Colin Gleadell makes an excellent point about the Richter market this week. With a major work at Sotheby’s tonight and four at Christie’s tomorrow, we’ll see some significant markers toward a better understanding the momentum surrounding these works:
The October sales in London saw a question mark posed over the market for Gerhard Richter abstracts as two top lots from Christie’s and Phillips went unsold. There are 12 Richters coming up this week and they are all abstracts, so that should resolve things one way or another. Sotheby’s has an all-red one, estimated at $15–20 million, but it is guaranteed. Christie’s has a larger example, a myriad of different colors, which has no guarantee at $20–30 million, so that’s the one to watch.