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Christie’s Sale Opens Spring Auction Season Amid Predictions of a Softening Christie’s Sale Opens Spring Auction Season Amid Predictions of a Softening
(about 11 hours later)
The sale that Loic Gouzer, Christie’s deputy chairman of postwar and contemporary art, put together at 5 p.m. Sunday, the first of five successive spring evening auctions, at first seemed reckless, filling a catalog with challenging, even disturbing work. With a kneeling Hitler and a wooden grid of potatoes, it was a far cry from the auction staples that can be counted on to command high prices.The sale that Loic Gouzer, Christie’s deputy chairman of postwar and contemporary art, put together at 5 p.m. Sunday, the first of five successive spring evening auctions, at first seemed reckless, filling a catalog with challenging, even disturbing work. With a kneeling Hitler and a wooden grid of potatoes, it was a far cry from the auction staples that can be counted on to command high prices.
But the auction, called “Bound to Fail” (after a work by the artist Bruce Nauman) also was considered an important test of the market. Art experts said it dared true collectors to step up and prove that their tastes ran deeper than just the auction darlings.But the auction, called “Bound to Fail” (after a work by the artist Bruce Nauman) also was considered an important test of the market. Art experts said it dared true collectors to step up and prove that their tastes ran deeper than just the auction darlings.
The 39-lot sale at Christie’s, which had been estimated to raise at least $59.4 million, brought a total of $78.1 million including buyers’ premiums, with 31 percent of the lots selling above their high estimates and only one failing to sell at all (those potatoes, by Sigmar Polke).The 39-lot sale at Christie’s, which had been estimated to raise at least $59.4 million, brought a total of $78.1 million including buyers’ premiums, with 31 percent of the lots selling above their high estimates and only one failing to sell at all (those potatoes, by Sigmar Polke).
“It shows that it’s not as bad as people think,” said the dealer William Acquavella afterward. “If you’re selective about what you put in your sales and it’s fresh material, it will do O.K. The sales may not be as big as they were in November — there are no $100 million items — but it’s still alive.”“It shows that it’s not as bad as people think,” said the dealer William Acquavella afterward. “If you’re selective about what you put in your sales and it’s fresh material, it will do O.K. The sales may not be as big as they were in November — there are no $100 million items — but it’s still alive.”
Mr. Gouzer’s themed sale — his third in three years — was viewed as an important bellwether of what was likely to come in the crowded crop of auctions ahead; for the first time in recent memory, Christie’s and Sotheby’s will go head-to-head all in one week in New York.Mr. Gouzer’s themed sale — his third in three years — was viewed as an important bellwether of what was likely to come in the crowded crop of auctions ahead; for the first time in recent memory, Christie’s and Sotheby’s will go head-to-head all in one week in New York.
In that sense, the market showed that it was still there, however muted it may have been by predictions of a softening, which has resulted in smaller sales this spring and markedly less inventory at all three of the major auction houses, Christie’s, Sotheby’s and Phillips.In that sense, the market showed that it was still there, however muted it may have been by predictions of a softening, which has resulted in smaller sales this spring and markedly less inventory at all three of the major auction houses, Christie’s, Sotheby’s and Phillips.
“The entire market was waiting to see what tone the auction set,” said Helly Nahmad, a New York dealer, after the Christie’s sale on Sunday. “So the fact that it was fairly strong gives the market a lot of confidence, which is good at the beginning of the sales.”“The entire market was waiting to see what tone the auction set,” said Helly Nahmad, a New York dealer, after the Christie’s sale on Sunday. “So the fact that it was fairly strong gives the market a lot of confidence, which is good at the beginning of the sales.”
At Phillips’s evening auction of 20th-century and contemporary art right afterward — where the actor Leonardo DiCaprio sat in a sky box — the 37-lot sale that was expected to raise at least $40.85 million ended up bringing $46.5 million with fees.At Phillips’s evening auction of 20th-century and contemporary art right afterward — where the actor Leonardo DiCaprio sat in a sky box — the 37-lot sale that was expected to raise at least $40.85 million ended up bringing $46.5 million with fees.
