Sotheby’s second double auction of the week went well last night, with a combined result of $175.8 million from the 46 lots sold. That number jumped to $204.6 million (with fees), near the bottom of pre-sale expectations set at $172.1-235.4 million (estimates do not include fees.
The pepperier sale, or apparently so, The Now made $30 million ($37.1 million with fees) and a net sell-through rate of 82.6% per lot, with four of the 23 works on offer not have not been sold. In addition, two lots were withdrawn, including a Yoshitomo Nara estimated between $12 and $18 million. The result was in line with the low of pre-sale expectations set at $29.2 million to $42.1 million.
For a deeper comparison, tonight’s numbers also followed last May’s $72.9 million total for The Now sale, from 23 lots sold. This round featured eight prizes backed by internal and/or third-party guarantees (the latter also being referred to as “irrevocable offers”).
by Henry Taylor From Congo to the Capital, and again black
Courtesy of Sotheby’s
Six artist records were set, starting with the first batch – the large-scale earth-toned abstraction by Justin Caguiat, at the approach of beauty her body is fungible as of 2020 which sold for $620,000 ($787,400 with fees, est. $150,000-$200,000).
The next batch, flashy and colorful abstraction by Jadé Fadojutimi, A toast to…? (2020) in 190cm by 220cm scale, fetched $750,000/$952,500 with fees (est. $500-700,000).
Moving on to a gritty, figurative vein, the third batch, that of Nicole Eisenman
Night Studio (2009), depicting a pair of reclining, mostly nude figures surrounded by art books, cigarettes and a bottle of beer, grossed a record $2 million ($2.4 million with costs, estimated between $800,000 and $1.2 million).
Featured in his 2016 retrospective at the New Museum in New York, he came armed with an irrevocable offer. You could tell it was, since it matched the hammer price of the next lot, but was $50,000 less with the buyer’s premium (due to guarantor financing costs ).
by Kerry James Marshall Untitled (Boy Mask)
Courtesy of Sotheby’s
Next, a muscular and audacious piece on Picasso The Ladies of Avignon (1907)—Henry Taylor’s Magnificent Film From Congo to the Capital, and again black (2007) sparked a mini-auction frenzy and sold to a telephone bidder for a record $2 million ($2.4 million with fees, estimated $1–1.5 million). Los Angeles-based dealer Jeffrey Deitch was one of the underbidders.
The Taylor recently appeared in the artist’s “B Side” exhibit at the Museum of Contemporary Art in Los Angeles which ended less than a month ago.
Figurative paintings were in abundance with Kerry James Marshall Untitled (Masked Boy, 2014), executed in acrylic on PVC panel, taking first place in the lot at $4.7 million ($5.7 million with fees, estimated $4-6 million) and Glenn Ligon’s Malcom X (version 1) #1 from 2000, from a children’s coloring book, which sold for $800,000 ($1 million with fees, est. $1–1.5 million). It last sold at Christie’s New York in May 2016 for $850,000 (free of charge).
by Nicole Eisenman Night studio
Courtesy of Sotheby’s
Other notable entries ranged from Njideka Akunyili Crosby’s medallion portrait of a woman, For Services-Victoria Regina (2013) which grossed $1.1 million ($1.3 million with fees, estimated $600,000-$800,000) for David Hammons Tarp Masked Abstraction, Untitled (2009) which grossed $1.8 million ($2.1 million with fees, est. $1.5–2 million). The Hammons also came insured with an irrevocable offer.
Lesser-known entries included Zimbabwe-based Portia Zvavahera’s mural-scale composition of a group of entwined figures, Vese Vakanddibata (They all gave me strength, 2016) which made a record $280,000 ($355,600 with fees, estimated between $100,000 and $150,000) and [lot 24] Julian Nguyen Altarpiece I know why the caged bird sings (2016) sold for $260,000 ($330,200 with fees, est. $150,000-200,000).
The 45-minute focus on the biggest contemporary component of the sale also included the Matisse style of Jonas Woods. Red potty with white blouse (2018) sold to London consultancy Beaumont Nathan for $3 million ($3.6 million with fees) and Mark Bradford’s diaper rich I don’t care if he’s Captain America (2018) sold to artist dealers Hauser & Wirth for $2.7 million ($3.3 million including fees).
