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  • Skin & Tonic

    May 04, 2017-May 26, 2017

    Opening Thursday, May 4th, Rehs Contemporary will debut David Palumbo and Todd M. Casey’s Skin and Tonic at their 57th Street gallery. With more tha...


    Bidders move fast for Modern sculptures at Sotheby’s New York

    May 17, 2017


    Another “test” of the art market took place last night.  I say “test” because I do not believe that these specific sales can really give you a complete understanding of the art market’s health.  All they tell you is … were the works being offered of interest to one individual or a broader market.

    The sale started off with a bit of a downer when it was announced that their start lot was withdrawn right before the sale:  Danaë – Egon Schiele’s first oil painting of a nude woman (est. $30-$40M).  Rumor are that since there was no pre-sale interest the owner decided not to let it BI (buy in).  So, it was left to a tiny work by Kazirmir Malevich, Suprematist Composition with Plane in Projection, to take the top spot … and it did at $21.2M (est. $12-18M).

    In the end, of the 50 works offered, 37 sold (74%) and the total take was $173.8M (est. $147-210.4M).  News reports state the sale fell comfortably within its estimate range; however, it is important to remember that the estimate range does not include the buyer’s premium, while the sale’s total does.

    We will give you a more complete review of the sales in our upcoming Comments on the Art Market.

    Source: Bidders move fast for Modern sculptures at Sotheby’s New York




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