AO Art Observed™

Max Ernst, The Stolen Mirror, 1941 (est. $4-6 million, realized $16.3 million), via Christies.com

Christie’s evening sale of Impressionist and Modern art on Tuesday night brought in $140 million against presale estimates of $210-300 million. Four of the top 5 most valuable lots failed to sell, including the auction’s cover lot – a Degas ballerina sculpture with a presale estimate of $25-35 million. The Degas had been shopped around privately with no luck and carried what many believed to be a very aggressive estimate. The auction house cited those two facts to explain that lot’s failure, as well as the overall performance of the sale. In general, fresh to market material faired best, and hefty presale estimates deterred bidding on the priciest works. What turned out to be the evening’s top lot – Max Ernest‘s The Stolen Mirror – was both fresh to market and carried an estimate in line with the artist’s records and with heightened interest in Surrealist material over the past few auction cycles. The canvas set the record for the artist at auction when it sold for $16.3 million against a high estimate of $6 million. The previous record was set this past June at Christie’s London with a 1923 work that brought $4.4 million.

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Alberto Burri, Combustione Legno, 1957 (est. $1.2-1.9 million, realized $5 million), via Sothebys.com

Sotheby’s London hosted a pair of auctions on Thursday evening that raised a combined total of $62 million. The 20th Century Italian Art sale, comprised of 58 lots, was followed by a 47-lot Contemporary Art sale. The $34 million achieved for the Italian auction was the highest total for an auction in this category, while the Contemporary sale fell just short of its $30 million low estimate. The mixed results suggest that there is money to be spent on the most desirable lots and that buyers are not willing to shell out for anything less. The sales progressed amid demonstrations outside the auction house by protestors of the company’s months-long battle with their art handlers in New York.

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Raymond Pettibon, No Title (From life to…), 2011 (est. $200,000-300,000, realized $760,000), via Christies.com

Sigmar Polke, Dschungel (Jungle), 1967 (est. $5-6.5 million, realized $9.2 million), via Sothebys.com

Sotheby’s evening sale of Contemporary art on Wednesday night brought this round of summer sales to a close and removed any lingering doubt about the art market’s recovery. Eighty-one of 88 lots offered brought in $174 million against a high estimate of $168.5 million and set a record for any auction the company has staged in London. The results were boosted by the inclusion of thirty-four works belonging to Count Christian Duerckheim, a German industrialist who collected German art religiously and often befriended artists he patronized. The Duerckheim lots, which had the benefit not just of quality and freshness but also storied provenance, were all sold during the first portion of the auction and fetched $97 million against a high estimate of $74 million. Leading the collection was Sigmar Polke‘s dotted Dschungel of 1967 which sold for $9.2 million and set the artist’s auction record.

Francis Bacon, Crouching Nude, 1961 (est.$11-14 million, realized $13.7 million), via Sothebys.com

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Francis Bacon, Study for a Portrait, 1953 (est. unpublished, realized $28.6 million), via Christies.com

Christie’s sale of Contemporary art on Tuesday night realized $127 million for 53 lots sold. The total, which fell just above the high estimate of $125 million once fees were added, is the highest for any sale at Christie’s in Europe since the boom of June 2008. The top lot was a Francis Bacon self portrait that shows a man sitting in a throne-like chair wearing a suit and glasses. The painting sold for $28.6 million against an unpublished estimate rumored to be about $17 million. A self portrait by the artist sold for $25 million at Christie’s spring sale in New York .

Andy Warhol, Mao, 1973 (est. $9.6-12.8 million, realized $11.1 million), via Christies.com

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Beatriz Milhazes, O Moderno, 2002 (est. $1-1.3 million, realized $1.1 million), via Phillipsdepury.com

Phillips de Pury’s Contemporary art evening sale on Monday night at their new space in the Claridge’s Hotel, London realized $17 million for 27 of 31 lots sold. The sum (which includes fees) fell within presale estimates of $16.4-27.3 million despite the withdrawal of a high priced Cindy Sherman, reportedly because another version of the work sold at Art Basel earlier this month. The equivalent sale last year at Phillips realized just $6 million and nearly half the lots offered went unsold.