Drawing of a swimming pool and a towel by David Hockney
Courtesy of Sotheby’s
While the redemption rate was pretty decent, some shippers clearly dropped their secret reserve bottom lines, as evidenced by Mark Grotjahn’s heavily slurred. Untitled (Into and Through the Jungle Monkey Face 45.982014) which sold for $2.5M/$3M (est. $4M-$6M).
After a short break and a change of auctioneers, the evening resumed with the contemporary section of some 27 lots. First up, David Hockney’s shimmer Drawing of a swimming pool and a towel (1971), executed in colored pencil, crayon, and pastel on paper that floated $2.5 million ($3 million with fees, est. $1–1.5 million).
The consignee acquired it from Christie’s in London in December 1999 for £100,500 (with fees). This time around it came backed by a home guarantee, one of 15 lots that had a home or irrevocable bids arranged before the auction.
In total, the 27 lots totaled $145.7 million ($167.4 million with fees). It was optically a white glove sale, although three lots were removed by the eleventh hour.
Some entries made super charged results like little Gerhard Richter, Summary Picture (1990), a vibrantly hued squeegee painting, which reached $4.5 million ($5.5 million with fees, est. $2–3 million) and early, large-scale abstraction and spray painted by Howardeena Pindell, Untitled (1971) reached a record $1.3 million ($2.1 million with fees, estimated at $500,000–700,000).
by Wayne Thiebaud Sweets Counter
Courtesy of Sotheby’s
Going back further in the key times of Ab-Ex, Ad Reinhardt’s monochromatic Red paint (1953), an imposing 102.9 cm square, made a record $2.8 million ($3.2 million with fees, estimated at $3-5 million). It was featured in Reinhardt’s MoMA retrospective in 1991 and also came armed with an irrevocable offer.
Still prospecting at this period of time, Helen Frankenthaler’s so-called dipping painting, black key (1965) made $2.8 million ($3.4 million with fees, est. $2–3 million).
Back to the figurative front, calories and high prices by Wayne Thiebaud Sweets Counter (1969), shown in his 2000 retrospective at the Whitney Museum of American Art, sold for $12.5 million ($14.6 million with fees, est. $10–15 million), and the monochrome painting by Yves Klein, Untitled Anthropometry (1960) opted for a reduction of $2.1 million ($2.6 million with fees, est. $3–5 million).
Hitting thumbs on a larger scale, Gerhard Richter 4096 farben (1974), a monumental color chart painting reproduced on the cover of his encyclopaedic catalog raisonné, attracted at least a trio of telephone bidders and fetched $20.5 million ($21.8 million including fees).
It last sold at Christie’s New York in May 2004 for $3.3 million (free of charge) and this time it was backed by an irrevocable offer.
Jean-Michel Basquiat It is time
Courtesy of Sotheby’s
A huge bronze sculpture by Louise Bourgeois, Spider from a 1996 edition of six and sold to benefit the cultural activities of the Fundacāo Itaú de São Paulo, took top honors in the lot and made a record $30 million ($32.8 million with fees, est $30-40 million).
Another cast from the same edition sold for a record $32 million (including fees) at Christie’s New York in May 2019.
Between sculpture and painting, Jean-Michel Basquiat’s infused jazz, in the form of a tondo and a jumbo vinyl record It is time (1985), composed of acrylic and oilstick on wood, reached a modest volume at $25.5 million ($28.6 million with fees). This was lower than the unpublished estimate of more than $30 million, but he got away with an irrevocable offer.
Titled after Charlie Parker’s 1964 composition, the widely displayed object comes from the legendary collection of Peter Brant, whose eponymous foundation is currently hosting a major Andy Warhol exhibition at its East Village location.
A stunning and resolutely minimal abstraction by Blinky Palermo, Title (1970), executed in dyed cotton mounted on muslin, sold to private merchant Philippe Segalot after a seesaw bidding battle for a record $5.2 million ($6.3 million including fees).
“It’s rare, beautiful and in perfect condition,” Segalot said as he walked out of the auction room, “so we’re very happy.”
Tonight’s combined result, while hardly a record-breaking one, eased some of the anxiety over Christie’s struggling sole proprietorship sale on Wednesday and once again reaffirmed the market’s adaptive resilience. .
