The banana puns and jokes were flying fast and furious as Maurizio Cattelan’s infamous Comedian (2019) was offered at Sotheby’s sale of contemporary and ultra-contemporary art in New York on Wednesday. On a more somber note, the auction’s measured bidding and muted results show a market that has shrunk considerably over the last 12 months. The evening’s total of $112.3 million was a jaw-dropping 63 percent, or $193 million, below the result at the same event last November. Read on for the stats of the sale.
Total Sales After Fees: $112.3 million
Total Sales of Equivalent Auction Last Year: $305.7 million
Hammer Total: $96.4 million
Ed Ruscha, Georges’ Flag (1999). Image courtesy Sotheby’s.
Top Seller: Ed Ruscha, Georges’ Flag (1999) sold for $13.7 million.
Lots on Offer: 43
Lots Withdrawn: 3
Lots Sold: 40
Lots Bought In: 5
Sell-through Rate: 81 percent
Sell-through Rate After Withdrawals: 87.5 percent
Presale Low Estimate: $108.4 million
Presale Low Estimate After Withdrawals: $103,180,000
Hammer Total vs. Presale Low Estimate: -$12 million
Hammer Total vs. Presale Low Estimate (revised after withdrawals): -$6.78 million
Lots Guaranteed: 9
Lots With House Guarantees: 0
Lots With Third-Party Guarantees: 9
Total Low Estimate of Withdrawn Lots: $5.2 million
Total Low Estimate of Guaranteed Lots: n/a
Total Low Estimate of Third-Party Guaranteed Lots: $29.95 million (29 percent of total presale low estimate)
Quote of the Night: “Don’t miss this opportunity. . . it’s going to go fast. . . The most expensive banana, only at Sotheby’s. These are words I never thought I would say. Don’t let it slip away.” Auctioneer Oliver Barker was letting the puns fly while he deftly kept the bidding action going as Comedian popped up to and then over the $5 million mark.
Lasting Memory: The excitement around the banana. Though it was not the most expensive lot of the night, the thrill in the room was palpable.
Parting Shot: The Cattelan banana was not the only artwork to draw some jokes. As the sale neared its end and the room was starting to clear out, Barker was presiding over somewhat sluggish bidding on a massive Fernando Botero bronze horse. At one point he quipped that they were “galloping” to the next bid and then paused before looking at the phone bank of Sotheby’s specialists and said, “At least someone’s laughing.”