Highlights from auctions held in New York this week
A series of auctions held in New York City this week were a demonstration of the art market's continued resilience in the wake of the COVID-19 pandemic. For those of you who may not be familiar with New York's art auction market, the most significant sales take place each May and November. In past years, the results of these sales have been affected by world events, but never cancelled entirely.
Last May and November, lockdowns tempered the total amount of art sold – but not for the reason one might expect. It was not the inability of buyers to bid in sales that was solely responsible for the pandemic's chilling effect on the market; rather, it was the hesitancy of consignors to consign high value lots in the wake of economic uncertainty and upheaval. By the end of the year, the two biggest auction houses, Christie's and Sotheby's reported decreases in total revenue of nearly 30% and more than 40%, respectively, compared to the previous year.
While a number of day sales have yet to occur or report results, the biggest sales – the Evening Sales – have taken place at all of the major auction houses. Here are a few highlights from the sales which occurred over the past week. These items were selected for their interesting histories, for breaking sales records, or because they far surpassed the expectations of the auction houses that sold them.
Jean-Michel Basquiat (1960-1988)
In This Case
1983
acrylic and oilstick on canvas
77 7/8 x 73 ¾ in.
Estimate: Unpublished
Sold: $93,105,000.00
Banksy (b.1974)
Love is in the Air
2005
oil and spray paint on canvas
35 ⅜ by 36 ⅜ in.
Estimate: $3,000,000 - $5,000,000
Sold: $12,903,000
Vincent van Gogh (1853-1890)
Le pont de Trinquetaille
1888
oil on canvas
25 ½ x 31 ¾ in.
Estimate: Unpublished
Sold: $37,400,000
Alexander Calder (1898 – 1976)
Untitled
sheet metal and wire
c. 1948
27 ½ by 115 ½ by 19 in.
Estimate: $4,500,000 - $6,500,000
Sold: $11,294,400
Diego Rivera (1886 – 1957)
Retrato de Columba Domínguez de Fernández
1950
Oil on canvas
76 by 47¼ in.
Estimate: $2,000,000 - $3,000,000
Sold: $7,445,250
Robert Colescott (1925 – 2009)
George Washington Carver Crossing the Delaware: Page from an American History Textbook
1975
acrylic on canvas
78 ½ by 98 ¼ in.
Estimate: $9,000,000- 12,000,000 USD
Sold: $15,315,900
Alice Neel (1900-1984)
Dr. Finger’s Waiting Room
1966
oil on canvas
50 x 36 in.
Estimate: $600,000 - $800,000
Sold: $3,030,000
Pablo Picasso (1881-1973)
Femme assise près d'une fenêtre (Marie-Thérèse)
1932
oil on canvas
57 ½ x 44 7/8 in.
Estimate: Unpublished
Sold: $103,410,000.00
Georges Seurat (1859-1891)
Paysage et personnages (La jupe rose)
1884
oil on panel
6 x 9 ¾ in
Estimate: $6,000,000 - $8,000,000
Sold: $13,184,000
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