Art News Auction Houses – . The price reached 195 million dollars. The highest price ever achieved at auction for a 19th century work, surpassing the $110.5 million paid for Jean-Michel Basquiat.
This was the message given to the world media two weeks after the Christie’s, Sotheby’s and Phillips auctions in New York.
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A recent batch of “unique collection” works created by New York divorcees Harry and Linda Macklowe raised the total to $922 million, making it “the most valuable ever sold at auction” by this single owner. Sotheby’s. Phillips’ contemporary and contemporary night sales totaled $225 million, a record for the company. Last week, Christie’s sold Andy Warhol’s 1964
Christie’s Auction House, London, Uk. 21st Feb 2019. Christie’s Employee Pose With Artworks
“The art market no longer includes the market, it only includes auctions. It’s the only thing that people talk about,” said Lisa Schiff, founder of the United States-based SFA Art Advisory, an example of media technology and the world market that offered international sales rooms since the arrival of Covid.
Sotheby’s said its multi-media sale received 3.6 million views during the week of May. But the ability of auction houses to shape public perception of the art market has led to some misleading messages.
(2019), by Los Angeles artist Lucy Bull, sold ten times its estimate for $907,200 © Lucy Bull
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According to Sotheby’s data, this series of recent New York sales of three major houses is “the largest sale the market has ever seen.” But the numbers compiled by London-based market analyst Pi-eX do not match. Their independent statistics show that May was the third highest auction volume on record, with a total of $2.84 billion down from $2.93 billion in May 2018 and $2.89 billion withdrawn in May 2015.
, one of the five main series, by Alex Rotter, Christie’s 20th century. and XXI The president of 20th century art, which he describes as “one of the best paintings of all time”, along with Botticelli’s.
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Certainly, the combined $922 million that Sotheby’s fetched for 65 works from the Macklowe collection last month and in November is a testament to the enduring appeal of the wedding couple’s classic taste in Upper Manhattan for artists such as Warhol, Rothko, Twombly and Richter. More than 50 years in practice. Earnings of more than a global estimate of $650 million seemed to underline the status of these local titles as remaining investments as “blue-chip” franchises, at least when offered in an already designated collection.
But the demand for big-ticket projects, when offered by anonymous buyers, has declined.
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One of Cy Twomby’s largest and by far most important late 1960s “plate” records was confirmed at just under $40 million at a contemporary Sotheby’s auction. In 2015, a similar Twombly “plate” was sold at auction for $70 million. This latter example sold in a single third-party endorsement auction for just under $38 million, a price that reflects the auctioneer’s possible discounts.
(1971), which failed at auction five years ago, was also confirmed to sell for $40 million. An additional bid pushed out the underwriter, and included a price of $46.3 million. A single offer is usually an increment of, say, $100,000, which is worth $8.3 million.
“If you’re a collector, why sign up to bid on the shovel when you can guarantee the work and get a discount?” said William O’Reilly, president of the New York branch of the Dickinson brokerage firm.
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But if wealthy fundraisers are well aware of the benefits of endorsements as buyers, then enrollees will stop paying the extra fees, which could take away the demand for traditional blue-chip jobs. Saleroom guarantees have long been difficult to understand, but a recent ruling by a New York federal court that auction houses can’t disclose such plans may make that situation even more obvious, and even more difficult.
, the number of billionaires — people who can comfortably spend $200 million on a photo — rose from 1,209 in 2011 to 2,755 in 2021, their combined wealth nearly tripling from $4.5 million to $13.1 million. In the same period, global auction sales of fine objects and decorative objects fell from $32.4 billion to $26.3 billion, according to Art Basel and the UBS Art Market Report.
“The art market has been flat for the last ten to 15 years,” said Roman Kräussl, professor of finance at the University of Luxembourg and author of the 2016 study, ‘It Pays Investing in Art? A selective review approach’.
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“Maybe the super rich know and all this information is not two numbers,” Kräussl said. “When I calculate the yield of art, it is around 5%, and it increases the costs.” By comparison, S&P 500 stocks have generated an average annual return of 14.7% over the past decade, according to Business Insider.
“People who buy a $25 million blue film like Richter usually don’t buy it as a first investment, especially as a hedge against downside risk,” Kräussle said.
But what about people desperate to buy six- and seven-figure paintings by young “muku” artists like Anna Weyant, Flora Yukhnovich and Lucy Bull, who recently bought them in stores for five figures? Are they being bought for investment?
London, Uk. 30th June, 2021. A Lost Tintoretto At Benappi Fine Art
For Kräussl, and many other market watchers, it’s a sign that a small group of highly liquid buyers (what others call “the money”) are chasing some of the job offers from many fancy names. And clients are rich enough to worry much about investments.
“You buy a startup for $50 million. You have white walls. What do you put there? It’s not Richter. That’s old school. But people are afraid to buy art, wrong,” Kräussle said. “It has to be politically correct. It has to be gender correct. It has to be race correct. Then at the dinner table you can say, ‘I bought this at Phillips.’ It’s a bookmark.”
A record $225 million total was achieved in New York by Phillips, who has specialized in new art for many years, as well as the frenzy of bidding the next night at Sotheby’s $72.9 million The Now sale of 23 works, “by the most interesting artists.” today.” he represented that change from blue to red, experimentally. The $907,200 2019 summary was provided by Lucy Bull of Los Angeles, represented by David Kordansky, is one of the new records sold at Sotheby’s. Bull’s painting sold. his more than four times the original price.
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“What’s going to happen? Everyone wants to be a part of it. Nothing here makes sense in a traditional sales model,” Schiff said. Although more money can be made from flipping, there remains a firm belief that art is a better investment in the long run. “You can make money by buying and selling,” he added. “[But] you can have a fortune.”
The Macklowes did, though it took half a century to get there. Can today’s digital art buyers and sellers wait? Sotheby’s is entering the art market first with a new initiative to buy works directly from artists and houses.
Artist’s Choice, the auction house’s new sales channel, will launch on September 30 at Sotheby’s Contemporary Curated auction in New York. Seven works by artists such as Alexandre Lenoir, Atushi Kaga and Todd Gray will be offered, with estimates ranging from $15,000 to $120,000. From the sale price, 7.5 percent of the donation was paid by the artist and the library and matched with the will. at Sotheby’s. presented to an institution chosen by the artist. The artists and the auction house will receive the rest of the sale and decide how to split it, while the auction house collects 25 percent of the sale.
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“This is not a new independent auction, we will integrate Artist’s Choice with Sotheby’s sales,” said Noah Horowitz, head of new strategy and Sotheby’s Gallery and Private Dealer Services. Although this is not the first time that auction houses have moved into the category of art houses, it is not clear whether this action will threaten the dealers who work in the art market in the first place. Do large buildings need to be taken care of?
“It’s a circular thing,” says art consultant Todd Levin, principal of the Levin Art Group. “Auction houses have been in and out of the market earlier than many others,” he said, referring to Christie’s previous work for the two houses in New York and London.
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