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Egon Schiele, Hauser Mit Bunter Wasche (Vorstatd II), 1914 (est. $35.7-48.7 million, realized $40 million), via Sothebys.com

Sotheby’s 35-lot sale of Impressionist and Modern art in London on Wednesday night realized $157 million for 32 lots sold against estimates of $124-178 million. The evening’s top lot was a rare Schiele cityscape that brought in $40 million (or $35.5 million without fees) and set a record for the artist at auction. The painting was sold by the Leopold Museum in Vienna to raise the $19 million necessary to settle the restitution case of another Schiele in their collection. The previous artist record was set at Christie’s in 2006 with the sale of a cityscape for $22 million.

Alberto Giacometti, Trois Hommes Qui Marchent II, 1948 (est. $16.2-24.3 million, realized $17.3 million), via Sothebys.com

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Van Ruisdael, A Ruined Castle Gateway, all photos courtesy of Sotheby’s

Though not offered as much of a media spotlight as May’s auspicious and highly publicized Contemporary Art Auctions, today’s Old Masters at Sotheby’s was not entirely bereft of the spring auctions’ over-the-top price tags and bidding wars.

The belle of the ball came early in the sale when Lot 5, a landscape painting by Jacob Isaacksz Van Ruisdael with an estimate of $100,000- 150,000, sold at the Hammer Price of $725,000.  Sandwiched between several unsold lots, this work was an unpredictable success, garnering a sales price well beyond the scope of its estimate. Van Ruisdael’s auction record price was set in 2005, with a work that sold for $4.5 million; this anomaly aside, his work generally ranges from the $100,000-$400,000 range.  A Ruined Castle Gateway measures only 10 7/8 by 14 3/4 inches, but in spite of the work’s need for restoration and its small size, the painting is a beautiful example of Arcadian landscape portraiture.  The painting’s ruined walls harken back to the Roman Empire and ideals of classicism, and are a hallmark trait of Van Ruisdael’s work.

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Andy Warhol, Liz #5, 1963 (est. unpublished, realized $26.9 million). All images via Phillipsdepury.com.

The week’s Contemporary art sales ended Thursday night with a fifty lot auction at Phillips de Pury & Co. The sale just missed its low presale estimate of $84.5 million before fees were added. Thirty-eight lots sold for a total of $82.7 million, or $94.8 million with fees. For the third time this week a Warhol canvas was the top lot. Liz #5, rumored to be sold by hedge-fund manager Steven Cohen, sold for $26.9 million against an unpublished presale estimate of $20-30 million. Unlike Warhol’s photo-booth self portrait on offer Wednesday night at Christie’s, Liz #5‘s trip to the auction block was brief. Bidding opened at $18 million and rose to $24 million before contenders called it quits.

Andy Warhol and Jean Michel Basquiat, Third Eye, 1985 (est. $2-3 million, realized $7 million)

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Andy Warhol, Self-Portrait, 1963-64 (est. $20-30 million, realized $38.4 million). All images via Christies.com.

Christie’s nearly white-glove sale of of Post-War and Contemporary art on Wednesday night brought in more than twice as the equivalent sale at Sotheby’s on Tuesday evening. Sixty-three of sixty-five lots sold for a whopping $301.7 million, giving the sale a sell through rate of 95% by lot and 99% by value. The total beat the high presale estimate of $299 million despite the fact that a Rauschenberg combine estimated to fetch between $12-18 million was withdrawn from the sale. Wednesday night’s results were the best the auction house has seen for a Contemporary evening auction since May 2008 (that sale realized $331 million). Bidding went on for about two hours, approximately fifteen minutes of which was spent on a single lot. Two telephone bidders chased Andy Warhol‘s blue self-portrait, one on the phone with Brett Gorvy of Christie’s and the other with Philippe Segalot, formerly of Christie’s. The audience laughed as bidding escalated in $100,000 increments and cheered each time one contender took a bigger leap ahead. In the end Gorvy’s buyer was triumphant and paid $38.4 million for the four-part piece, which was estimated to fetch between $20-30 million. The sale was a record for a Warhol portrait (self or otherwise) at auction.

