Art Market Monitor

Global Coverage ~ Unique Analysis

  • AMMpro
  • AMM Fantasy Collecting Game
  • Podcast
  • Contact Us

Christie's Claws Through

November 13, 2008 by Marion Maneker

Christie’s $113 million Contemporary art sale started as an easy, crash-defying walk. That’s what CEO Ed Dolman is referring to here in Carol Vogel’s story:

“In the beginning we thought we were witnessing a gravity-defying auction,” Edward Dolman, Christie’s chief executive, said after the sale. “But it was disappointing not to sell the Bacon.” He added, “There were some good prices but it’s inconsistent.”

The bad news was the Bacon and a big Richter that didn’t sell and number of works that couldn’t find buyers. The good news is:

The sale had its high points. When “Pharmacy” (1943), a Joseph Cornell box that once belonged to Marcel Duchamp’s wife, Alexina (Teeny), came up for sale, the room perked up. Four bidders wanted to take it home and it made $3.7 million (with fees), well above its high $2 million estimate. It was a record price for the artist at auction.

Another record price was set when “No. 2” a shimmering 1959 canvas of white and gold tones by Yayoi Kusama, was bought by Mr. Ségalot for $5.7 million (with fees), way above its $3.5 million high estimate.

Lindsay Pollock explains it with this quote:

“No one’s going to do silly spending in this market,” art adviser Allan Schwartzman said. “If they are flush with cash, they don’t want to look like the fool that got carried away.”

Judd Tully offers these observations:

Three artist records were set, including for a rare and beautiful Yayoi Kusama abstraction, No.2 from 1959 (est. $2.5–3.5 million). The work, which was once owned by Donald Judd, fetched a bullish $5,794,500, making it the most expensive artwork by a living woman artist.

The painting sold to New York private dealer Philippe Segalot, who outgunned stiff competition from at least three other bidders. “For something like this,” he said moments after the sale, “there’s no difference [in price] between six months ago and today. I think the market is becoming rational, which is a good thing, because there needed to be an adjustment in terms of prices.” [ . . . ]

“The estimates and expectations have to come down a little bit, like 30 percent,” said New York art adviser Sandy Heller, who underbid on Takashi Murakami‘s DOB in the Strange Forest (DOB), which went to Segalot for $3,442,500 (est.$5–7 million). “But the buyers are still there, and that’s encouraging.”

More from Art Market Monitor

  • The New Gossip Game Isn’t Who Bought What, It’s Who Guaranteed WhatThe New Gossip Game Isn’t Who Bought What, It’s Who Guaranteed What
  • Christie’s Has a Lot to Prove … and Does ItChristie’s Has a Lot to Prove … and Does It
  • Christie’s Announces Sale of Works from Death in America CollectionChristie’s Announces Sale of Works from Death in America Collection
  • Spiegel Collection Comes to Christie’s with Wool, Polke, Guston Leading the WaySpiegel Collection Comes to Christie’s with Wool, Polke, Guston Leading the Way
  • Christie’s First Open = $11.6mChristie’s First Open = $11.6m
  • Christie’s NY PWC Day Sale = $90.7mChristie’s NY PWC Day Sale = $90.7m

Filed Under: Uncategorized Tagged With: Christie's, Contemporary, New York

About Marion Maneker

LiveArt

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor