New York art auctions this week and next are expected to fetch an estimated $2.5 billion in proceeds, including several headline-grabbing works, but things have gotten off to a slow start.
The sentiment, described as cautious and conservative, may indicate that even extremely affluent art collectors are being more selective in their spending.
On Tuesday, an untitled work from Cy Twombly’s Bacchus series sold for $19.9 million, including fees, and a 1981 painting by Jean-Michel Basquiat sold for $11.9 million at Christie’s, both near the lower end of the expected sales range.
The Christie’s auction of 21st century art, with 41 works, realized about $88.4 million, not including fees, short of the $93 million set as the low end of a presale estimated range, Penta reported. With fees, the sale realized about $107.5 million, with 95% of all lots sold.
An even bigger sales event is happening Wednesday night. Sotheby’s is auctioning a 1932 painting by Pablo Picasso from the art collection of Emily Fisher Landau. The estimated sale price presale is $120 million. Overall, the 31-piece collection could fetch $344 million to $400 million, according to art publications.
The sales are the latest in a string of fall art fairs and auctions that began in September with the New York Armory Show, then went to London with two Frieze art fairs and several auctions, and then on to Paris. Results were varied, giving an unclear reading on the art market overall.
Christie’s will auction three paintings by French artist Paul Cézanne on Thursday, put up for sale by Museum Langmatt in Baden, Switzerland out of financial necessity, according to a press release by Christie’s. One of the pieces is estimated to get $35 million to $55 million.
Write to Liz Moyer at liz.moyer@barrons.com
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