{"id":30965,"date":"2018-11-15T15:27:57","date_gmt":"2018-11-15T20:27:57","guid":{"rendered":"https:\/\/rehs.com\/eng\/?p=30965"},"modified":"2024-02-28T04:07:41","modified_gmt":"2024-02-28T09:07:41","slug":"sothebys-contemporary-evening-sale-a-strong-showing","status":"publish","type":"post","link":"https:\/\/rehs.com\/eng\/2018\/11\/sothebys-contemporary-evening-sale-a-strong-showing\/","title":{"rendered":"Sotheby’s Contemporary Evening Sale – A Strong Showing"},"content":{"rendered":"
\"image-teiger-dekooning\"<\/a>

Willem de Kooning<\/p><\/div>\n

Last night, Sotheby\u2019s offered up a strong selection of Contemporary works of art in two sales.\u00a0 The first, The History of Now, was one of a series the auction house is presenting that feature works from a collection built by David Teiger (so far, the Teiger sales have racked up more than $100M).\u00a0 Teiger was a New Jersey management consultant who passed away in 2014, at the age of 85.\u00a0 Throughout his career, he was a big supporter of Contemporary art and amassed a very large and important collection of works by Koons, Saville, Schutz, Currin, Doig, and countless others.\u00a0 After his death, the Teiger Foundation for the Support of Contemporary Art was established, and all the art being offered will benefit that organization.\u00a0 The works offered here, 11 in all, brought in $41.1M hammer (low end of their estimate range was $33.45M) with the top seller being Willem de Kooning\u2019s Untitled<\/em> (1987) that brought $8M hammer on a $7-10M estimate.\u00a0 Peter Doig\u2019s House of Pictures<\/em> came in a close second at $7.8M hammer (est. $8-12M).\u00a0 The group’s success was a foregone conclusion since all 11 lots carried irrevocable bids.\u00a0 Since all the lots were guaranteed, can we really classify this as a white glove sale (100% sold)?<\/p>\n

\"image-richter\"<\/a>

Gerhard Richter<\/p><\/div>\n

Immediately following was the main sale and there was a good deal of action during the event, with a fair number of bidders actually sitting in the room (somewhat of a rarity these days since most buyers seem to bid via phone).\u00a0 The top seller of the evening was a painting by Gerhard Richter titled Abstraktes Bild<\/em> (from 1987).\u00a0 The work carried an \u2018Estimate Upon Request\u2019 and sold for $29.5M hammer ($32M with the commission \u2013 w\/c).\u00a0 The whisper number was $30M, so they needed the commission to eclipse it.\u00a0 I would love to know why they note works with \u2018Estimate Upon Request\u2019?\u00a0 Are they not sure what it is worth?\u00a0 Most of the paintings at this level are guaranteed, so someone has a good idea of its value.<\/p>\n

\"image-SNY-9932-Basquiat-Untitled-Pollo-Frito\"<\/a>

Basquiat<\/p><\/div>\n

One of the contemporary market\u2019s darlings came in second \u2013 Jean-Michel Basquiat\u2019s Untitled (Pollo Frito)<\/em>.\u00a0 This large painting, measuring 60 x 120 inches, was originally purchased in 1982 by Fay Gold, of Atlanta, for $5,200 (Fay\u2019s husband gave her $5,000 to buy a tennis bracelet; instead, she bought the painting).\u00a0 Some twenty years later, Fay sold the work for $1M \u2013 not a bad profit!\u00a0 Another sixteen years have passed (the work changed hands at least one more time) and now sold for $22.5M hammer ($25.7M w\/c \u2013 Estimate Upon Request).\u00a0 The whisper number was $25M.<\/p>\n

\"image-okeeffe\"<\/a>

Georgia O’Keeffe “A Street”<\/p><\/div>\n

Rounding out the top three was Georgia O\u2019Keeffe\u2019s A Street<\/em> (being sold by the Georgia O\u2019Keeffe Museum to benefit future acquisitions).\u00a0 The 48 x 30-inch canvas traded hands several times since 1926 and was gifted to the museum in 1997.\u00a0 The work hammered at $11.5M ($13.3M) on a $12-$18M estimate.\u00a0 What I did find interesting is that the top three lots all fell a little short of their expected range.<\/p>\n

While works by Noland and Rothenberg failed to find buyers, and a number of paintings sold below their expected range – including an O’Keeffe for $5.3M hammer (est $8-$12M), there were new auction records achieved for\u00a0 Jacob Lawrence, Henry Taylor, Jack Whitten, and Dana Schutz.<\/p>\n

By the time the two sessions were over, of the 65 works offered, 63 sold (giving them a hefty sell-through rate of 96.9%) and a total take of $311.3M ($362.3M w\/c).\u00a0 The presale estimate range was $278.4-$375.9M, so they were close to the middle without the buyer\u2019s premium \u2013 another good sign of a strong sale.\u00a0 When thinking about these results you should take into consideration that, as reported by the press, 35 of the 65 works had some sort of guarantee; so, the sell-through rate was going to be strong.\u00a0 Between the two sales, 17 works sold below, 24 within and 22 above their estimated range, giving them an accuracy rate of 36.9% — not too bad.\u00a0 There is a lot more to come!<\/p>\n","protected":false},"excerpt":{"rendered":"

Last night, Sotheby\u2019s offered up a strong selection of Contemporary works of art in two sales.\u00a0 The first, The History of Now, was one of a series the auction house is presenting that feature works from a collection built by … More…<\/a><\/p>\n","protected":false},"author":21,"featured_media":30967,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[207,134,20],"class_list":["post-30965","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rehs-galleries","tag-auction-news","tag-auction-records","tag-auction-results"],"yoast_head":"\nSotheby's Contemporary Evening Sale - A Strong Showing<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/rehs.com\/eng\/2018\/11\/sothebys-contemporary-evening-sale-a-strong-showing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sotheby's Contemporary Evening Sale - A Strong Showing\" \/>\n<meta property=\"og:description\" content=\"Last night, Sotheby\u2019s offered up a strong selection of Contemporary works of art in two sales.\u00a0 The first, The History of Now, was one of a series the auction house is presenting that feature works from a collection built by … More...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/rehs.com\/eng\/2018\/11\/sothebys-contemporary-evening-sale-a-strong-showing\/\" \/>\n<meta property=\"og:site_name\" content=\"Rehs Galleries\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/RehsGalleriesInc\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/howard.rehs\" \/>\n<meta property=\"article:published_time\" content=\"2018-11-15T20:27:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-28T09:07:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/rehs.com\/eng\/wp-content\/uploads\/2018\/11\/richter.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"700\" \/>\n\t<meta property=\"og:image:height\" content=\"525\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Howard L. 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