Francis Bacon, Two Studies for a Self-Portrait (1970), via Sotheby’s

Just as Frieze closes its doors on a week of contemporary sales, the New York auction houses are opening theirs for a second week of major U.S. market activity.  Spreading the offerings across a marathon series of sales in the coming days, the New York spring/summer auctions will mark the last test of buyer interest before the summer recess. (more…)

Oliver Barker and Mario Tavella have been named the new co-chairs of Sotheby’s Europe, following a string of high-profile departures in the past weeks for the auction house.   (more…)

One of Francis Bacon’s strongest self-portraits will go on sale at Sotheby’s this coming May, carrying an estimate of $22-$30 million.  “Two Studies for a Self-Portrait goes straight in at number one of all the paintings I’ve handled in my career” says Oliver Barker, Senior International Specialist in Contemporary Art.  “It’s certainly among the greatest self-portraits ever offered at auction.” (more…)

The New York Times reports that Sotheby’s is quite eager to hire top talent from Christie’s, noting that the auction house has offered waive standing noncompete obligations for former employees in order to hire former executives from Christie’s.  The proposal centered around former Christie’s America head Marc Porter, whom Sotheby’s had recruited as chairman of its new Fine Arts Division. (more…)

Despite what many are calling a “reassuring” sale last evening, the Art Market Monitor notes a 13% drop in stock price for Sotheby’s this morning, a point that notes increased pessimism from investors.  “It showed the contemporary market is in rude health in spite of the economy,” the article quotes from advisor Rory Howard. (more…)

Lucian Freud, Pregnant Girl (1960-61), via Sotheby’s

The London Contemporary Auctions continued its mixed run this week, as Sotheby’s concludes this evening’s entry to mixed results.  The 59-lot sale saw 11 works go unsold,not to mention a number of high-profile withdrawn lots, bringing a final tally of £69,461,000, a figure that sat squarely within the auction house’s presale estimates.  Of particular note in the early moments of the sale was the withdrawal of the evening’s star Gerhard Richter lot, a move that left the auction house with a considerable gap in its initial estimates.  Even so, the auction room was practically buzzing as the sale got underway.

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Gerhard Richter, Abstraktes Bild (1990), via Sotheby’s

Taking up the second week of London’s early-year, marquee auctions, the Post-War and Contemporary Evening Sales are set to get underway this week with a trio of offerings that will again test the health and enthusiasm of the market in the face of what many have called a “cooling off.” (more…)

Pablo Picasso, TeÌ‚te de Femme (1935), via Sotheby’s

The first week of February’s auctions concluded last evening, following a difficult set of sales at Sotheby’s that saw tepid, occasionally concerning results, with 13 of the 37 Impressionist and Modern works going unsold, bringing a total of £78,308,000, while the auction house’s small but impressive selection of 16 Surrealist pieces saw 2 go unsold, bringing the modest sale a tally of £14,860,500. (more…)

Paul Cézanne, Ferme en Normandie, été (Hattenville) (1882), via Christie’s

With the opening weeks of 2016 drawing to a close, the London auction houses are preparing for the first entries in the year’s sales calendar, presenting two weeks of offerings that will serve as a bellwether for the year. Considering recent concerns (and numerous articles) over the cooling of the market in the early months of this year, the market should offer an initial indication of just how buyers and sellers may respond, and whether recent notes on an increased reliance on Asian customers will be proven accurate. (more…)

Sotheby’s announced a fourth quarter loss this week, noting that it would scrap its year end dividend in favor of a stock buyback.  The loss was caused in part by charges for a previous buyback, and by the sizable guarantees made to secure the Taubman collection sale last year, which failed to live up to estimates.   (more…)

Sotheby’s has purchased former Christie’s exec Amy Cappellazzo’s Art Agency, Partners, for $85 million (including potential performance earnings), the NYT reports.  “To the extent that they’re looking to other places to bolster income — to get more regular earnings — it makes sense,” says Steve Blitz of ITG Investment Research. (more…)

A CNN article looks at the factors causing astronomical jumps in price in the art market recently, and the extended efforts of the auction houses to entice buyers.  “You bring as many people as you can into the headquarters through dinners and cocktail parties, and your global specialists center there and try to sell the work,” says Lisa Dennison, Chairman of Sotheby’s North and South America. (more…)

Sotheby’s CFO Patrick McClymont will leave the company, Bloomberg Businessweek reports, noting some analyst’s perspectives that the move is part of an increased push by activist investors to boost profits. “Patrick brought financial discipline and transparency to the company,” Kristine Koerber, a senior analyst at Barrington Research. (more…)

