Jackson Pollock’s No. 19, 1948 will be on the auction block at Christie’s next month, part of the auction house’s May 15th sale of  Contemporary and Post-War Art in New York.  A classic “drip-painting” by the artist, the work last sold at auction for $2.4 million in 1993, and is estimated to sell between $25 and $35 million.  “You can see the circular movement of Pollock’s hand,” Said Worldwide Post-War and Contemporary Art Chairman Brett Gorvy said. “It’s one of those paintings you get lost in.” (more…)

After breaking auction records for the work of Jean-Michel Basquiat twice last year, Christie’s will look to set the bar even higher for the Brooklyn-born artist’s work.  Basquiat’s Dustheads will be offered at the auction house’s May 15th Contemporary Sale in New York, with an asking price of $25 to $35 million.  The artist’s current record is $26.4 million, and a buyer has reportedly already agreed to pay $25 million.  “Collectors used to be snobbish about Basquiat since he started out painting on the streets,” Says Christie’s specialist Loic Gouzer. “But now his myth just seems to be getting fresher and more relevant with younger collectors.” (more…)

The closing of Christie’s online auction of works by Andy Warhol has seen the auction exceed expectations, pulling in a total of $2.3 million to benefit the Andy Warhol Foundation.  With an online attendance of over 65,000 visitors, bidding for a number of works was extremely competitive, as evidenced by the sale of Warhol’s lithograph of Marilyn Monroe’s lips for $112,500, over 40 times its estimated sale price.  Christie’s has already announced its next Warhol online auction in April, focusing on the artist’s time at Studio 54. (more…)

As part of its ongoing week of Andy Warhol online auctions, Christie’s has posted an interview with the creator of Girls (and daughter of artists Laurie Simmons and Carroll Dunham), Lena Dunham, discussing her take on Warhol, and how the artist would engage with contemporary society today.  “He would watch Real Housewives. We all just have to accept that. ”  She says. (more…)

Following in the wake of Christie’s premium increases last week, Sotheby’s auction house has announced that it will increase its buyer’s premiums to 25 percent for the first $100,000 spent; 20 percent for $100,000 to $1.9 million and 12 percent on all exceeding prices.  The increase makes Christie’s a less expensive shopping option, and comes days after the news that Sotheby’s sales incomes have declined since last year. (more…)

Christie’s Deputy Chair Amy Cappellazzo appeared on Bloomberg TV this week, discussing the weeklong online auction of works by Andy Warhol to benefit the Warhol Foundation, as well as sharing some of her favorite works from the auction.  “There’s a very beautiful 60’s unique print of Marilyn Monroe’s lips, which I think is just spectacular.”  She says. (more…)

Christie’s announced this week that it will be increasing its buyer’s premium for the first time since 2008.  The increase changes the percentages and value cutoffs for each premium amount to 25% for the first $75,000, 20% on any sale between $75,001 and $1.5 million, and 12% for any sale over that amount.  There has been no response in price increases from the other auction houses, but a spokesman for Sotheby’s was quoted as saying the company was: “studying the matter and haven’t taken any decisions.” (more…)

The auction room at Christie’s, via Christie’s

With the conclusion of Contemporary Art Auction Week yesterday in London, dealers, collectors and artists headed home, having seen well over $200 million exchanged during what many are calling a particularly successful season.  This year, Asian, Russian, and other international collectors continued to make their presence known, including a number of first- time bidders who swooped in one some of the more highly valued works available.  (more…)

The sale of Berthe Morisot’s Après le déjeuner for £6,985,250 at Christie’s Modern Art Auction this week has set a new record for female painters.  The record highlights a major difference in market value between male and female painters, with top sales for male artists far beyond that sales range.  While institutions like the Museum of Modern Art have pushed for more equitable status for female artists, some speculate that monied interests have still not caught up in appreciation of contemporary female artists. (more…)

Total sales at China’s largest auctions houses more than halved last year, showing major instability in what was by some reports the world’s largest art market.  The slowdown in sales may not augur well for the global market, which has looked to China to mask reduced buying in the Western hemisphere.  “Certain factors, including political uncertainty, did see buyers press the pause button.” says Steven Murphy, the chief executive of Christie’s.  (more…)

Joseph Mallrond William Turner, Heidelberg With a Rainbow, via Sotheby’s

It was an unpredictable time for the art auction this past week, as collectors descended on New York City  for Christie’s and Sotheby’s spring auction of Old Masters and Renaissance art work last week, driving up prices on a number of works while other pieces failed to command bids.

