Joseph Cornell, “Pharmacy,” 1943, subject of a rare bidding war
Is there an art-market anodyne in there?
Let’s put me and this season of lackluster evening sales to bed quickly, if not painlessly.
First, the good news:
The chief excitement at Christie’s contemporary sale tonight was for Yayoi Kusama‘s “No.2” (one of her white dot paintings). It was the only work that soared above its presale estimate, in an intense bidding duel that set a new auction record for the artist. It fetched $5.79 million, with the buyer’s premium, and its $5.1-million hammer price more than doubled the low end of the hammer-price presale estimate of $2.5-3.5 million.
Another hotly contested piece was Joseph Cornell‘s “Pharmacy,” above (a prototype for Damien Hirst pharmacies?). It was hammered down at $3.3 million, against an estimate of $1.5-2 million. Its final price of $3.78 million, with buyer’s premium, set an auction record for the artist.
The two top lots (of those that sold) hit their presale estimates: Richter‘s “Abstraktes Bild (710),” estimated “in the region of $13 million,” was knocked down at $13.2 million. (Its final price with premium was $14.87 million.) Basquiat‘s “Untitled (Boxer),” at $12 million ($13.52 million with premium), nailed its “in the region of $12 million” estimate.
Now for the bad news (unless you’re a buyer, not a seller or member of the trade):
The hammer-price total for the auction was a paltry $98.48 million ($113.63 million, with premium), against a presale estimate of $227.15-327.55 million. The 75-work sale was 68% sold by lot; 55% sold by dollar. Hammer prices for the majority of the 51 works that did find buyers fell short of presale estimates. The complete results of tonight’s sale are here.
Several works that were estimated to fetch the highest prices of the evening failed to sell (estimates in parentheses): a Brice Marden ($10-15 million); a Lucio Fontana (“in the region of 12 million”); another Richter ($10-15 million); and, most disappointingly for Christie’s, a Francis Bacon “Study for a Self-Portrait” (“in the region of $40 million”). All landed with a thud—not even close to the “region” of their presale estimates.
And what of the works that were famously consigned by a trustee of the Museum of Modern Art and by the president of the Solomon R. Guggenheim Foundation?
Almost all of the 16 drawings sent to Christie’s by Kathy Fuld, a MoMA trustee and wife of Richard, CEO of the failed Lehman Brothers, sold below estimate. Three didn’t sell at all. All had been given auction-house guarantees.
As for Richard Prince’s “Lake Resort Nurse,” consigned by the Guggenheim’s Jennifer Stockman, its hammer price was a mere $2.9 million, against an estimate of $5-7 million. It also carried a guarantee, which Stockman had told Carol Vogel of the NY Times, made it “almost impossible not to take
advantage of the sale.” (Speaking of Carol, I KNEW that she would identify for us the art-buying sidekick of Valentino! Was I supposed to know who Giancarlo Giammetti was? Maybe so.)
If Christie’s decides to follow Sotheby’s lead, this may have been a last-chance sale for generous auction-house guarantees, until the economy improves and art prices stabilize. This month’s sales may also have been a last chance for Impressionist, modern and contemporary auctions of significant overall quality, as sellers of major works wait for better times, if they can, or consider whether disposing of their possessions discreetly through dealers (who can purchase the art themselves or wait for the right price) might be a more attractive choice.