Mark Rothko, Untitled No. 17, 1961 (est. $18-22 million, realized $33.7 million)

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Felix Gonzales-Torres, Untitled (Aparición), 1991 (est. $600,000-800,000, realized $1.65 million). All images via Sothebys.com.

Tuesday evening’s auction of Contemporary Art at Sotheby’s New York brought in $128 million for forty-nine of fifty-eight lots sold. The sale’s estimate of $120.8-171.4 million included two lots that were withdrawn from the sale. Inclusive of the buyer’s premium, the night’s earnings barely passed the low presale estimate (prices realized include the buyer’s premium, estimates do not), and the results stood in stark contrast to Monday night’s sale at Sotheby’s of works from the collection of Allan Stone, which realized $54.8 million against a high estimate of $46.8 million. At the press conference auctioneer Tobias Meyer explained that estimates were “possibly aggressive” and that Sotheby’s had worked with sellers in reevaluating their expectations in response to the market, which in some cases meant lowering the reserve price. The sale’s top two lots – Sixteen Jackies by Andy Warhol and Jeff Koons‘ Pink Panther – both fetched respectable prices despite the fact that they fell short of presale estimates.

Andy Warhol, Sixteen Jackies, 1964 (est. $20-30 million, realized $20.2 million)

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Andy Warhol, Self Portrait, 1967 (est. £3-5 million, realized £10.8 million ), via Christies.com

Wednesday evening’s sale of Post-War and Contemporary art at Christie’s London brought in £61.4 million against a high estimate of £52 million for fifty-eight of sixty-three lots sold (a Tom Wesselmann painting was withdrawn). The auction had a sell through rate of 92% by lot and 98% by value, and, as was the case with Sotheby’s, the evening’s total was the highest realized for a Contemporary sale at Christie’s London since the market’s peak in June 2008. The auction house reported that they had over 160 registered telephone bidders with twenty-one countries represented. The top lot was Andy Warhol‘s red and white self portrait that sold for more than double its high presale estimate of £5 million after a bidding war between Jose Mugrabi and Larry Gagosian. Mr. Gagosian took the canvas home for £10.8 million (with fees).

The Warhol self portrait installed in the sale’s room at Christie’s London, via Art Observed

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Gerhard Richter, Abstraktes Bild, 1990 (est. £5-7 million, realized £7.2 million ), via Sothebys.com

February’s Contemporary Art auctions began Tuesday night at Sotheby’s London. The auction house offered fifty-nine lots (a work by Anslem Kiefer was withdrawn) with a presale estimate of £30-43 million. The sale just beat its high estimate, raising £44.4 million with a 91.5% sell-through rate by lot and 95% by value. Sotheby’s noted that this is the strongest sell-through rate they’ve had in several seasons and that combined with the Contemporary offerings at the “Looking Closely” sale last week, the auction house has sold £88.2 million worth of Contemporary art in 2011 thusfar, making it the most successful Contemporary sales season at Sotheby’s London since July 2008.

Tobias Meyer standing in front of Andy Warhol‘s Marilyns at Sotheby’s London, via Art Observed

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Francis Bacon, Three Studies for Portrait of Lucian Freud, 1964 (est. £7–9 million, realized £23 million), via Sothebys.com

This evening’s Sotheby’s 60-lot auction of works from the collection of Geneva-based collector George Kostalitz brought in an astounding £93.5 million against a high presale estimate of £54 million. All sixty works were sold, and lot after lot exceeded expectations during the most exciting of this week’s auctions. Fetching £23 million against a high estimate of £9 million, Francis Bacon’s Three Studies for Portrait of Lucian Freud was the top lot and is believed to have been bought by Cologne-based dealer Alex Lachmann.

