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New York Auction Cycle Makes $1.6bn, Up $500m from 2016

May 23, 2017 by Marion Maneker

Colin Gleadell has done a little arithmetic on last week’s sales. He counts a total for the week of $1.6bn which was $500 million more than the year before but $1.14bn less than the high water mark set in 2015.

Gleadell breaks it downfurther into Impressionist and Modern art at $537.6m and Contemporary out-shining with $1.064bn.

As is his wont, Gleadell also has some big scores to report:

  • an early abstract wood sculpture by Alexander Archipenko that had slipped through an auction in Maryland two years earlier for $425. Thanks to Christie’s authentication and London dealer Offer Waterman’s bidding, the buyer now saw that price rise to a lottery-scale win of $564,500.
  • the late Blinky Palermo whose tall minimal abstract painting, Rot/Gelb, bought by Zwirner & Wirth in 1998 for $167,500, sold for a record $4.5 million dollars (a return rate of 71.5 per cent p.a).

Standout sculpture and a $110m Basquiat: inside New York’s $1.6bn Impressionist, Modern and Contemporary art sales

More from Art Market Monitor

  • Previewing The Sales, part 1Previewing The Sales, part 1
  • Results Are In!Results Are In!
  • Christie’s Wants to Wow Consignors With Imp-Mod ResultsChristie’s Wants to Wow Consignors With Imp-Mod Results
  • Christie’s NY Imp-Mod Eve = $289.2mChristie’s NY Imp-Mod Eve = $289.2m
  • Sotheby’s London Imp-Mod Day = £19mSotheby’s London Imp-Mod Day = £19m
  • Sotheby’s IM Day Sale SurprisesSotheby’s IM Day Sale Surprises

Filed Under: Auction Results, General Tagged With: Contemporary, Impressionist, Modern, New York

About Marion Maneker

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