Introduction
Christie’s, one of the world’s leading auction houses, recently held its first evening sale in the marquee November auctions in New York. The auction, dedicated to art created in the 21st century, failed to meet its expectations, resulting in subdued results and a lack of record-breaking sales.
Shortfall in Hammer Price
The evening sale hammered at $88.4 million, falling $8 million short of its $96 million presale estimate. With the inclusion of the premium, it reached a total of $107.5 million across 42 lots, well below expectations.
Lack of Records
Notably, this auction failed to set any new records, a common occurrence during sluggish sales in the art market. The atmosphere throughout the auction was subdued, with many valuable lots failing to even reach their low estimates. Thirteen of the lots had financial backing through in-house or third-party guarantees, yet the overall result fell short of last year’s equivalent sale, which featured even fewer lots.
Well-Established Artists Underperform
Artworks by renowned artists such as Cy Twombly and Jean-Michel Basquiat, which are usually surefire hits at auction, also underperformed. Twombly’s “Untitled (Bacchus 1st Version II)” was estimated to reach up to $25 million but hammered at $17 million, below its low estimate, ultimately selling for $20 million. Basquiat’s 1981 untitled painting hammered at its low estimate of $10 million, selling for $11.9 million with fees.
Struggles of Established Artists
Works by other well-established artists like John Currin, Andy Warhol, Keith Haring, George Condo, and Mark Bradford also struggled to attract attention, failing to meet their low estimates. This shift reflects a broader trend in the market, where artists who led the market a decade ago are no longer achieving the same results.
Emerging Female Figurative Painters Shine
In contrast, emerging artists with less established markets, particularly female figurative painters, stood out. Works by artists like Stefanie Heinze, Jenna Gribbon, Jenny Saville, Jadé Fadojutimi, and Jia Aili exceeded expectations, with some even reaching seven figures. This highlights the changing dynamics of the art market.
Surprising Results
Some unexpected surprises included Sanya Kantarovsky’s painting “Charnal Field,” which nearly doubled its high estimate, selling for $201,600. Robert Colescott’s “Eat dem Taters,” featuring a reimagining of a famous van Gogh painting with Black figures, also fared well, meeting its high estimate at $3.9 million.
Conclusion
Christie’s first evening sale in the November auctions in New York may have fallen short of expectations, particularly for well-established artists, but it also showcased the growing prominence of emerging female figurative painters in the art market. The shifting landscape of art sales emphasises the need for auction houses to adapt to evolving tastes and preferences among collectors and investors.
Basquiat skull painting sold for almost double of estimate — at $93.1 million
