Sotheby's Recent New York Auctions and what they tell us about the state of the art market.
The modern art sale conducted by Sotheby's on Monday evening witnessed robust bidding and favorable prices for artworks attributed to notable artists such as Claude Monet and Mark Rothko. However, the culmination of the New York auction portrayed a nuanced representation of collector interest, achieving a total of US$190.4 million, or US$223.3 million inclusive of fees.
The final aggregate, excluding fees, surpassed the lower estimate for the sale, originally set at US$179 million. Notably, the estimated outcome, precluding fees, did not factor in the withdrawal of seven lots from the auction, a collective omission that potentially deprived the event of an additional US$19.3 million in revenue. Furthermore, the auction concluded with two works from the 33-lot collection failing to secure buyers.
Of significance, the art auction transpired within an hour of Sotheby's successful sale of a 1962 Ferrari 330 LM / 250 GTO, chassis 3765, fetching a remarkable US$51.7 million inclusive of fees. This transaction, as affirmed by the auction house, established a new pinnacle for the value of a Ferrari in a public auction, albeit slightly below the initial estimate of US$60 million. Notably, it also marked the second-highest price ever recorded for a car at auction, according to Sotheby's.
In contextualizing this achievement, it is noteworthy to mention that the preceding record for a Ferrari in auction stood at US$48.4 million, a milestone set in 2018 at Sotheby's. The highest price ever attained for any car was US$143 million, achieved by a 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupé at RM Sotheby's in the preceding year.
The pinnacle of the modern art sale was marked by the acquisition of Claude Monet's "Peupliers au bord de l’Epte, temps couvert, 1891," which commanded a substantial sum of US$26.8 million, or approximately US$30.8 million inclusive of fees. This masterpiece found its new owner through a telephonic bidding process facilitated by Wendy Lin, the Chairman of Sotheby's in Asia, within a remarkably brief period, lasting around one minute.
Notably, "Peupliers" is part of a collection of 24 paintings crafted by the artist, all depicting a cluster of poplars strategically planted along the banks of the Epte river, situated approximately two kilometers from Monet's residence in Giverny, as elucidated by Sotheby's. Despite the exceptional value attached to this artwork, the final result fell just below the lower estimate of US$30 million.
The swift and decisive nature of the bidding process, coupled with the strategic guidance provided by Wendy Lin, underscores the dynamic and competitive atmosphere characterizing the auction. This transaction not only accentuates the enduring allure of Monet's masterpieces but also signifies the pivotal role played by influential collectors in shaping the trajectory of high-profile art sales.
A notable surge of interest surrounded another masterpiece by Claude Monet, titled "Le Moulin de Limetz (The Mill at Limetz), 1888," which achieved a remarkable sale price of US$22 million, or US$25.6 million inclusive of fees. This transaction unfolded over a duration exceeding seven minutes, marked by a spirited exchange of bids. The triumphant bidder engaged in this prolonged negotiation was in direct communication with Simon Shaw, Sotheby's Vice Chairman of Fine Art.
Of significance, "Le Moulin de Limetz" had initially been projected to fetch a sum ranging between US$12 million and US$18 million. However, the final realized price significantly surpassed these estimations, underscoring the robust demand and fervent competition for this particular Monet masterpiece. What adds a layer of historical resonance to this sale is the painting's provenance—it had been held by the descendants of influential Chicago collectors, Bertha and Potter Palmer, for more than 130 years.
Crucially, the artwork had been guaranteed with an irrevocable bid, ensuring its sale, a strategic arrangement that provided a level of certainty amidst the inherent unpredictability of auction dynamics. This transaction not only accentuates the enduring allure of Monet's oeuvre but also highlights the significance of provenance and historical connections in influencing the value and desirability of artworks in the contemporary art market.
The collector, who had successfully secured the winning bid for Monet's "Le Moulin de Limetz," continued their acquisitions in subsequent rounds of bidding. This time, they emerged victorious in the competition for Camille Pissarro’s "Le Louvre, matin, printemps, 1902," attaining a price of US$3.4 million, which escalated to nearly US$4.2 million inclusive of fees. Notably, this figure surpassed the high estimate by more than double.
Furthermore, a work-on-paper by Mark Rothko, characterized by its blue-and-green tones and dating back to 1968, garnered substantial attention in the auction arena. The bidding process for this piece persisted for over five minutes, ultimately culminating in a sale price of US$20.5 million, or US$25.6 million with fees. This achievement not only established a new auction record for a Rothko work-on-paper but also showcased the enduring appeal and market demand for the artist's creations.
Remarkably, the proceeds from the sale of the Rothko masterpiece will contribute to the benefit of the Memphis Brooks Museum of Art in Memphis, Tennessee. This philanthropic element adds a distinctive dimension to the transaction, emphasizing the intersection of art commerce and cultural patronage within the broader context of the art market.
The fervor of bidding reached new heights with Marc Chagall’s "Au-dessus de la ville, 1924," culminating in a successful sale to a collector based in Asia. The winning bid, amounting to US$13.3 million, expanded to US$15.6 million inclusive of fees. Notably, this outcome aligned with the auction estimates, reflecting a transaction that fell within the anticipated valuation range.
Jen Hua, Sotheby's Deputy Chairman for the region, played a pivotal role in facilitating the acquisition, orchestrating the bidding process for the aforementioned Chagall masterpiece. The engagement of a collector from Asia in this high-stakes auction underscores the growing influence and active participation of Asian collectors in the global art market.
Sotheby's reported that Asian collectors played a significant role in the overall success of the sale, contributing to more than 20% of the total art acquisition by value. This encompassed notable acquisitions, such as Monet’s "poplars," the Chagall piece, and Paul Klee’s "Fenster im garten." The latter, while falling just below the lower end of the estimate range at US$580,000, achieved a final sale price of US$736,600 inclusive of fees. The prominence of Asian collectors in this auction further exemplifies the diverse and cosmopolitan nature of the contemporary art market.
Pablo Picasso's "Compotier et guitare, 1932," positioned as a prominent highlight of the evening, garnered attention despite falling short of the anticipated fervor. The artwork, which was underwritten by a third party, achieved a sale price of US$21 million, ascending to nearly US$23.5 million when accounting for fees. This figure, although slightly below the expected region of US$25 million, signifies a substantial transaction for a piece marked by coded references to Picasso's muse, Marie-Thérèse Walter. Interestingly, the painting had previously changed hands at a Sotheby's auction in 2000, fetching US$9.9 million from a Swiss collector. The current seller acquired the piece in 2004, with the purchase price remaining undisclosed.
In a parallel transaction, another Picasso piece, an early analytical cubist work titled "Buste de femme" from 1909, also guaranteed by a third party, sold for US$12 million, or $13.6 million inclusive of fees. This result fell below the lower estimate of US$18 million, underscoring the nuanced dynamics of the auction.
It is noteworthy that Sotheby's recently achieved a significant milestone with the sale of Picasso’s "Femme à la montre" from the Emily Fisher Landau collection, realizing a staggering US$139.4 million. This transaction secured the position as the second-highest auction price ever recorded for a work by the prolific artist.
The aforementioned auction event marked the initial installment of three evening sales scheduled at Sotheby's in New York for the week, following the highly successful Fisher Landau evening auction that amassed US$406 million the previous Wednesday. The forthcoming sales include the ultra-contemporary "The Now" and its contemporary counterparts on Wednesday evening. This sequence underscores the multifaceted and dynamic nature of Sotheby's auction calendar, encompassing a diverse range of artistic periods and styles.