View all newsletters
Have the short, sharp Spear's newsletter delivered to your inbox each week
  1. Wealth
May 16, 2013

GalleristNY: Christie’s makes $495m in Contemporary sale, highest total ever at auction

By Spear's

The auction saw seven lots over $20 million with buyer’s premium, among them those that led to new auction records for Jackson Pollock, Roy Lichtenstein, Jean-Michel Basquiat and Philip Guston

Christie’s broke auction records this evening with a contemporary art sale that brought in $495 million for the house across 70 lots, the highest total ever earned in a single auction.

The auction saw seven lots over $20 million with buyer’s premium, among them those that led to new auction records for Jackson Pollock (Number 19 pictured left; it went for $58.3 million), Roy Lichtenstein, Jean-Michel Basquiat and Philip Guston, a list that reads “like an art history book,” said specialist Koji Inoue at the press conference after the auction. The sale set a total of 12 artist records.

Many of the lots blew past their high estimates, two by at least $10 million (the Guston and the Pollock), and some surpassing their high estimates by a factor of at least two, like an Alexander Calder from 1958, consigned by the estate of Andy Williams, which hammered at $4 million, over a high estimate of $1.8 million. In addition, a Julie Mehretu painting hammered for the same over the same high estimate, and a Joseph Cornell from 1940 hammered at $4.2 million over a high estimate of $700,000.

Just two of the lots failed to sell, a Clyfford Still and a Jeff Koons, and the grand total put the house well over its estimates for the evening, which were $288.9 million to $401.4 million, before premium.

Auctioneer Jussi Pylkkänen of Christie’s London led a spirited night of bidding, with most lots garnering a healthy number of bids. The record-breaking Pollock, Number 19, 1948 (1948), which eventually sold for $58.3 million with premium, saw three bidders jockeying for it, even after it had passed $40 million.

Read the full story here

Read more on art and auctions from Spear’s

Content from our partners
Why investors should consider investing in nature
HSBC Global Private Banking: Revisiting your wealth plan as uncertainty abounds
Proposed non-dom changes put HNW global mobility in the spotlight

 

 
 

Don’t miss out on the best of Spear’s articles – sign up to the Spear’s weekly newsletter

Select and enter your email address The short, sharp email newsletter from Spear’s
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network