Content provided in partnership with
War, terrorism and SARS fail to sink spring auctions - Front Page - price record of individual impressionist, modern, and comtemporary art works - activity at Christie's, Sotheby's and Phillips de Pury & Luxembourg
Art in America, July, 2003 by David Ebony
Against a backdrop of global uncertainties, not to mention the sputtering U.S. economy, expectations were low at the start of this season's big-ticket sales of Impressionist, modern and contemporary art in New York. The evening auctions at the three major houses were shorter than usual, some under an hour, as the relatively small number of lots offered reflected the dearth of consignors willing to part with top-notch works, combined with auction house fears that buyers would not spring for major acquisitions during these troubled times. Despite the gloomy forecast, however, each auction hit a number of significant high points. The season totals were lower than the published presale estimates, which were compiled earlier in the year, but in light of subsequent events, the final results were far better than anticipated.
- Most Popular Articles in Arts
- Art since 1900: Modernism, Antimodernism, Postmodernism
- Free-standing cardboard sculpture
- What makes a successful business person? Business people who are tops in ...
- Take advantage of local advertising: TV, newspaper or magazines? If your ...
- Tino Sehgal at the ICA
- More »
After the two weeks of sales, Christie's came out on top, pulling in a total of $161.5 million, below the company's $171.8-million fall take. Sotheby's earned a respectable $123.6 million, although the sum was far short of its $193-million fall total. Phillips de Pury & Luxembourg sat out the Impressionist and modern art sales after its dismal results in that field last fall [see "Front Page," Jan. '03]. The house did, however, generate $14.2 million in its contemporary art sales this spring. Final prices quoted here include the auction house commissions: Sotheby's charges 20 percent of the first $100,000 and 12 percent of the rest. Christie's commission is 19.5 percent of the first $100,000, and 12 percent of the rest. Phillips charges 19.5 percent of the first $100,000, and 10 percent on any amount above that.
Impressionist and Modern
The season began with Sotheby's evening sale on Tuesday, May 6, which realized $65.6 million, just under the $70-million presale low estimate. Of the 39 lots offered, 28 found buyers. The sale's star lot, Renoir's large, luminous 1882 portrait In the Roses (Madame Leon Clapisson), was bought for $23.5 million (est. $20-$30 million) by Stephen A. Wynn for his new Las Vegas hotel, Le Reve. Another big price was paid for Degas's pastel Dancer (ca. 1885-90). The work, sold by the Museum of Fine Arts, Boston, to support its acquisitions fund, brought $10.6 million (est. $9-$12 million). The 1926 Max Liebermann painting My House in Wannsee with Garden shot past its $950,000 high estimate to sell for $1.6 million, a record auction price for the artist. New auction records were also set for Alexander Archipenko, whose bronze Blue Dancer (1913) brought $1 million (est. $700,000-$900,000), and Andre Masson, whose 1943 painting Pasiphae was knocked down for $904,000, well above its $600,000 high estimate. The sale was not without some rough spots, however. Several important lots, including a 1915 Suprematist canvas by Kazimir Malevich, consigned by his heirs, was bought in after a high bid of $4.6 million (est. $5-$7 million). Major pieces by Rodin and Giacometti also went unsold.
Similarly, Christie's sale total the following evening, $59.7 million, fell short of the $64-$90-million presale estimate, but the auction was by no means a flop. Of the 31 lots offered, 25 sold; 11 works went for over $1 million. Once again, Wan purchased the evening's top lot, a penetrating Self Portrait (ca. 1895) by Cezanne, which garnered $17.4 million (est. $15-$20 million). Another highlight of the sale was Mondrian's crisp Composition in White, Blue and Yellow (1936), which went for $8.1 million (est. $6-$9 million). A 1922 cast of Degas's 1879 bronze Little Dancer at 14 brought $10.3 million (est. $8-$12 million), and Giacometti's 18-inch-tall bronze Walking Man III (1950) sold for $4 million (est. $3-$4 million). However, a number of lots by artists such as Monet and Sisley failed to sell.
Contemporary
While not exactly a runaway success, Sotheby's strong contemporary sale on Tuesday, May 13, set the tone for a lively week. Though the evening's $27.3-million total was well under the $33.7-million presale low estimate, only 7 of the 46 works offered failed to sell. The top lot, Jackson Pollock's small drip painting Number 17 (1949), consigned by Agnes Gund's AG Foundation to support its program, brought $5.3 million (est. $5-$7 million). The same consigner offered Roy Lichtenstein's 1990 painting Reflections on Jessica Helms, which sold for $1.4 million (est. $800,000-$1.2 million), and Bradley Walker Tomlin's large painting Number 15 (1953), which brought $904,000 (est. $600,000-$800,000), an auction record for the artist. Andy Warhol's Four Foot Flowers (1964) went for $2.1 million (est. $2-$3 million), and Jean-Michel Basquiat's Busted Atlas 2 (1982), brought $456,000 (est. $400,000-$600,000). Vija Celmins's canvas Untitled (Ocean), 1990-95, sold for $545,600 (est. $200,000-$300,000), another artist auction record, and Noble & Webster's blinking light sculpture Vicious (1999), brought $66,000 (est. $60,000-$80,000). Scattered among these successes, however, a number of key lots by artists such as Robert Rauschenberg, Jim Dine and Ad Reinhardt were bought in.
