Art Market Monitor

Global Coverage ~ Unique Analysis

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

The Mixed Market Thoroughly On View at Phillips and Sotheby’s

May 20, 2019 by Marion Maneker

Blue-chip names are fully priced for anything but the rarest works; but price appreciation continues for a number of under-represented artists.

This commentary by Marion Maneker is available to AMMpro subscribers. (The first month of AMMpro is free and subscribers are welcome to sign up for the first month and cancel before they are billed.)

The rumbling conclusion of the marquee May auctions last Thursday night revealed a mixed bag of interesting results, directional indicators and worrisome disappointments. The biggest theme in the market, rotation from one group of artists driving sales to another potentially rising to fill their place, continues.

And yet, even that conclusion is worthy of cautious qualification. Bloomberg’s James Tarmy astutely observed that the top of the market remained curiously stable:

More than anything, the pinnacle of the auction market is consistent. A year ago, the top 10 works at New York’s May sales totaled $587.4 million, and included a Double Elvis by Andy Warhol, a Van Gogh landscape, a Rothko color field, a painting of a woman by Picasso, and a work by Modigliani.

This year had the exact same list—a total of six artists made the top 10 year over year.

The only change was a modest increase in dollar amount. The May 2019 tally was up 3 percent.

Nevertheless, the theme of market rotation was undeniable in many instances. Phillips did well with its Pop-art heavy single-owner collection from the Fitermans but the estimates tended to be far more aspirational than providing market guidance to buyers. Along with Fiterman, Phillips did good business with Basquiat’s Self Portrait and Mark Bradford’s Helter Skelter II which sold for substantially less than its companion piece which was bought by The Broad.


Sign up to Art Market Monitor Premium today

You need a membership to AMMpro to view this article and other exclusive content daily.

You can register today for $90 per month—with your first month free!—or for $756 per year (no free trial period.)

Screenshot 2016-08-05 16.28.45

If you already have an account, sign in here:

 
 
Forgot Password

Filed Under: Premium

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

  • After Pandemic’s Rapid Change, Sotheby’s Has 8 Predictions for 2021
  • For 2020, Phillips Brought in Total of $760.4 million, Down 16 Percent from 2019; Asia Sales Up 24 Percent
  • Keith Haring’s 1989 Retrospect Comes to Sotheby’s London Prints Sale
  • A Season of Resilience: Fall 2020 Hong Kong Auction Analysis
  • Tony Podesta's Secret Art Buying
  • Soulages First Owned by Senegalese Poet-Politician Léopold Sédar Senghor Sells in France
  • A Season of Improvisation: Fall 2020 New York Modern and Contemporary Art Auction Analysis
  • Four of Picasso's Women Valued at $28m Come to Christie's from Rose-Walters Collection
  • Norman Rockwell's Not Gay. But Is He a Great Artist?
  • Christie's Announces $70m Picasso Self Portrait
  • 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