Christie's New York grosses $745 million: the highest ever in its history.
Christie's New York grosses $745 million: the highest ever in its history.
Yesterday's contemporary art evening sale broke the record for an art auction. The Bacon triptych (€80 million) is headed to Asia.
New York. May 13, 2014, is a memorable date for the art market: Christie's Evening Sale of Postwar and Contemporary Art grossed $744.9 million (€543.7 million), the highest total ever recorded for an auction in the history of the art market. The previous sale was $691.6 million, also recorded at Christie's last November. Of the 72 lots offered, 68 have changed hands. The sales rate is 94% by number of lots and 98% by value.
Among the ten highest prices, it is striking at first glance that the top four are above $50 million and the top nine are above $25 million. Finally, of the ten most expensive lots, five were purchased by clients who spoke by phone with Christie's specialist Xin Li, vice president of Christie's Asia.
The highest price of the evening was achieved by Barnett Newman, who doubled his own record at $84.16 million (€61.4 million). The work in question ("Black Fire I," an oil on canvas from 1961, 289.5 x 213.3 cm), here with an estimate on request, was purchased by the current seller in 1975 from the Mayor Gallery in London and had a substantial bibliography and exhibition history in its catalogue.
In second place was Francis Bacon's triptych "Three Studies for a Portrait of John Edwards," 1984, an oil on three canvases measuring 198.3 x 148 cm, sold to an Asian buyer for $80.8 million (approximately €59 million), roughly the same as its unpublished estimate. Moving down the price list, an untitled work by Mark Rothko fetched $66.2 million (€48.3 million), while "Race Riot," a four-part acrylic and silkscreen on canvas by Andy Warhol from 1964, was purchased for $62.88 million (€45.9 million) by Larry Gagosian, who also bought "If You," an aluminum enamel painting by Christopher Wool from 1992, for $23.68 million (€17.3 million).
According to Christie's press releases, 10 auction records were broken. In addition to Gagosian, the event was attended by collector Eli Broad, fashion designer Marc Jacobs, high-risk fund manager Andrew Saul, and real estate investor Mark Fisch.
The day before yesterday, May 12th, Christie's held its first contemporary art sale, assembled by a young curator, 33-year-old Loïc Gouzer. The auction was titled "If I Live I'll See You Tuesday," taken from a work by Richard Prince. The 34 lots sold (out of 35 total) generated $134.6 million (or €98.2 million) and achieved a 97% sales rate by number of lots and 99.5% by price. The top lot of the sale, at $18.6 million (or €13.6 million, against an estimate of $9-12 million), was an untitled 1988 oil on canvas by Martin Kippenberger, which broke its own record. In addition to Kippenberger, 13 other artists achieved their highest ever price.

