The Back Room
The Back Room: Sequel Success
This week: wrapping up New York’s auctions, a stampede of artists switching stables, a verbal joust in a bidding war, and much more.
This week: wrapping up New York’s auctions, a stampede of artists switching stables, a verbal joust in a bidding war, and much more.
Tim Schneider ShareShare This Article
Every Friday, Artnet News Pro members get exclusive access to the Back Room, our lively recap funneling only the week’s must-know intel into a nimble read you’ll actually enjoy.
This week in the Back Room: wrapping up New York’s auctions, a stampede of artists switching stables, a verbal joust in a bidding war, and much more—all in a 7-minute read (1,888 words).
__________________________________________________________________________
With the last major New York evening auction now complete, we’re finally in position to assess the gavel game’s full playing field. Overall, the Big Three’s May sales were as big a win as the houses could have hoped for amid the continuing turbulence in the financial and crypto markets. Even still, the victory comes with caveats.
For a broader picture, let’s return to the dominant themes of Christie’s evening sales last week to see which trends held at Sotheby’s and Phillips over the past four nights.
Out of three evening auctions with lots projected to sell for $30 million or more, only one hammered north of its highest estimate.
The winning bid for the bravura Basquiat anchoring Phillips’s 20th century and contemporary evening sale on Wednesday night was $75 million, above its $70 million expectation. The result powered the house to its “most successful sale ever,” according to a post-auction statement touting the premium-inclusive $225 million overall total achieved.
In contrast, the two priciest lots in part two of Sotheby’s Macklowe collection evening sale hammered at the lower end of their expected range: a moody 1960 Mark Rothko at $41.5 million (estimate: $35 million to $50 million), and a Gerhard Richter seascape at $26 million (estimate: $25 million to $35 million).
The momentum slowed further at Sotheby’s Modern evening sale. Yes, the gavel came down for Paul Cézanne’s Clairière (The Glade) at $36 million, almost dead center in its $30 million to $40 million presale projection. But the winning bid for Picasso’s Femme nue couchée (1932) was $58.5 million, below its $60 million expectation. Monet’s Le Grand Canal et Santa Maria della Salute (1908) hammered at $49 million, south of its $50 million low estimate.
Sotheby’s contemporary evening sale told a similar story. Francis Bacon’s Study of Red Pope hammered at its $40 million low estimate after only one bidder emerged. The gavel fell for Cy Twombly’s major blackboard painting at $35.5 million, well below its $40 million low projection, also to a lone suitor.
The good news? All of these trophy lots sold. The less good news? They didn’t sell for more.
Between Sotheby’s and Philips this week, eight lots by artists aged 40 or younger soared to $1 million or more after fees: María Berrío ($1 million, twice), Shara Hughes ($1.6 million), Anna Weyant ($1.6 million), Jennifer Packer ($2.3 million), Christina Quarles ($4.5 million), Avery Singer ($5.3 million), and posthumously, Matthew Wong ($5.9 million).
Three more talents in this age bracket reached rare air of their own. A Lucy Bull painting at Sotheby’s went for $907,200, more than 11X its $80,000 high estimate. Two works by Lauren Quin went for between $302,400 and $529,200 each against five-figure expectations. Robin F. Williams achieved an auction record of almost $328,000 at Phillips, more than double its low projection.
Phillips stated that 20 percent of registered bidders in its record-setting Wednesday evening sale came from Asia, the same proportion as Europe. Bidders working through the house’s Hong Kong salesroom paid above-estimate prices for Weyant, Berrío, and Hughes per my colleague Annie Armstrong.
Sotheby’s, meanwhile, relayed that more than 25 percent of lots in “The Now,” the youth-centric component of its Thursday evening sale, had “deep bidding from Asia.” Such hard figures were conspicuously absent from the official recaps of the house’s other nocturnal auctions.
The best we got was confirmation that one Asian client acquired a Monet for $23.3 million in the Modern evening sale, another was the underbidder for the Rothko in the Macklowe auction, and others were “active” on that night’s Jeff Koons and Warhol Airmail lots.