Tobias Meyer conducting the “Looking Closely” auction at Sotheby’s London on Thursday evening, photo by Art Observed

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Pierre Bonnard, Terrasse à Vernon, 1923 (est. £3–4 million, realized £7.2 million ), via Christies.com

Christie’s London hosted two back-to-back sales on Wednesday evening that brought in a combined total of £84.9 million. The forty-five lot Impressionist and Modern sale realized £61.9 million for thirty-five lots sold. The estimate of £54-80 million for that auction included a Franz Marc painting that was withdrawn from the sale (it carried an estimate of £900,000-1.4 million). Thirty-one lots at the “Art of the Surreal” sale that immediately followed realized £23 million for twenty-five lots sold. Including a withdrawn De Chirico, the Surreal sale carried a presale estimate of £19-28 million. Bidding stopped at £5.8 million for a featured Gauguin painting (est. £7-10 million) that carried the highest presale estimate of any work offered at both sales. Instead, the evening’s top lot was a fresh-to-market Bonnard painting that broke the auction record for the artist when it sold for £7.2 million against a high presale estimate of £4 million. At the press conference the auction house revealed that the seller of the painting intended to use the proceeds to purchase land in France in order to “save horses.”

The sale room at Christie’s London on Wednesday evening, via Art Observed

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Alberto Giacometti, Grand Buste de Diego Avec Bras, executed 1957, cast 1958 (est. £3.5–5 million, bought in), via Sothebys.com

Tuesday evening’s forty-two lot sale of Impressionist and Modern Art at Sotheby’s London brought in £68.8 million (or $111 million) for thirty-two lots sold. The auction house reports being “very pleased” with the total, which is the fourth highest ever in the department at the London location. The featured lot, Picasso’s La Lecture, exceeded its presale estimate after slow, thoughtful bidding by at least seven interested parties that increased in increments of £500,000. It sold to a telephone bidder for £25.2 million against a presale estimate of £12-18 million (estimates do not include the buyers premium, prices realized do). The real surprise, though, came when both Giacometti lots which carried the second and third highest presale estimates failed to sell. Bidding for an oil on canvas portrait of the artist’s brother ended at £2.7 million and a bronze sculpture of the same subject passed at £3.2 million.

The sale room at Sotheby’s London on Tuesday, via Art Observed

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Tiziano Vecellio (Titian), A Sacra Conversazione: The Madonna and Child with Saints Luke and Catherine of Alexandria, c. 1560 (est. $15-20 million, realized $16.9 million), via Sothebys.com

Sotheby’s 378-lot Old Master Sale in New York today realized a total of $90.6 million and set a record for a Titian painting at auction. The painting generated only one bid from an unidentified European collector and sold for its low estimate of $15 million. Still, the sale broke the previous record for a painting by the artist at auction that was set 20 years ago with the sale of Venus and Adonis for $13.6 million at Christie’s in London. The new record-holding painting is a late work and, according to the auction house’s research, has changed hands only six times since its creation around 1560.

-J. Mizrachi

At Sotheby’s Sale, Titian Draws One Bidder [New York Times]
Titian Painting Fetches Auction Record [ABC News]
Titian’s Madonna Fetches Record $16.9 Million at Sotheby’s Old Master Sale [Bloomberg]

Banksy, Save or Delete Jungle Book, 2001 (est. £60,000-80,000, realized £78,000), via Bonhams

Tuesday night’s auction of Urban Art at Bonhams in London – the fourth auction of its kind the house has mounted – realized just over £455,000 for 51 of 67 lots sold. Attesting to interest in the artist following the release of his film Exit Through the Gift Shop, ten Banksy lots offered at the sale accounted for approximately half of the evening’s earnings. The top lot was Banksy’s Save or Delete Jungle Book, which sold for £78,000 against presale estimates of £60,000-80,000. The image was created for a poster campaign about deforestation but was never circulated due to copyright issues with Disney.

Shepard Fairey, Peace Goddess on Wood, 2008 (est. £8,000-12,000, realized £27,600), via Bonhams

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Roy Lichtenstein, Ohhh…Alright…, 1964 (est. not published, realized $42.6 million), via Christies.com

This week’s Contemporary Art sales in New York ended with a bang at Christie’s Contemporary Evening Sale on Wednesday night. Seventy-five lots offered brought in $272 million with a sell through rate of 93% by lot and 92% by value. As was the case earlier this week at the Phillips and Sotheby’s sales, Pop Art sold exceptionally well. Roy Lichtenstein‘s Ohhh…Alright… was the evening’s top lot and set the record for the artist when it sold to an anonymous bidder for $42.6 million – smashing the previous record of $16.3 million set at Christie’s in 2005.