With major collectors holding onto their most prized pieces in wait-and-see mode, this season is devoid of the blockbuster items and record-setting prices that have made recent auctions the stuff of banner headlines. The highest estimate is $40 million — for a Jean-Michel Basquiat at Christie’s on Tuesday and a Cy Twombly at Sotheby’s on Wednesday.With major collectors holding onto their most prized pieces in wait-and-see mode, this season is devoid of the blockbuster items and record-setting prices that have made recent auctions the stuff of banner headlines. The highest estimate is $40 million — for a Jean-Michel Basquiat at Christie’s on Tuesday and a Cy Twombly at Sotheby’s on Wednesday.
Many in the art world said this round of sales represented a healthy contraction, shaking out the speculators who have propelled the market to astronomical heights and leaving behind the true value collectors. Auction houses are trying to be more circumspect about guarantees, having been forced by competition to give away much of their profit margins in the recent past. (This week, Christie’s and third parties have pledged minimum prices, known as guarantees, on just 18 of 100 lots at its two headline contemporary auctions; last May it guaranteed more than half of 117 works.)Many in the art world said this round of sales represented a healthy contraction, shaking out the speculators who have propelled the market to astronomical heights and leaving behind the true value collectors. Auction houses are trying to be more circumspect about guarantees, having been forced by competition to give away much of their profit margins in the recent past. (This week, Christie’s and third parties have pledged minimum prices, known as guarantees, on just 18 of 100 lots at its two headline contemporary auctions; last May it guaranteed more than half of 117 works.)
With Mr. Gouzer’s sale, Christie’s seemed to say it was not going to try to go after the usual big-ticket bait — the Warhols, Bacons and Richters. Instead, it was going to shake out lower-priced pieces of excellence.With Mr. Gouzer’s sale, Christie’s seemed to say it was not going to try to go after the usual big-ticket bait — the Warhols, Bacons and Richters. Instead, it was going to shake out lower-priced pieces of excellence.
The biggest trophy of the Christie’s sale on Sunday was Maurizio Cattelan’s statue of Hitler, “Him,” estimated at $10 million to $15 million. A notorious work, the kneeling child-man figure stoked outrage when it was placed at the site of the former Warsaw Ghetto in 2012. “I wanted to destroy it myself,” Mr. Cattelan once said of the work. “I changed my mind a thousand times, every day. Hitler is pure fear.”The biggest trophy of the Christie’s sale on Sunday was Maurizio Cattelan’s statue of Hitler, “Him,” estimated at $10 million to $15 million. A notorious work, the kneeling child-man figure stoked outrage when it was placed at the site of the former Warsaw Ghetto in 2012. “I wanted to destroy it myself,” Mr. Cattelan once said of the work. “I changed my mind a thousand times, every day. Hitler is pure fear.”
The sale was well-timed because of Mr. Cattelan’s recent re-emergence from retirement, with a sculpture of a solid-gold toilet announced — but delayed — at the Guggenheim Museum.The sale was well-timed because of Mr. Cattelan’s recent re-emergence from retirement, with a sculpture of a solid-gold toilet announced — but delayed — at the Guggenheim Museum.
After active bidding that included the French dealer Philippe Ségalot, it was sold for $17.2 million with fees. Marianne Hoet, a Christie’s specialist in Brussels, was the winning telephone bidder to an undisclosed buyer.After active bidding that included the French dealer Philippe Ségalot, it was sold for $17.2 million with fees. Marianne Hoet, a Christie’s specialist in Brussels, was the winning telephone bidder to an undisclosed buyer.
Jeff Koons’s floating basketball, estimated at $12 million and one of the pieces with a third-party guarantee, went for $15.3 million with fees.Jeff Koons’s floating basketball, estimated at $12 million and one of the pieces with a third-party guarantee, went for $15.3 million with fees.