About 5% of Sotheby’s employees have taken the auction house up on its buyout offer, according to records filed with the SEC Monday, the NYT reports.  The buyout was part of an effort by the company to “achieve both the efficiencies from which our organization would benefit, as well as create enhanced professional development and leadership opportunities for those who will steer Sotheby’s into the future,” according to CEO Tad Smith. (more…)

In an effort to cut costs, Artforum is reporting that Sotheby’s has offered a series of buy-outs for employees, offering what CEO Tad Smith calls “an attractive economic opportunity to volunteer to resign, should they wish to do so,” while acknowledging that he “certainly understands that announcing a cost reduction program right after two weeks of dazzling sales may be unexpected.” (more…)

Cy Twombly, Untitled (New York City) (1968), via Sotheby’s

Tonight Sotheby’s has logged its response to Christie’s moderate outing last evening, as the auction house’s Post-War and Contemporary Evening Sale saw steady, albeit occasionally slow proceedings, bringing a final sales tally of $294,850,000 with 13 of the 57 lots offered going unsold. (more…)

Sotheby’s announcement that its quarterly loss narrowed 35 per cent in the third quarter has resulted in a 6.1% drop in share value as the auction house prepares its Contemporary Evening sale tonight.  “The buyers are getting more discerning,” says CEO Tad Smith.  “That is emblematic of a market that is solid. It creates buyers that are discerning, quality-oriented, but careful.”  (more…)

Pablo Picasso, La Gommeuse (1901), all photos via Sotheby’s

The first week of sales is in the books in New York, as Sotheby’s concluded its Impressionist and Modern Evening Sale last night, following up on a somewhat lackluster sale the prior evening with a briskly paced sale and solid results that lost momentum in the late minutes of the event, ultimately selling 36 of 47 lots for a final tally of $306,712,000. (more…)

Frank Stella, Delaware Crossing (1961), via Sotheby’s

The New York auction weeks are underway in New York, following the conclusion of a lackluster sale at Sotheby’s this evening, where the premier works from the estate of Alfred A. Taubman took the block, spread across a 77-lot auction that saw 8 works fail to find a buyer, including several top lots, while reaching an underwhelming auction tally (given the presale estimate of $500 million) of $377,034,000, with a considerable percentage of works selling well below estimate. (more…)

Amedeo Modigliani, Paulette Jourdain (circa 1919). All photos by Rae Wang for Art Observed.

A marathon auction calendar is set to open in New York this week, bringing a massive trove of premier works to the city’s top auction houses.  With 7 major sales over the course of the next week and a half, spectators can expect an almost unprecedented number of high value works changing hands, with major records already forecasted to fall during the proceedings at Sotheby’s, Christie’s and Phillips. (more…)

Jean-Michel Basquiat, Untitled (The Black Athlete) (1982), via Sotheby’s

Another evening of auctions sales has come and gone as Sotheby’s concluded its Contemporary Evening Sale in London tonight, a fast-paced event that saw brisk sales and strong interest until the late lots, with 15 works of the 53 lot sale going unsold, and bringing in a total of £36,351,250. (more…)

Bill Koch is selling a pair of works this November in New York, boasting a combined estimate of over $110 million. The works are Picasso’s La Gommeuse, which is estimated at $60 million, and Claude Monet’s Nympheas.  The sale of these works may see Koch making up to 11 times what he paid for the works.  “Monet is as desirable in China, Singapore, Taiwan as he is in Russia, Europe, the Middle East, and the U.S.,”co-head of Sotheby’s worldwide Impressionist and modern art department Simon Shaw said. “He is an accessible, modern brand.” (more…)

Agnes Martin, Untitled (1999-2000), via Sotheby’s

With the opening days of the Frieze art fair in London also come the annual fall auctions at Christie’s, Sotheby’s and Phillips, launching another season of marquee sales at the auction houses.  Starting on October 14th, one day after the fair opens its doors for the VIP viewing, the sales will offer a second opportunity for collectors to vie for top works. (more…)

Sotheby’s has announced another flagship work in its New York Impressionist and Modern auctions this coming November, Picasso’s La Gommeuse, which features a hidden portrait on the back side of the canvas.  “With her dreamy gaze and frank sensuality, the cabaret dancer in La Gommeuse ushers in a new visual idiom for the 20th century,” says Simon Shaw, co-head of Sotheby’s worldwide impressionist and modern art department. (more…)