AO Onsite photo by J. Mizrachi

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Andy Warhol, Coca-Cola [4] [Large Coca-Cola], 1962 (est. $20-25 million, realized $34.5 million), via Sothebys.com

Auction goers at Sotheby’s Contemporary Art Evening Sale on Tuesday night were offered glass bottles of Coca-Cola before entering the saleroom in honor of the auction’s featured lot – Andy Warhol‘s Coca-Cola [4] [Large Coca-Cola]. The painting sold for $35.4 million against a high presale estimate of $25 million and was, like the Warhol for sale at Phillips Monday night, the evening’s top lot. The Sotheby’s auction was comprised of 54 lots (not including a work by Felix Gonzales-Torres, which was withdrawn) that brought in $222.5 million against presale estimates of $151.8-214.5 million. The sale had a sell through rate of 90.7% by lot and 97.1% by value with 5 of 54 lots unsold.

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Andy Warhol, Diamond Dust Shoes, 1980 (est. 1.3 -1.6 million GBP, realized 1,553,250 GBP), via Sothebys.com

Sotheby’s Contemporary Art Evening Auction in London today brought in 13.3 million GBP against a low presale estimate of just under 10 million GBP.  Of the 39 lots offered for sale, 4 were bought in, 15 lots sold above their high presale estimates, and 2 works sold for under their low presale estimates. Andy Warhol‘s Diamond Dust Shoes, never before seen at auction, realized 1,553,250 GBP against a high estimate of 1.6 million GBP and was the highest earning lot of the night.

Lucio Fontana, Concetto Spaziale, Attese, 1965 (est. 1.5-2 million GBP, realized 2,281,250 GBP), via Sothebys.com

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David H0ckney, Autumn Pool, 1978 (est 700,000 – 1 million GBP, realized 1,329,250 GBP), via Phillipsdepury.com

Wednesday’s Contemporary Art Evening Sale at Phillips de Pury in London, which carried a presale estimate of 5.6 – 8 million GBP, brought in 6,562,900 GBP, with 21 of 56 lots unsold (86% by value, 69% by lot). The featured lot, David Hockney‘s Autumn Pool, sold for 1.3 million GBP against a high presale estimate of 1 million GBP. This also broke the record for a work on paper by the artist at auction.

Andy Warhol, The Scream (after Edvard Munch), 1984 (est. 500,000-700,000 GBP), via Phillipsdepury.com

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The Lehman Brothers corporate sign enters Christie’s, London. Image via the NY Times.

Two years after Lehman Brothers filed for bankruptcy, the art that once decorated its offices is continuing to be sold off as part of their effort to repay creditors. Today, “artwork and ephemera” which once hung in the defunct bank’s European headquarters fetched £1,631,238 ($2,573,685) in a mammoth 6-hour sale at Christie’s in London. Today’s auction follows the September 25th sale at Sotheby’s in New York that raised $12.3 million.

The auction attracted over 1,100 registered bidders from around the world, including a record 330 clients who registered to bid via the internet using Christie’s LIVE. Many former Lehman employees were present for the bidding, one former staffer told AFP before the sale “It’s a memory I want. It was a sad end to it all but I had a lot of good times there, it was where I started off my career.”

Atomists – Jump over, Gabriel Orozco. Estimate: £60,000 to £80,000. Price Realized: £99,560 ($157,305)

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Untitled 1, Julie Mehretu. Estimated: $600,000—800,000. Price Realized: 1,022,500.

118 artworks that once hung in the corporate offices of Lehman Brothers Holdings Inc. sold to bidders at Sotheby’s auction house in New York today for $12.3 million, exceeding the high-end estimate of $12 million. The sale comes almost exactly two years after the investment bank filed the largest bankruptcy in the history of the United States and its proceeds will be used to pay off the $613 billion owed to creditors. Today, Kimberly Macleod, spokesperson for Lehman Brothers commented: “We are delighted that Sotheby’s delivered the value we sought on behalf of the creditors and that the result was at the top of the pre-sale estimate.”

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