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A recent court ruling has challenged the practice of keeping auction sellers anonymous in New York State, and could fundamentally challenge how art auctions are conducted in the future, allowing buyers to avoid payment if the seller is not identified.  “As of now you can back out of any transaction where the name of the seller is not provided,” said Peter R. Stern of McLaughlin & Stern. (more…)

The Christie’s-owned Haunch of Venison Gallery has announced that it will close both its Chelsea and London galleries, and will focus exclusively on the secondary market.  While Christie’s owner Francois Pinault has not commented, some speculate that the galleries were never intended to be permanent in the first place.   (more…)

German Renaissance artist Albrecht Dürer’s 1515 woodcut “The Rhinoceros” has sold at Christie’s in New York City for $866,500, setting a new record for the artist’s works.  Originally estimated at $100,000 to $150,000, the price of the piece quickly exceeded its estimate.  While some highly valued works, including Knight, Death and The Devil failed to attract bidders, Dürer’s record price for a single work was broken three consecutive times over the one-hour auction.   (more…)

Christie’s has announced its first online only auction of works by Andy Warhol, with all proceeds going to benefit the Andy Warhol Foundation for the Visual Arts.  The auction includes a selection of highly recognizable works, as well as a number of Warhol’s photographs, and will open for bidding on February 26th.

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While fine arts auctions in New York State generate total sales of $8 billion annually, many dealers and market analysts are calling foul on auction practices intended to drive up the price of works with little to no supervision of the market.  “The art world feels like the private equity market of the ’80s and the hedge funds of the ’90s,” says James R. Hedges IV, a New York collector and financier. “It’s got practically no oversight or regulation.”

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A painting by French Master Charles Le Brun has been discovered at the Hôtel Ritz in Paris.  The work, titled Le Sacrifice de Polyxène, had hung for years in plain sight in the suite where Coco Chanel had lived for 30 years, but only drew attention recently, when the Hotel closed for renovations.  “It is a magical discovery,” said Cécile Bernard, a Christie’s expert. “The painting must have been there for at least 50 years.” (more…)

Despite contracting markets in Asia and the Middle East, Christie’s International has announced a 10% increase in sales for 2012.  This growth over the previous year was led by the increased interest in post-war art and living artists, as illustrated by Mark Rothko’s “Orange, Red, Yellow” selling for $86.9 million last year.   According to Steven Murphy, Christie’s chief executive: “Existing clients are spending more, and many of our new bidders have previously bought from dealers and art fairs. They like the transparency of auctions.” (more…)

Christie’s will offer Sandro Botticelli’s “Madonna and Child With the Young Saint John the Baptist” in Hong Kong next month. The work has a presale estimate of $5 million and should be an indicator of interest in a non-Christian Eastern market. The auction house is hoping that the subject matter could translate as a emotional scene between mother and son. Ken Yeh of Christie’s Asia stated that “When you spend that kind of money, you have to think about resale value,” he said. “It’s no longer just to decorate your house.” (more…)

Bloomberg calculates that $594.6 million was achieved for the top ten lots  in Impressionist, Modern and Contemporary art categories in 2012. This is a 44% increase from 2011. An uncertain global economic climate, the European debt crisis and impending US tax code changes all likely impacted the increase in sales. The top lot was Edvard Munch’s “The Scream”, which sold for $119.9 million, the highest price paid for a work at auction. (more…)

Collectors seeking iconic works at the Old Masters sales in London this week have led to uneven results: at Sotheby’s a bidder paid $47.9 million for “Head of a Young Apostle,” by Raphael; at Christie’s, only 29 out of 54 lots sold, bringing in $18.6 million, just over low estimate. “The name is not enough. It has to be a top example by an important master,” said Jonathan Green of the Richard Green Gallery in London. Additional speculation is that international, non-Western buyers are not interested in the historical subject matter from a cultural standpoint. (more…)

Steven Murphy, CEO of Christie’s, ranked No. 1 on Art + Auction’s Power 100 list, (which will be released today at a party at the Haven Lounge in Miami). Murphy has built the auction house’s online functionality and attracted new clients. Larry Gagosian, David Zwirner, Marc Glimcher, Christian Deydier, Eli Broad and Emmanuel Perrotin also ranked in the top ten.
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A solid gold sculpture called The Left Hand and the Right Hand Have Abandoned One Another by Douglas Gordon has been stolen from Christie’s in London. The scrap value alone is estimated at £250,000, while the insured value is £500,000. “I don’t think this is an art theft,” Gordon said. “I’m pretty sure it has been melted down.” Gordon said that a curator had told him about the theft and then later a Christie’s representative informed him on November 29th that it had been stolen, 16 days after the crime was reported to the police. Christie’s has said the incident is under investigation and did not comment on the matter. (more…)

Russian art sales got off to a rocky start in London on Sunday. MacDougall’s offered 45 lots but only sold nine in its Russian Art sale. Christie’s, however, fared somewhat better with £10.5 million – perhaps because of more realistic estimates. Just 68% of lots sold at the Christie’s sale.  £67.8 million worth of art was offered in total from all of the auction houses combined. (more…)