NY Contemporary Art Sales Review

The Art Newspaper has a good review of last weeks three major contemporary art sales.  Phillips, Chrisite's and Sotheby's sold a total of $635 million

The Art Newspaper reports on the sale

In three evening sales Phillips de Pury, Christie’s and Sotheby’s racked up well over half a billion dollars, turning in high sell-through rates and establishing a raft of new records for both living and dead artists. The climax was reached on Wednesday night at Sotheby’s when a rare 1949 abstract by Clyfford Still made an astonishing $61.7m (est $25m-$35m). Afterwards, some trade sources thought the buyer could be the billionaire hedge fund manager Israel Englander. Bidding through Sotheby’s executive Lisa Dennison, Englander also scooped up Still’s 1974 PH-1033 for $19.7m (est $10m-$15m) and set a new record for Joan Mitchell, buying her Untitled vivid abstract, from around 1960, for $9.3m (est $4m-$6m).

The city of Denver, Colorado had consigned four Stills to help fund a museum dedicated to the artist, which opens next week. Representatives watched excitedly from a lightbox above the room as the works raised $114m (est $51m-$74m). Afterwards, auctioneer Tobias Meyer said it was a “magic moment”.

In the same sale, the other big total was the $74.3m spent on eight works by the German artist Gerhard Richter, currently on show in London’s Tate Modern. His 1997 wine-red abstract sold for $20.8m (est $9m-$12m) to a commission bid. This beat the $16.5m record set only last month in London for a candle piece from 1982 at Christie’s.

The eight Richters were consigned from “a private collection” rumoured by the trade to be that of the Sursock Lebanese trading family, who also sent for sale two Bacons, a Polke and a Lee Krasner. However the two Bacons were withdrawn at the last minute at the request of the UK government to give them more time to consider whether they should be exported and sold abroad.

Overall, Sotheby’s made $315.8m, the third highest total since May 2007. “It was an astonishing sale,” said dealer Thaddaeus Ropac at the end.

To read the full article, click HERE.