Sotheby’s had considerably fewer tons at its mid-season Up to date Curated sale this 12 months, however the reside public sale in New York on February 26 nonetheless yielded $19.88 million together with charges.
This 12 months’s sale had 101 tons—21 of which didn’t promote and 6 withdrawals—for a sell-through charge 73.3 %. By comparability, final 12 months’s Up to date Curated sale in March had 276 tons, 45 which didn’t promote and 22 withdrawals, for a sell-through charge of 75.7 %. That public sale yielded $25.7 million with charges.
Whereas there was a 64 % decline in complete tons, the distinction in gross sales was 22.7 %, because of greater than half (52 %) of the works promoting above their excessive estimates with charges. The public sale home additionally mentioned bids got here from greater than 40 international locations, an 11 % improve in comparison with final 12 months.
When ARTnews requested about whether or not the decline in tons could be interpreted as because of challenges with potential consignors and Sotheby’s recent layoffs, assistant vice-president and head of sale Haleigh Stoddard referred to as it a “irritating false impression” even with the ultimate outcomes.
“Though the sale was small and that was intentional, we wished it to be a extra extremely edited choice,” she mentioned. “It was actually a objective for us to restrict our quantity this season, and I believe we did that actually efficiently with with increased high quality works and better worth works, form of above the $300,000, $400,000 vary.”
“Our consumers responded very well, and we’ve solely heard constructive issues from the individuals within the public sale as we speak. From our perspective, it’s one thing that’s constructive. In reality, we’ll proceed to concentrate on this low quantity, high-value ratio for the remainder of the 12 months. It’s one thing that we’re very curious about exploring additional for our mid season gross sales.”
“It’s one thing that we’ve all the time wished to concentrate on.”
It’s price noting the sale happened within the midst of ongoing fragmentation of the art market, after the devastating fires in Los Angeles, a number of geopolitical conflicts, concerns over new tariffs, in addition to rising economic uncertainty underneath a second Trump administration.
Works by blue-chip artists that didn’t promote included Diane Arbus, Josef Albers, Damien Hirst, KAWS, Robert Rauschenberg, Andy Warhol, and Claes Oldenburg. Nevertheless, there have been sturdy outcomes for a number of works by ladies artists, together with Louise Bourgeois, Olga de Amaral, Annie Morris, and Firelei Báez.
(All costs talked about beneath embrace purchaser’s premium and different charges except indicated in any other case.)
The highest lot at Tuesday’s sale in New York was an untitled oil on canvas portray by Joan Mitchell executed in 1985. It offered for $3.95 million on an estimate of $3 million to $5 million. Stoddard mentioned that was an “unbelievable worth” for a mid-season sale, and highlighted that Mitchell’s Pastel (1991) additionally did nicely early on, with Lot #9 promoting for $571,500 on an estimate of $200,000 to $300,00.
George Condo‘s Artist and Muse (2015). Courtesy of Sotheby’s.
The 2 different tons which garnered seven figures had ensures and irrevocable bids: George Rental’s Artist and Muse (2015), which offered for $1.88 million on an estimate of $1 million to $1.5 million; and Jean Dubuffett’s 8.5-foot tall, 16.5-foot large acrylic sculpture Echec à l’être (1971), which offered for $1.54 million on an estimate of $800,000 to $1.2 million.
A bidding warfare for Louise Bourgeois’ Are you in Orbit? (2008) pushed the worth to $920,750, greater than 3 times its excessive estimate of $300,000. Stoddard mentioned three bidders competed for the 5-foot by 6-foot distinctive work on paper for greater than 4 minutes. “It was an actual second of pleasure within the public sale room,” she mentioned.
Olga de Amaral’s wool and horsehair sculpture Hojarasca Barbas de piedra (1973). Courtesy of Sotheby’s.
Competitors amongst 5 bidders for Olga de Amaral’s wool and horsehair sculpture Hojarasca Barbas de piedra (1973) additionally led to a sale worth of $444,500, rocketing previous its excessive estimate of $120,000. The end result adopted the Colombian textile and visible artist’s current present at Fondation Cartier in Paris in addition to inclusion of her work in last year’s Venice Biennale and main exhibition on women fiber artists on the Smithsonian American Artwork Museum.
“We knew it will do nicely, and I believe that’s one other instance of the market responding to exhibits and exhibitions and form of renewed pleasure in artists,” Stoddard mentioned. “I believe there’s numerous pleasure round her, and there’s an actual reconsideration of her significance inside not solely form of Latin American artwork historical past, however worldwide artwork historical past.”
Different works by feminine artists that did nicely have been Annie Morris’ Bronze Stack 3, Cadmium Purple (2023). The 5-foot-tall patinated bronze and metal sculpture offered for $228,600 on an estimate of $70,000 to $100,000. The primary lot of the sale, Firelei Báez’s acrylic and ink on paper Patterns of Resistance (2015), additionally offered for $114,300 on an estimate of $40,000 to $60,000.
Additionally price noting close to the tip of the sale: conceptual artist Mel Bochner’s monoprint Blah Blah Blah (2014) offered for $57,150 on an estimate of $10,000 to $15,000. The conceptual artist recently passed away on February 12 at age 84.
