Art Market Monitor

Global Coverage ~ Unique Analysis

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

Auction House Battle for Estates Shows Reveals Surprising Volatility at Top of Contemporary Market

May 10, 2017 by Marion Maneker

Katya Kazakina has a rather tame accounting of the bidding for works from the Siegel estate. The well-known sibling rivalry—a continual reminder of the odd connection between money and emotion—seems to have resulted in pitting Christie’s against Sotheby’s with Phillips as stalking horse.

According to Kazakina, Phillips bid more than Christie’s by a substantial sum but the Sanders branch of the Siegel family went with their long-time relationships.

“It was Sotheby’s business to lose because of Gabby and Alex,” said Arthur Sanders, Pamela’s husband. “We weren’t hiring the building. We were hiring the people in the building.”

Of course, no one but Christie’s and the Sanders (and Sotheby’s and the Wilkses) really know the financial terms of the guarantees.

The stakes were fairly high here. Had the Sanders family gone with Sotheby’s, the two houses would be neck-and-neck for market share (though it would have been hard to land the Wilks Basquiat too.)

Had Phillips won the consignment, the competitive landscape in New York would have been completely re-shaped, at least for a season, underscoring just how dynamic and potentially volatile the Contemporary art market has become for the auctioneers.

Sibling Rivalry Erupts Into $160 Million Art Auction Showdown (Bloomberg)

More from Art Market Monitor

  • Donald Judd “Taken for Granted”—MoMA to Tackle RetrospectiveDonald Judd “Taken for Granted”—MoMA to Tackle Retrospective
  • How to Solve Greek Problems? Return the Elgin MarblesHow to Solve Greek Problems? Return the Elgin Marbles
  • Phillips New Now = $2.85mPhillips New Now = $2.85m
  • Lisson Sells at Frieze NYLisson Sells at Frieze NY
  • Can a Shiny New Building Take the Place of Financial Muscle for Phillips?Can a Shiny New Building Take the Place of Financial Muscle for Phillips?
  • Basically Bacon and Beyond (Hirst’s Private Collection)Basically Bacon and Beyond (Hirst’s Private Collection)

Filed Under: Collectors, General

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
 

Loading Comments...