Only a fortnight after Christie’s opened a brand new 500,000 sq ft headquarters in Hong Kong, and having cancelled its June Fashionable and modern artwork providing, there was a way of anticipation in its London saleroom final evening.
The primary of the night’s auctions (at 5pm forward of Sotheby’s 7pm sale), it supplied a level of reassurance to a sector adjusting to cooling demand, realising a complete of £81.9m with charges for its 52-lot providing, towards a pre-sale estimate of £73.4m and £110.6m (calculated with out charges), with 89% of heaps offered. This implies an 83% improve from final yr’s October outcomes, though the omission of the June gross sales this yr makes direct comparisons tough.
“Final evening affirmed our choice to deal with two sale seasons in London,” says Keith Gill, the top of division for Impressionist and Fashionable artwork, who added that this was clearly “very a lot in step with what shoppers have been wanting.”
Blue chip examples carried out effectively. Lucian Freud’s Ria, Bare Portrait (2006/7) hammered at £10m (£11.8m with charges), while Jeff Koons’ Balloon Monkey (Blue) (2006-2013), offered for £6.3m (£7.5m with charges) and Van Gogh’s Kop van een vrouw met witte muts Head of a Lady with White Cap (1885) comfortably surpassed its estimate and fetched £1.5m (with charges), possible boosted by The Nationwide Gallery’s present exhibition.
Demand was additionally sturdy for high quality Surrealist works. Magritte’s Le grand fashion (1951) exceeded its estimate at £2.1m (£2.6m with prices), and Leonor Fini’s Rogomelec (1978) surpassed its £450,000 to £650,000 estimate, promoting at £720,000 (£907,200 with charges).
There have been bumps within the street, nonetheless. A number of heaps have been withdrawn prematurely of the sale, together with Paula Rego’s Untitled No.7 (1998/9), which turned out to be the primary in a string of unhealthy moments for the artist’s work that night, along with her Nativity (2011), estimated at £350,000 to £400,000 additionally failing to discover a purchaser. Over at Sotheby’s the artist’s, Jenufa (1995) did promote, however below its estimate, hammering at £850,000 (£1m with charges, est. £1.2m and £1.8m)
Seemingly gone are the times the place public sale information for younger artists felt synonymous with Frieze week. Nevertheless, a brand new public sale report was set for the extra established Sarah Sze, whose Spell (undated) hammered at £600,000 (£756,00 with charges, est. £600,000 to £900,000). And, whereas the artists might not be as youthful as these in Frieze’s risk-loving heydays, 33 of the 52 heaps on provide have been recent to public sale.
As a piece by Ed Ruscha started to drive some extra pacey bidding, a voice within the room quipped, “Good, we would have liked a bit extra drama”. Whereas a contact of pleasure was certainly welcome on an admittedly lengthy day for the commerce, the artwork market, looking for to regain its footing, may relish a scarcity of drama.
Day gross sales in Impressionist and Fashionable artwork, and Publish-Conflict and modern artwork proceed at this time (11 October).