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Edited by: TJVNews.com
In a dazzling highlight of the November auction season, a striking blue portrait by Pablo Picasso, depicting his young muse Marie-Thérèse Walter, stole the show at Sotheby’s in New York. The masterpiece, created in 1932 during a tumultuous period in Picasso’s personal life, fetched an impressive $139.4 million, including buyer’s fees, as was reported by the New York Times. While falling short of the artist’s auction high set in 2015, the sale marked a significant moment in the world of modern and contemporary art.
The 1932 portrait, which spent four suspenseful minutes on the auction block, witnessed three collectors from different corners of the globe engaged in a fierce bidding war over the phone. Ultimately, an anonymous bidder emerged victorious, securing the coveted piece. The NYT report also said that despite not surpassing Picasso’s previous auction record, the sale underscored the enduring allure of the artist’s work.
The evening auction featured blue-chip modern and contemporary art from the estate of Emily Fisher Landau, a prominent arts patron. Notably, Sotheby’s had provided assurance to the owners that it would purchase the Picasso and nearly 30 other consignments from the estate if buyers failed to surpass a minimum price, as was indicated in the NYT report. This strategic move shielded the sale from market volatility, and the auction drew a total of $406.4 million.
In the face of economic uncertainties, art auction houses are increasingly relying on financial engineering and meticulous planning. As was reported in the NYT, third-party guarantees played a pivotal role in securing higher prices for artworks, alleviating the risk for the auction house. The art market is adapting to challenges such as high-interest rates, geopolitical tensions, and conflicts impacting collector participation.
While the sale included notable successes, such as Agnes Martin’s “Grey Stone II” setting a new benchmark, the atmosphere in the room shifted when the marquee Picasso took center stage, the NYT reported. The bid for the Picasso had an irrevocable bid, ensuring its sale, but the effort to elicit further bids showcased the intricate choreography involved in high-stakes art auctions, the NYT report added.
The winning bid was taken by Brooke Lampley, the company’s chairman and head of global fine art, who organized the sale, as was reported by the NYT.
Marion Maneker, an arts journalist, remarked in the room as the sale was underway, “that was a lot of effort for a foregone conclusion,” the NYT reported.
Geopolitical events, including wars and sanctions, have influenced collector participation in art auctions. The conflict in Ukraine and subsequent sanctions affected Russian collectors’ direct involvement, while the Israel-Hamas war diverted the attention of some Middle Eastern collectors, as was noted in the NYT article. Additionally, a perceived soft retreat by Asian buyers was also noted, as seen in the recent auction results in Shanghai.
The much-anticipated “21st Century” evening sale at Christie’s marked the commencement of a significant week in the art market, though the results were met with a mixed response. The NYT reported that despite the inclusion of prestigious names like Cy Twombly, Andy Warhol, Keith Haring, and Jeff Koons, some works from established artists failed to meet their low estimates. Meanwhile, paintings by “ultracontemporary” artists, particularly women and artists of color born after 1975, surged past high estimates, maintaining the trend observed in previous sales, as was reported by the NYT.
With a total of $107.5 million achieved across 41 lots, including premium fees, the sale encountered some setbacks as two paintings were withdrawn, and others struggled to attract bidders. According to the NYT report, the sale estimate range, excluding fees, was projected between $99 million to $143 million, highlighting the unpredictable nature of the art market. The dynamics observed in earlier spring sales, characterized by a focus on works by emerging artists, persisted during this auction.
Artists such as Stefanie Heinze, Jenna Gribbon, and Jadé Fadojutimi showcased the vibrancy of the ultracontemporary art segment. Works completed in the last three years by these rising talents exceeded their high estimates, with Gribbon, Fadojutimi, Jia Aili, and Ilana Savdie achieving auction highs, the NYT also reported. The success of these new artists contributed to an evolving narrative in the art market.
In contrast, pieces by well-established artists failed to capture the same enthusiasm, with some works falling short of even their low estimates. As was reported by the NYT, the sentiment around these pieces seemed to lack the allure of “once-in-a-lifetime opportunities,” according to art adviser Benjamin Godsill. Notably, the underperformance of established artists was contrasted by the success of women and artists of color in the ultracontemporary category.
Speaking to the NYT, Godsill said, “When it’s hard to compel someone to sell something, you need to put money on the table. The headline for me is keep calm and carry on. There is still a market, even if there weren’t fireworks.”
As the major auction houses continue their fall season offerings, Christie’s is set to feature two Nazi restitution cases, according to the NYT report. One involves a Cézanne estimated at $35 million to $55 million, specifically intended to aid a Swiss museum facing financial difficulties. The report in the NYT also said that the other sale offers Egon Schiele drawings, returned to a family after a quarter-century pursuit, with proceeds funding a scholarship program for young musicians.
To add an unconventional twist, both Christie’s and Sotheby’s are incorporating luxury items into their sales. Also mentioned in the NYT report, Christie’s already sold a Jean Royère sofa for $945,000, while Sotheby’s plans to auction a Ferrari GTO next week for over $60 million. These high-profile sales of luxury items are expected to contribute to the overall success of the auction houses, attracting new clientele and generating widespread publicity.
Also speaking to the NYT was Natasha Degen, professor of art market studies at the Fashion Institute of Technology, She said these unorthodox offerings attract new clientele and generate publicity. “It is yet another example of the auction houses wanting to be perceived as central clearinghouses for luxury writ large. And if the Ferrari does meet its mark, then Sotheby’s will have another headline-grabbing price,” noted.