There just weren’t many lots by sub-star white male artists of the era in this week’s evening sales, which is its own answer to this question.
A Sean Scully canvas overperformed at Sotheby’s, hammering for $1.65 million against a $1.2 million high estimate. But a David Wojnarowicz work at Phillips only landed within its estimate range after fees. Beyond that, the field was barren.
It’s possible that the day sales could provide more evidence, but that analysis will have to wait for another time.
__________________________________________________________________________
The results from the Macklowe sale on Monday night are a useful avatar for this season’s entire New York evening auction cycle. Sotheby’s sold all 30 lots, bringing in $246.1 million. Combined with the initial evening auction last November, the trove amassed $922 million in total sales.
That makes the Macklowe holdings the priciest private art hoard ever sold under the hammer… as long as you don’t adjust for inflation.
If you do, though, the two-part sale fell about $40 million short of the cume from the Peggy and David Rockefeller estate at Christie’s in 2018. The latter stockpile, sold for $835.1 million four years ago, would have been worth about $961.5 million in today’s economy.
In short, yes: the season went extremely well for the Big Three. Just not quite as well as the boldest proclamations would have us believe. Stay vigilant for what lies ahead.
____________________________________________________________________________
The latest Wet Paint gives us an evening inside the art world’s long-running, rainmaker-packed Lesbian and Bisexual Backgammon League, as well as an update on how the continuing war in Ukraine is impacting Russian-owned Phillips and multiple (anti-Putin) Russian expat dealers. If that’s not range, we don’t know what is.
Here’s what else made a mark around the industry since last Friday morning…
Art Fairs
Auction Houses
Galleries
Institutions
NFTs and More
____________________________________________________________________________
Christie’s will offer Romanian auction darling Adrian Ghenie’s Pie Fight Interior 12 (2014) with an estimate of HK$68 million to HK$98 million ($8.8 million to $13 million) during its May sales in Hong Kong. If it meets expectations, it could crack the artist’s record price. We took a look inside Ghenie’s meteoric auction rise for The Appraisal.
Click through for more on the key ingredients to Ghenie’s auction success, what bodies of work are his most sought after, and whether this truly is the “Pie Fight” to end all fights.
____________________________________________________________________________
“He turns to me at one point and says, ‘I’m not going to stop.’ To which I replied, ‘Then I’m going to make you pay.’”
—Energy trader Bill Perkins recounting his exchange with his competitor in the 10-minute bidding war that sent Ernie Barnes‘s The Sugar Shack to $15.3 million, 76 times its high estimate, at Christie’s 20th century evening sale in New York last Thursday. (Perkins won.) (New York Times)
____________________________________________________________________________
____________________________________________________________________________
Price: £75,000 ($93,650)
Sold at: Frieze New York
Sold to: Private collection
Although several of her fellow fast-rising peers have rung up big hammer prices in New York this month, the only public places to find works by fiercely sought-after Rachel Jones right now are in her solo exhibition at the esteemed Chisenhale Gallery—and in Thaddaeus Ropac’s booth at Frieze New York.
Jones, who just turned 30 last year, provided her dealer two arresting new oilstick paintings for the fair (only one of which is actually on view). They are the latest of the artist’s color-saturated renderings of abstracted teeth, which often seem to double as vibrant landscapes or still-life compositions.
Jones’s works have been nearly impossible to snag since Ropac signed her following a fall 2020 group show at his space. He placed her paintings in such institutions as the ICA Miami; the Museum of Fine Arts, Houston; and Tate even before opening her inaugural solo show at his London gallery this February. No surprise, that show sold out almost instantly.
A few weeks later, Jones’s painting A Slow Teething (2020) came up as the opening lot in Sotheby’s “The Now” evening sale, selling for £617,400 ($764,300). Her primary prices are much closer to that lot’s £50,000 to £70,000 estimate range than the post-bidding-war price, as Title TBC shows—proof that Ropac is intent on playing the long game with his young star.
____________________________________________________________________________