieces, fromImpressionism to contemporary masters, find a good foothold in safe investments that, while very expensive, animate lively and pawing dynamics.

Christie's and Sotheby's auctions in New York enliven the market

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