News

Christie's evening sale of postwar and contemporary art held on May 13, 2014 in New York yielded an amazing total of 744,944 million USD thanks in large part to the appetite of wealthy Asian collectors.

Most of the bids came from Chinese buyers after Christie's had realized 134,6 million USD during its sale of 35 works held the previous day. Of the 72 works offered for sale on tuesday night only four were unsold.

More than 50% of works had already been guaranteed, meaning that they were sure to be sold while the top price was achieved for Barnett Newman's "Black Fire I" (1961) which fetched a record price of 84,16 million USD in favour of a telephone bidder.

A Francis Bacon triptych titled "Three Studies for a portrait of John Edwards" dated 1984 went to  a Chinese bidder for 80,8 million USD, however much less that the one titled "Three Studies of Lucian Freud" (1969) which fetched a record 142,4 million last november at Christie's. Bacon painted 28 known triptychs in his life, out of which at least 12 are in public collections, and only 4 have come up for auction.

Only a few works could be bought by some American buyers, like Larry Gagosian who got Warhol's “Race Riot” from 1964 for 62,8 million USD, well above its pre-sale estimate of 45 million.

Another Warhol titled “White Marilyn” from 1962 went to an American collector for 41 million USD against a high pre-sale estimate of  $18 million while Jeff Koons' “Jim Beam J. B. Turner Train,” a 1986 stainless-steel train of more than nine feet long filled with bourbon went for 33.7 million USD, over its 30 million estimate.

Alexander Calder's “Poisson Volant (Flying Fish),” a 1958 mobile showing a giant black fish was won by a Chinese bidder at 25,9 million USD against a high pre-sale estimate of 12 million.

Bidders from 35 countries competed for an exceptional offering of masterworks by some of the century's most influential artists: Francis Bacon, Andy Warhol, Barnett Newman, Mark Rothko, Jeff Koons, Christopher Wool and Jean-Michel Basquiat.

 The two evening sales established 26 new world auction records, selling 2 works over $80million, 4 over $50million, 12 over $20 million, 19 over $10 million and 86 over $1 million. 80% of the lots were completely new to the auction market.

On Monday, Christie's presented a new auction with a selection of some of the best dark and unflinching contemporary art created over the past five decades. The sale of, If I Live I'll See You Tuesday, titled after a work by Richard Prince featuring the same phrase, totaled $134,630,000/ £79,431,700/ €98,279,900 with 97% sold by lot and 99.5% sold by value. The sale established 16 new world auction records for artists including Joe Bradley, Dan Colen, Peter Doig, Wade Guyton, On Kawara, Martin Kippenberger, Glenn Ligon, Adam McEwen, Richard Prince and Thomas Schütte. Martin Kippenberger's Untitled led the night, selling for the world record price of $18,645,000, after six minutes of bidding. The sale witnessed worldwide participation, which confirmed the globalized demand for this category, with 350 registrants representing 26 countries.

The sale was highlighted by works from outstanding private collections including those of Edwin and Lindy Bergman, Phillip Schrager, Frances R. Dittmer and the estate of Anita Reiner, which all sold above their presale estimates.

The sale got off to a strong start with the 14 works from THE BERGMAN COLLECTION, which totaled $65.6million, doubling the overall estimate. The collection comprised a highly significant group assembled over a sixty-year period by Edwin and Lindy Bergman, the renowned Chicago philanthropists and patrons of the arts. The Bergmans were known to collect a variety of works by Joseph Cornell, including the Medici Slot Machine, which was sold for the world auction record price of $7,781,000 (£4,590,790/€5,680,130). Also achieving a very strong price was Cornell's Medici Princess with $5,989,000 (£3,533,510/€4,371,970), which became the second highest price for the artist. The seven works by Cornell totaled $24million.

The selection of works from THE FRANCES R. DITTMER COLLECTION achieved $24.7million. The ten works were led by Untitled, a significant 1964 work by Cy Twombly that realized $7,445,000 (£4,392,550/€5,434,850). The exceptional Untitled 1981 canvas by Jean-Michel Basquiat, from THE ESTATE OF ANITA REINER was sold for $34,885,000 (£20,582,150/€25,466,050). The work was first seen and purchased on the spot by Anita Reiner while the artist was working on it in the basement of Annina Nosei's Gallery. It has remained in her private collection ever since.

Robert Gober's Silent Sink created in 1984 and based on his childhood memories, fetched $4,197,000 (£2,476,230/€3,063,810), a world auction record for the artist. The collection totaled $39.5million.

Built over nearly 40 years, Property of THE PHILLIP SCHRAGER COLLECTION realized $45.5million doubling the presale estimate. The selection offered significant works with bold colors and a particular attention to surface elements. The top work was Willem de Kooning's Untitled XXXI, which realized $21,165,000 (£12,487,350/€15,450,450).

Mark Rothko's magical and reflective style was represented by the 1952 work, Untitled, a towering, vibrant and deeply moving painting. This superb masterpiece was sold for $66,245,000 (£39,084,550/ €48,358,850). Joan Mitchell's Untitled achieved $11,925,000 (£7,035,750/€8,705,250), setting a world auction record for the artist and the highest price for any work sold at auction by a female artist.

The international demand for works by contemporary artists was again evident throughout the sale, particularly so during the bidding for Christopher Wool's If You. Hauling language and materials from the streets, Wool drags the underbelly of the industrial urban environment into the expansive history of fine art. The painting, which declares, "IF YOU CAN'T TAKE A JOKE YOU CAN GET THE FUCK OUT OF MY HOUSE" was sold for $23,685,000 (£13,974,150/€17,290,050),

WORLD AUCTION RECORDS:

Lucas Samaras (b. 1936), Box #102, box construction--wood, metal, printed fabric, paint, printed paper collage and pencils, executed in 1977. Estimate: $80,000 – 120,000 Price Realized: $281,000

Joseph Cornell (1903-1972), Medici Slot Machine, wood box construction--wood, printed paper, collage, glass, metal, mirror and marbles, executed in 1943. Estimate: $2,500,000 – 3,500,000

Price Realized: $7,781,000

Alexander Calder (1898-1976), Poisson volant (Flying Fish), hanging mobile--painted sheet metal, rod and wire, executed in 1957. Estimate: $9,000,000 – 12,000,000 Price Realized: $25,925,000

Jean-Michel Basquiat (1960-1988), Untitled, oilstick on paper, executed in 1983. Estimate: $6,000,000 – 8,000,000 Price Realized: $7,445,000

Robert Gober (b. 1954), The Silent Sink, plaster, wire lath, wood and semi-gloss enamel paint, executed in 1984. Estimate: $2,000,000 – 3,000,000 Price Realized: $4,197,000

Salvatore Scarpitta (1919-2007), The Corn Queen, bandage and mixed media laid on board, executed in 1959. Estimate: $600,000 – 800,000 Price Realized: $1,445,000

Joan Mitchell (1925-1992), Untitled, oil on canvas, painted in 1960. Estimate: $6,000,000-9,000,000

Price Realized: $11,925,000

Barnett Newman (1905-1970), Black Fire I, oil on canvas, painted in 1961. Estimate on request

Price Realized: $84,165,000

Martin Puryear (B.1941), Untitled, red cedar and pine, executed in 1989. Estimate: $600,000-800,000

Price Realized: $1,805,000

Frank Stella (b. 1936), Abajo, metallic powder in polymer emulsion on canvas, painted in 1964.

Estimate: $6,000,000-8,000,000 Price Realized: $6,661,000