Christie’s art sales in the 20th and 21st centuries bring in $421 million – ARTnews.com

Christie’s raised $421.9 million (including fees) Thursday night with the third iteration of back-to-back evening sales of the 20th and 21st centuries in New York.

The sales, which brought a whopping total of 104 works to the auction scene, were a source of great anticipation for the collective art world after last week’s Christie’s auction, dedicated to works from Microsoft co-founder Paul G. Allen’s collection, brought the group $1.5 billion with group fees. When ensuing sales delivered a noticeably weaker blow, many looked to the 20/21 sales to get a sense of the true state of the art market.

Bids were moved from both phones and land during the 20th century sale, and more so during the 21st century^Street Selling the Century that followed. But both sales seemed to suffer from the same problem: wary buyers, and a form of over-auctioning, which caused many lots to sell at hammer prices that hovered comfortably around their low valuations. However, they did reach a sale consideration rate of 93%, which is an impressive number considering the sheer volume of art for sale during the November auctions.

The sale had its moments. Works by Eva Gonzalez, Paul Serrosier, and Emile Bernard set artist records during the first sale as did five artists in the 21st century sale, including Noah Davis, Rashid Johnson, and Njidka Aconelli Crosby. Eight works in total were sold for $10 million. With three sales remaining at Christie’s, the past two weeks have already sold $2 billion worth of art.

The 20th century sale began with a company that could hardly afford more than 69 pieces. Howardina Pendel’s Painful Canvas in Brown and Blue, without an address (1971), started in the evening and quickly reached $850,000 after ten bids, well above the low estimate of $500,000.

after a few more, Beatrice Hastings (Devent-on-Port) (1915), an elegant painting by Amedeo Modigliani, fetched $15 million at an estimate of $12 to $18 million.

Modigliani was followed by an equally sophisticated Portrait of a Woman’s Face, a print from Kiki de Montparnasse’s 1926 Portrait of a Ray Man, with her head resting on a table, eyes closed, and holding an African mask in her hand. The picture was paid for $3.3 million, just over $4 million with fees, making it the third most expensive picture ever sold at auction. The other two – another Man Ray and Edward Steichen – were also sold by Christie’s this year.

During the first sale, there were two disappointments: Pablo Picasso’s muscles Buffalo Bill (1914), a powerhouse of Cubism working with Americana-mystique, attracted few bids and made it past the low estimate, at $10.5 million ($12.4 million with fees). More painful still, Willem de Kooning Untitled III (circa 1978) failed to sell. After only a minute on the block, it became apparent that the painting would not come close to the estimated $35 million price, and the auctioneer declared it a “pass on.” There were at least three audible gasps and one very prominent “oh wow” from the tender floor.

“When there are so many works on display, and there have been so few De Koonings this season, anything less than an A plus isn’t going to work,” said art dealer Nicholas McLean. ARTnews failed sale. When asked to explain, he pointed to the subtle darkening of colors in De Kooning on display and said that some find this a sign of less work, but not much.

“I’d give it an A-minus,” McClain said, “but the difference between an A-plus and an A-minus can be $20 million… sometimes a lot more.”

Arguably the most exciting point in the first sale came when two of the bidders, ASOM Group Director Ecarina Klim and Technical Consultant Gaby Palmieri, outbid each other several times for Morris Lewis. V flowers. (1950-60). Bidding began at $2.2 million, and within seconds, the only two women left—Clem in the center of the room and Palmieri on the left—were there. After each attempt, one would look at the other, then whisper into their earphones, while the others on the bidding floor would turn around to watch the encounter. Clem won the $4.6 million bid, for a total of $5.58 million, just above the high estimate.

About halfway through, some collectors left, complaining about the length and breadth of the sale. One collector can be heard on his way out, “I don’t care anymore, it’s been too long. I’ll be back for the second half, but that’s a lot.”

Almost half of all 20th Century sales came with a warranty. With 96% sold by lot, the sale grossed just under $308 million with fees.

Those who did return were glad they did because the 21st part of the evening was explosive and, at just 40 blocks, it was even faster. The first five lots saw brisk bidding from Christie’s specialists on the phones, the Internet and the auction floor. During that draw, records were set for both Rashid Johnson and Noah Davis.

Bidding for opening work, I see red: talking to ancestors (1994) by Juane Quick-to-See Smith, started at $55,000 and quickly jumped to over $400,000. Moments later, the gavel fell after a bid of $510,000 ($642,600 with fees). Soon after, there was a three-minute battle for 4 guests (2019), a painting by the famous Salman Toor. After 25 attempts, the dismal green-backed board came in at $680,000, confidently above its high estimate of $180,000, for a total of $856,800 with fees.

Johnson and Davies both followed him, the pace showing little sign of slowing. Johnson The painting surrendered to sunlight (2022) exceeded its $800,000 estimate, grossing $2.45 million (up to $3 million with fees). Meanwhile, Davis Congo #7 (2014) reached its highest grossing $1.2 million ($1.5 million with fees). But, as with all things, the fast pace doesn’t last forever. After the fifth lottery, Anna Wayant loose screw, It also came in at $1.2 million, and some of the heat in the room came down.

Selling Stars in the 21st Century – Jean-Michael Basquiat Sugar Ray Robinson (1982) – was largely a disappointment, given the pageant Christie had been grouped around.

The auction house really put the painting front and center. At halftime, instead of the gentle music that lured collectors to their seats during the 20th Century Sale, a loud, lively video dominated the walls behind the stand as the lights in the room dimmed. Drummer in silhouette, shrouded in darkness, playing with manic precision. A light flashed and then a boxer appeared swaying, weaving and moving his feet. Another flash of light, the drummer appears again, and the beat ramps up. A voice resounded in the darkness, “Strength is a symbol.” But the energy did not stick to the tender. Estimated to fetch around $35 million, the painting saw just two shows and took in $28.2 million for a total of $32.679 million. However, it was the highest priced image for the night.

Just behind Basquiat was Jeff Koons’ wine-filled, stainless-steel train Jim Beam – JB Turner Train (1986), which grossed $14.5 million for a total of $16.99 million.

The second half of the sale generated a total of $114 million on 35 lots with a sell-through rate of 89%.

told Joanna Flaum, Christie’s International Director and Head of Post-War and Contemporary Art ARTnews It was the biggest art market season ever, with more than $3 billion worth of artwork sold in just two weeks.

“It is really extraordinary. Of all that has been sold in the past few weeks, Christie’s has sold two-thirds of this art. It is really an achievement,” said Flaum.

It certainly is. But with so much selling on the lower side of appreciation, collectors seem to be playing it a little closer to the sweater than they did earlier this year, or in previous seasons. No one guesses if that will continue into 2023.