On May 15 and 16 2007 in New York the two highest auction totals in history were recorded for the Contemporary Art category, and the former record for the most expensive post-war work was broken four times before settling on a monumentally important Mark Rothko painting that brought more than $72 million. The combination of rarity for major Impressionism and early Modern work, plus the accessibility and wow-factor of post-war Contemporary art, have brought the strongest attention ever from emergent wealth to this market. There is fierce competition at every level, and masterpieces in the field spark bidding to rival the most expensive offerings of Impressionist & Modern Art or Old Masters.
During the course of the week, buyers spent a total of $870,609,080 at the three major houses. Eighty-seven percent of the works on offer sold successfully. This market is an eighteen-wheeler, and quality is driving.
Sotheby's began the run on May 15 2007. The sale shattered the auction record for Contemporary art, with a total of $254,874,000. (All prices include Buyer's Premium.) The high point of the sale was David Rockefeller's Mark Rothko, White Center (Yellow, Pink and Lavender on Rose), which brought $72.8 million, establishing the world record price for a Contemporary work at auction. Only minutes before, Francis Bacon's Study From Innocent X had first broken the then-world record price at auction, when, at $52.7 million, it almost doubled the previous world record of $27.1 million, set in November 2006 with de Kooning's Untitled XXV, 1977. Amid widespread and diverse global bidding, records were posted for fifteen artists, including Jean-Michel Basquiat, Robert Rauschenberg, Tom Wesselman, and a host of "young" artists.
The Rothko record stood the next night on May 16, after Christie's evening auction brought $384,654,400, breaking the record set the night before. Andy Warhol's Green Car Crash (Green Burning Car I) topped the auction, bringing $71,720,000. Twenty auction records were set, and high prices were posted for Rothko, Willem de Kooning, Jasper Johns and for an additional major Warhol, Lemon Marilyn. The firm reported that 47% of buyers were American, 19% European, 18% Asian, and 16% from other regions.
Day sales at both houses also broke the former record for such auctions, with strong competition across all market segments. Phillips de Pury & Company contributed to the week with an evening and day sale as well.
Without doubt, the huge global wealth creation over the past few years is resulting in broader bidding and buying than ever before, with participation from buyers in emerging economies stronger than ever. The thirst for great works of art, whatever the medium or time period, seems unquenchable, and consignors are responding, prudently taking advantage of this moment in time.
Sotheby's, 15 -16 May
Contemporary Art Evening: $ 254,874,000 Contemporary Art Day: $ 89,698,000 Total: $ 344,572,000 Christie's, 16 - 17 May
Contemporary Art Evening: $ 384,654,400 Contemporary Art Day: $ 93,097,200 Total: $ 477,751,600
Phillips de Pury,
17 -18 May
Contemporary Art Part I: $ 33,326,400 Contemporary Art Part II: $ 14,959,080 Total: $ 48,285,480 Grand Total $ 870,609,080 Average Sold Lot Value
(Sotheby's, Christie's & Phillips de Pury) $ 660,553 Number of Lots Offered/Sold
(Sotheby's, Christie's & Phillips de Pury) 1510/1318, (87% sold)
Sotheby's report
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