Art Market Monitor

Global Coverage ~ Unique Analysis

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

Contemporary Sales Still Skewing Perception of Auction Market

August 17, 2015 by Marion Maneker

Andy Warhol, One Dollar Bill (Silver Certificate) (13-18m) 20.86m GBP
Andy Warhol, One Dollar Bill (Silver Certificate) (13-18m) 20.86m GBP

Scott Reyburn has a strong overview of the competition between Sotheby’s and Christie’s. He shows how the two firms are much closer than it would appear in all of the other categories save Contemporary art. Phillips too seems to want to up its game in Contemporary art with the recent hire of a Robert Manley from Christie’s, as reported by Josh Baer. But the problem facing the top end of the Contemporary market is the sense that the biggest trophy names—Warhol, Koons, Twombly, Rothko, Lichtenstein, Richter and so forth—have run out of steam lately:

But ultimately, it is the twice-yearly series of contemporary art auctions in New York that remain the measure by which the relative “strength” of Christie’s and Sotheby’s is perceived.

The problem for both houses is that overall growth in the auction market has stalled. This year’s first-half sales figures of $4.5 billion and $3.5 billion for Christie’s and Sotheby’s, respectively, are the same as they were a year earlier.

Financial turmoil in China, lower prices for commodities and a weak ruble have had an impact. The £95.7 million that Christie’s took at its June 30 contemporary sale in London was slightly lower than a year earlier.

The main issue with stagnant numbers is finding enough trophy works to drive 8 and 9-figure sales. No matter how much Sotheby’s, Christie’s or Phillips grows the middle market, the biggest works have the most effect on top line numbers.

Sotheby’s and Christie’s Jostle for Sales  (NYTimes.com)

More from Art Market Monitor

  • Just Say No to the InternetJust Say No to the Internet
  • Flies on the WallFlies on the Wall
  • Malaysia Finds Its Way to VeniceMalaysia Finds Its Way to Venice
  • Adam Lindemann Atones: Art Is Not an InvestmentAdam Lindemann Atones: Art Is Not an Investment
  • Artelligence for March 9, 2018Artelligence for March 9, 2018
  • Houston, We Have ProblemHouston, We Have Problem

Filed Under: General

About Marion Maneker

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

Top Posts

  • Keith Haring’s 1989 Retrospect Comes to Sotheby’s London Prints Sale
  • Tony Podesta's Secret Art Buying
  • Roy Lichtenstein’s Top Ten Auction Prices
  • Norman Rockwell's Not Gay. But Is He a Great Artist?
  • Christie's Announces $70m Picasso Self Portrait
  • Mark Rothko, Tamara de Lempicka, Mickalene Thomas to Star in Phillips London Evening Sale
  • How to Chant Like an Auctioneer
  • Basquiat's Last Girlfriend
  • Four of Picasso's Women Valued at $28m Come to Christie's from Rose-Walters Collection
  • David Hockney's $20m Pacific Coast Highway & Santa Monica
  • 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