Contemporary Spring New York Sales – Sotheby’s & Christies

The spring contemporary sales in New York did extremely well, despite naysayers predicting a downturn in the art market. Christie’s total for it’s May 13 evening sale was $348.2 million, well above it’s low estimate, but not quite at it’s high estimate for the night. Rothko’s “No. 15″ (1952) was the top seller of the night, going to a telephone bidder for $50.4 million. Lucien Freud’s “Benefits Supervisor Sleeping” (1995) also went to a telephone bidder, but for $33.6 million, an auction record for Freud. Indeed, an auction record for any living artist. In addition, only 3 lots of a total of 57 were bought in.

Perhaps the most interesting lot of the Christie’s sale was a house. Designed by Richard Neutra for Edgar J. Kaufmann as a desert retreat, the 5 bedroom modernist house located in Palm Springs, CA sold for $16.8 million with premium (a steal when you consider that a painting went for $50 million).

Neutra’s Kaufmann House in Palm Springs

The Sotheby’s evening sale on May 14 also did very well, bringing in $362 million for the house, above the high estimate of $356 million. Only 10 lots of 83 were unsold. As mentioned before on this blog, Francis Bacon’s “Triptych” (1976) sold for $86.3 million (with premium), the highest price ever for a ‘contemporary’ lot. Apparently 18 records for artists were set, including that for Takashi Murakami when his “My Lonesome Cowboy” sold for $15.16 million. Yves Klein’s works sold well on the night, as did those of Robert Rauschenberg who passed away on May 12. Usually after the death of an artist, the prices will drop or stagnate for a bit before rising sharply. However, Mr. Rauschenberg, ever avant-garde, seems to have defied this trend.

Yves Klein’s “MG 9″ (c. 1962) sold for $23.56 million (photo copyright Sotheby’s)

While both sales had a smaller number of lots with greater quality lots, both still exceeded expectations. It seems that the contemporary market is still safe, for now at least.