Contemporary Art Week Review

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The Wall Street Journal has a good overall review of last weeks Contemporary art sales in NY, from the three main houses, Christie's, Sotheby's and Phillips. The after sales press was less than complimentary, but looking back at the whole week, the results seem impressive, at over $700 million in sales. This compares to the $400 million the previous week from the impressionist sales. The WSJ crowns Warhol as the undisputed winner of the past week sales, with lots selling for $38 million, $27 million, $20.2 million, $8.1 million and $4 million.

Art Research Technologies has a chart showing the sales results of the three major houses. Chrisite's had 39% of its contemporary sale sell for over the estimate, while Sothebey's was just behind at 35% and Phillips third at 14%.  See image for more sales info (click the image to enlarge).

The Wall Street Journal reports

The field of contemporary art is perennially volatile, stocked with artists whose claims to historical significance aren't yet firmly fixed. The risks of this arena were a turn-off during recession, but now adrenaline seems to be pumping back: This week alone, a half-dozen works sold for over $20 million apiece.

Andy Warhol was the week's unrivaled star. His Pop silkscreens from 1963-64 garnered the top prices at each of the three houses, with Christie's getting $38.4 million for his "Self-Portrait"; Phillips $27 million for "Liz No. 5"; and Sotheby's $20.2 million for "Sixteen Jackies." In several cases, the auction houses had locked in guaranteed bidders beforehand; that involves asking bidders to pledge an undisclosed sum for a work in exchange for a cut of any additional profits should another bidder offer more.

One fresh Warhol twist: Bidders paid greater attention to his later, lower-profile series of shadowy abstracts. His 1978 "Shadow-Red" sold for $4.8 million at Sotheby's, more than five times its high estimate. Donald Bryant, a Napa Valley winery owner and Museum of Modern Art trustee, shrugged upon losing out: "Too rich for my blood."

To read the WSJ article, click HERE.