Christie’s, which is privately owned by the French luxury goods magnate François-Henri Pinault, said bidding from international buyers was strong and that there were purchases by some museums, which may be announced in the next few days.Christie’s, which is privately owned by the French luxury goods magnate François-Henri Pinault, said bidding from international buyers was strong and that there were purchases by some museums, which may be announced in the next few days.
The test, some art experts said, would be the amount of bidding for each item — if there were several parties competing, that would attest to a resilient market. And the bidding for many items was indeed competitive, sometimes involving as many as five parties. “It was really lively and happening,” said Tony Shafrazi, a collector. “The pieces were very good and the response was very healthy. That’s how it should be.”The test, some art experts said, would be the amount of bidding for each item — if there were several parties competing, that would attest to a resilient market. And the bidding for many items was indeed competitive, sometimes involving as many as five parties. “It was really lively and happening,” said Tony Shafrazi, a collector. “The pieces were very good and the response was very healthy. That’s how it should be.”
Immediately after the Christie’s event, Phillips held their second “20th Century & Contemporary” evening sale in New York. The format allowed the Russian-owned auction house to bolster its sales with higher-value works by modern masters, rather than just rely on the fashionable new art that had been its trademark.Immediately after the Christie’s event, Phillips held their second “20th Century & Contemporary” evening sale in New York. The format allowed the Russian-owned auction house to bolster its sales with higher-value works by modern masters, rather than just rely on the fashionable new art that had been its trademark.
This month, Phillips was dependent on presale guarantees to persuade collectors to sell desirable works. Sunday’s sale featured no fewer than 18 lots with third-party guarantees, plus two provided by the auction house itself.This month, Phillips was dependent on presale guarantees to persuade collectors to sell desirable works. Sunday’s sale featured no fewer than 18 lots with third-party guarantees, plus two provided by the auction house itself.
“For Phillips, guarantees are absolutely crucial,” said Edward Dolman, the auction house’s chairman and chief executive. “We try to use them judiciously.”“For Phillips, guarantees are absolutely crucial,” said Edward Dolman, the auction house’s chairman and chief executive. “We try to use them judiciously.”
The most valuable of the third-party bets was Brice Marden’s 1972-1974 black and gray striped abstract, “Star (for Patti Smith),” estimated at $5 million to $7 million. This minimalist “portrait” had never been offered at auction before. It sold for $5.9 million.The most valuable of the third-party bets was Brice Marden’s 1972-1974 black and gray striped abstract, “Star (for Patti Smith),” estimated at $5 million to $7 million. This minimalist “portrait” had never been offered at auction before. It sold for $5.9 million.
Mark Bradford’s monumental 2012 mixed-media canvas “Building ‘The Big White Whale’” was the standout contemporary work, enhanced by Mr. Bradford’s recent selection as the United States’ representative at next year’s Venice Biennale. Depicting an abstracted map of France made out of red string and paper, it sold for $6 million with fees against a low estimate of $5 million. Mark Bradford’s monumental 2012 mixed-media canvas “Building ‘The Big White Whale’” was the standout contemporary work, enhanced by Mr. Bradford’s recent selection as the United States’ representative at next year’s Venice Biennale. Depicting an abstracted map of France made out of red string and paper, it sold for $3.5 million with fees against a low estimate of $3 million.
The appetite for the French artist Jean Dubuffet, fueled in part by Christie’s $24.8 million sale last May of a 1961 painting and a current show at Acquavella gallery, continued with a 1959 painting, “Barbe des rites,” depicting a hugely bearded male figure, attracted $3.1 million (more than double its low estimate).The appetite for the French artist Jean Dubuffet, fueled in part by Christie’s $24.8 million sale last May of a 1961 painting and a current show at Acquavella gallery, continued with a 1959 painting, “Barbe des rites,” depicting a hugely bearded male figure, attracted $3.1 million (more than double its low estimate).