Each May, the art world buzzes as art fairs hit New York City and the major auction houses host blockbuster international sales. After scaling back in 2020 and 2021 due to the Covid-19 pandemic, the art scene returned with gusto this spring. Even the Financial Times noted that New York’s 2022 auction season wrapped up “strongly,” after a series of record-breaking successes.
Shot Sage Blue Marilyn (courtesy of Christie’s)
Christie’s made headlines during its Spring Marquee Week when Andy Warhol’s “iconic portrait of Marilyn Monroe,” Shot Sage Blue Marilyn, sold to Larry Gagosian for a little over $195 million after just 4 minutes of bidding. This was the second-highest result for an artwork at auction, and the highest price ever paid for a work by an American artist. Notably, Gagosian had previously sold the work to Thomas Ammann in 1986, so the work is returning to its prior seller almost forty years later. (It is unclear whether Gagosian is keeping Marilyn for his own collection or whether he purchased it on behalf of a client.) Overall, the sale attracted bidders from 29 different countries and 68% of lots sold above their respective high estimates, demonstrating that collectors have not lost their appetite for contemporary art over the past two years. Works by six other artists, including Francesco Clemente and Ann Craven also sold for record prices while Cy Twombly and Robert Ryman occupied the top lots after Warhol. Christie’s Chairman of 20th and 21st Century Art, Alex Rotter, commented that this was a “historic night” and “a testament to the strength, the vibrancy, and the overall excitement of the art market today.”
Sotheby’s spring sales also broke records, with the second half of the Macklowe Collection up for grabs. Achieving a total of $922 Million, the Macklowe Collection won the distinction of becoming the most valuable collection ever sold at auction. The group of 65 works, including exemplars by Rothko, Warhol, Giacometti, and de Kooning, was sold during two separate auctions in the fall and spring (the first on November 15, 2021, and the second on May 16, 2022), driving up interest. The collection was formed by Harry B. Macklowe and his ex-wife Linda over the many decades of their marriage. In 2018, amidst acrimonious divorce proceedings and widely varying appraisals over the collection’s actual value, a New York State Supreme Court judge ordered the couple to sell the artworks and split the profits equally. Although the auctions were delayed due to Covid-19, it was well worth the wait.
Finally, a third big auction house player made headlines for astronomical prices this spring. Phillips’ superstar was an untitled work by Jean-Michel Basquiat. The acrylic and spray paint on canvas from 1982 was estimated to sell for $70 million, but it surpassed expectations and brought in $85 million during an evening sale on May 18, 2022. The seller, Japanese mogul Yusaku Maezawa, had originally purchased the 16-foot-long work in 2016 for $57.3 million. Basquiat is currently enjoying a resurgence in popularity among both established and younger art collectors, with another work selling for $40 million last November.
Artsy noted that the 20th-century and contemporary art auctions reflect a “shift in collector’s interests across the board with women artists, artists of color, and emerging artists receiving both critical interest and incredible financial interest.” The staggering results for some of these artists (often realizing much larger amounts their high estimates) may be the result of collectors seeking to purchase works by artists with potentially long and successful careers whose values may further increase. Several news sources noted that one of the stars in this field is Anna Weyant. The 27-year-old Canadian had her works sold at the three major auction houses (Sotheby’s, Christie’s, and Phillips) and high-profile galleries. Her work, “between sweet and sour, beautiful and foreboding” has surged in price and interest across the board.
We were pleased to represent a number of collectors consigning important works at auction this spring. One of our clients is the collecting family that consigned three works by David Hammons for the Sotheby’s Contemporary Evening Auction on May 19. Sotheby’s touted these works and their provenance, after the paintings remaining with our clients for nearly five decades. All three of the works performed well, with two of them selling for above their high estimates. (The combined high estimate of the 3 works was $2.3 million, and they actually realized $2.6 million.)
It is always gratifying to work with clients and help them achieve the best outcomes for the sale of artwork. We look forward to a continued season of strong art market sales and new and exciting artists as summer approaches.