Sotheby’s Emily Fisher Landau Collection triumphs in an expectation-setting selective Market, while Christie’s 21st Century sale struggles.
In a market characterised by uncertainty, Sotheby’s brought a touch of stability to New York’s autumn auction season with its dedicated sale of works from the collection of Emily Fisher Landau, the late patron of the Whitney Museum of American Art. The auction, held on 8 November, achieved a hammer total of $351.6 million ($406.4 million with fees), within the pre-sale estimate range of $344.5 million to $430.1 million.
The star of the evening was Pablo Picasso’s 1932 portrait of Marie-Thérèse Walter, titled “Femme à la montre,” which fetched $121 million ($139.4 million with fees), meeting its pre-sale estimate “in excess of” $120 million. This is now the record-holder for the Spanish artist. Nine out of the 31 lots on offer surpassed the $10 million mark, with three works crossing the $30 million threshold.
Sotheby’s strategic approach to setting estimates made this sale stand out, striking a balance between reflecting the market and the uniqueness of the artworks. This careful estimation led to a significant portion of the works—around two-thirds—hammering within their pre-sale estimate ranges. Such a result contrasts with the spring auction cycle, where inflated estimates led to disappointments, suggesting a potential market dynamics shift.
Sotheby’s guaranteed a minimum price for all 31 objects in the auction, ensuring a sold-out sale regardless of bidding activity. Moreover, 25 of the 31 lots were backed by third parties, minimising risks and ensuring a smooth auction process. While some works sold below estimates, the overall outcome was hailed as a success in a discerning art market.
As the market continues to evolve, Sotheby’s remains cautiously optimistic, strengthening its position by a well-executed sale demonstrating the importance of precise expectation-setting in a market driven by real collectors.
Christie’s NY 21st-Century Sale: Bids Fluctuate Amid Art Market Rollercoaster
Christie’s 21st-century evening sale on 7 November did little to soothe investors’ concerns in an art market seeking stability during New York’s autumn auction season. Contrary to expectations, the results defied conventional buyers’ preference assumptions amidst the 2023 market correction. Bidders engaged in fierce battles over works by young and relatively unestablished artists, while several high-profile lots by renowned artists either sold below estimate, failed to find buyers or were withdrawn at the last minute.
The auction amassed a hammer total of $88.4 million ($107.5 million with fees), falling below its revised estimate range of $93 million to $134.2 million, a figure that excluded two withdrawn lots—a Mark Bradford canvas and a Jean-Michel Basquiat drawing—valued at $6.5 million to $9.5 million in total.
Of the 43 works slated for auction, 39 found buyers, resulting in a sell-through rate of 90.7%. This figure rises marginally to 95.1% if the two withdrawn lots are excluded from consideration. Initially, bidding for the auction’s first lots was lively, especially for works by ultra-contemporary artists. Stefanie Heinze’s “Third Date” (2020) surpassed expectations, fetching $190,000 ($239,400 with fees), while Jenna Gribbon’s double portrait “Regarding Me Regarding You and Me” (2020) nearly quadrupled its low estimate, selling for $380,000 ($478,800 with fees). Similarly, Sanya Kantarovsky’s “Charnel Field” (2022) doubled its low estimate, hammering at $160,000 ($201,600 with fees).
The momentum continued with works by artists from the previous generation. Reggie Burrows Hodges’ “Intersection of Color: Loge” (2019) sold for $580,000 ($730,800 with fees) against a $300,000-$500,000 estimate, and Henry Taylor’s “Batman” Part Alien” (2018) brought in $650,000 ($819,000 with fees), surpassing its identical estimate range.
However, the energy waned when bidding began for the sale’s first trophy lot—an untitled 1981 Basquiat canvas with an estimated value of up to $15 million. The hammer fell at the work’s $10 million low estimate, reaching $11.9 million with fees. Similarly, Cy Twombly’s monumental “Untitled (Bacchus 1st Version II)” (2004) fetched only $17 million (just under $20 million with fees), below its $18 million to $25 million estimate.
The excitement returned briefly for Rashid Johnson’s “Bruise Painting ‘Picture Maker’” (2021), which fetched $1.4 million ($1.7 million with fees), surpassing its $1.2 million high estimate. However, enthusiasm quickly waned, and several lots, including John Currin’s 1999 “Nice ‘n Easy” (estimated at $7 million-$10 million) and an untitled 1982 Keith Haring painting (estimated at $3.5 million), failed to meet their estimates. This pattern of erratic bidding persisted throughout the sale, with moments of high anticipation followed by subdued outcomes.
Despite these fluctuations, the auction demonstrated that there is still optimism in the market. However, the unevenness experienced in the high-end auction sector during the first ten months of 2023 may continue into the year’s final two months. Christie’s 21st-century evening sale has left investors with lingering uncertainty about the market’s trajectory.
More to be added to this report on 10th November
Top Photo: Oliver Barker Sotheby’s Chair takes bids during the sale of the collection of Emily Fisher Landau Photo: Courtesy Sotheby’s
Tags
21st Century sale, Christie’s, Emily Fisher Landau Collection, Sotheby’s
