The top three auction houses – Sotheby’s, Christie’s, and Phillips – offered about 1,700 works of Modern and Contemporary art at this spring's round of New York Marquee sales. Combined estimates ranged from $1.2 billion to $1.8 billion, a sharp drop from the $2.8 billion peak reached in the spring of 2022. This decline was partly due to the absence of major estate sales, such as that of Microsoft co-founder Paul G. Allen’s collection, which alone totaled $1.6 billion in 2022. Estimates were also more conservative this year, in what has been described as an attempt to find a new equilibrium between buyers and sellers amid the global financial slowdown. According to art advisor Josh Baer, estimates for evening-sale works, which tend to be the most expensive, were generally 20% to 30% lower than last autumn. For the day sales, estimates were down by as much as 50%.
Related: The 10 Most Expensive Paintings Auctioned in 2023
Nonetheless, auction houses gathered works by reliable high-sellers such as Warhol, Basquiat, and Monet, expected to attract deep-pocketed bidders. Despite the softening art market, consignors were enticed by the widespread use of pre-sale guarantee bids, ensuring their artworks would sell for a minimum price.
Many in the industry viewed this round of sales as a critical test for the art market. As best as they could, auction houses rose to the challenge. Christie's, in particular, faced a tough spot as a suspected cyber-attack brought down the company's website last Thursday, forcing its eight auctions to proceed with only in-person and phone bidding.
Phillips
The most expensive lot of the season was offered at Phillips, where the Modern & Contemporary Art Evening sale generated $72.3 million. The sale was led by Jean-Michel Basquiat's 1982 painting Untitled (ELMAR), which sold for $46.5 million. Strong results were also achieved for other Post-War & Contemporary artists, including Helen Frankenthaler, Derek Fordjour, and Noah Davis.
Related: The Basquiat Boom: His 5 Most Expensive Paintings
Sotheby's
Sotheby's Marquee sales took place over two evenings. On May 13, the Now & Contemporary Evening auctions realized a total of $227.8 million. The Now auction, featuring art executed in the last 20 years, was led by Kerry James Marshall's Vignette #6, which sold for $6.5 million. In the Contemporary offer, the top lot was Francis Bacon's Portrait of George Dyer Crouching, presented with guarantee bids and sold for $27.7 million, falling short of its estimate of $30-50 million. Other big-ticket items included Lucio Fontana's Concetto Spaziale ($22.9 million), an abstract painting by Joan Mitchell ($22.6 million), and a 1984 collaboration between Warhol and Basquiat ($19.3 million).
Related: A Warhol-Basquiat Painting Heads to Sotheby's in May
On May 15, the Modern Evening auction brought in $198.1 million. Claude Monet's Meules à Giverny sold for $34.8 million, while Leonora Carrington's Les Distractions de Dagobert achieved $28.5 million, setting a new record for the artist. Other top lots included works by Alexander Calder, Édouard Manet, and René Magritte, all surpassing the $10 million mark.
Related: Leonora Carrington's Surrealist Masterpiece Sets $28.5 Million Record
Christie's
Despite the suspected cyber-attack that took down the company's website, Christie’s achieved solid results for its Modern and Contemporary Evening sales, also spread across two evenings. Tuesday's Contemporary Evening saw 90% of the lots sold, while Thursday's 20th Century Evening saw 95% of the lots sold. These results, however, were slightly dampened by the withdrawal of several important works just before the sales.
Related: Christie's Leads London March Evening Sales
Tuesday evening was divided across two sales: the Rosa de la Cruz Collection, featuring 26 works from the late Miami arts patron, and the 21st Century sale. Pre-sale estimates ranged from $130.6 million to $192.9 million without fees, and the sales achieved $94.6 million ($114.7 million with fees). Six lots were withdrawn, excluding at least $34 million from potential earnings, including an important work by Brice Marden valued at $30-50 million. New records were established for Ana Mendieta (Untitled, Serie mujer de arena, $450,000 without fees) and Félix González-Torres (Untitled light bulb installation, $11.5 million without fees) during the Rosa de la Cruz sale. The 21st Century sale was led by Jean-Michel Basquiat’s The Italian Version of Popeye has no Pork in his Diet, which fetched $27.5 million, below its estimate of $30-40 million.
Related: Pop Art in Bloom: Andy Warhol's Flowers
Thursday's withdrawals were less impactful, with three lots withdrawn for a potential combined total of at least $5 million. The 20th Century Evening sale realized $413.3 million ($346.5 million without fees), meeting its pre-sale estimate of $340-493 million. The sale was led by Andy Warhol's Flowers from 1964, an imposing fluorescent silkscreen that realized $35.5 million and came backed by a guaranteed – like 25 other works in the sale. Other top lots included Vincent Van Gogh’s Coin de jardin avec papillons ($33.2 million), David Hockney’s A Lawn Being Sprinkled ($28.6 million), and Alberto Giacometti’s sculpture, Femme Leoni ($22.3 million).
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A New Strategy
Despite the current economic headwinds, this spring's Marquee sales in New York suggest a cautious yet optimistic outlook for the auction market. The strategic use of pre-sale guarantees is proving to be a vital tool for auction houses: high-value consignors want a safety net, and their participation is essential for drawing in competitive buyers. Although the frenzied bidding wars of the pandemic-era spending boom are now a thing of the past, the market has shown adaptability. This approach, balancing high-value consignments with conservative estimates, will likely continue to shape the art auction landscape in the coming seasons.
