{"id":30973,"date":"2018-11-16T16:19:38","date_gmt":"2018-11-16T21:19:38","guid":{"rendered":"https:\/\/rehs.com\/eng\/?p=30973"},"modified":"2024-03-18T09:36:44","modified_gmt":"2024-03-18T13:36:44","slug":"christies-post-war-contemporary-at-least-one-work-made-a-big-splash","status":"publish","type":"post","link":"https:\/\/rehs.com\/eng\/2018\/11\/christies-post-war-contemporary-at-least-one-work-made-a-big-splash\/","title":{"rendered":"Christie’s Post-War & Contemporary – Hockney Makes A Big Splash, Other Works Tread Water, And A Few Drown"},"content":{"rendered":"

Last night, there were times sparks flew at Christie\u2019s Post-War and Contemporary Art auction. \u00a0I am sure that the auction room\u2019s staff were a bit nervous since a weird snowstorm hit New York City in the late afternoon and caused some of the worst traffic the city has ever seen (I can vouch for that since it took us about 4 hours to go 19 miles).\u00a0 The sale started a little late, but the room was full, and the bidding, at times, was spirited.<\/p>\n

\"image-hockney_90M\"<\/a>

David Hockney\u2019s Portrait of an Artist (Pool with Two Figures)<\/p><\/div>\n

I am pretty sure most of you know this (it has been all over the news), the top lot of the evening was David Hockney\u2019s Portrait of an Artist (Pool with Two Figures)<\/em>.\u00a0 British billionaire Joe Lewis was the seller (he bought the painting from David Geffen in 1995) and it was offered without a guarantee or reserve. What? Really?\u00a0 Seemed a little odd given its projected value \u2013 but I am sure there is more to the story.\u00a0 The painting also had its own 100 plus page catalog and carried the always informative \u2018Estimate Upon Request\u2019, but the whisper number was in the range of $80M. \u00a0Bidding quickly reached $70M and then slowed until the winner paid $80M hammer ($90.3M with the commission \u2013 w\/c).\u00a0 That was not only an auction record for the artist, but for any living artist (the previous record was held by Koons for one of his sculptures – $58.4M) \u2013 poor Koons.<\/p>\n

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

Mark Rothko<\/p><\/div>\n

Coming in a distant second was a rather dark Mark Rothko from 1962 \u2013 Untitled (Rust, Blacks on Plum)<\/em>.\u00a0 The work\u2019s provenance seems to suggest that it was sold through the artist\u2019s estate in 1970 and somehow ended up back in the estate\u2019s possession a few years later.\u00a0 It was then acquired by the de Menil\u2019s in 1979.\u00a0 Estimated to sell in the $35-45M range, the work hammered at $32M ($35.7M w\/c).\u00a0 This was a long way from his 2012 record price of $86.6M; but I bet you the sellers were still very happy.<\/p>\n

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

Richard Diebenkorn<\/p><\/div>\n

A large Richard Diebenkorn titled Ocean Park #137<\/em> (one of about 145 works from a series the artist worked on for 20 years) came in third at $19.8M ($22.6M w\/c \u2013 est. $18-22M).\u00a0 The sellers, Mary Tyler Moore and Dr. S. Robert Levine, purchased the piece back in 1988.\u00a0 The artist\u2019s Ocean Park series are among his most sought-after and Ocean Park #126<\/em> (sold in May 2018) holds the artist\u2019s auction record at $23.9M.\u00a0 In fact, his top ten auction prices are all from the series.<\/p>\n

Rounding out the top five were Francis Bacon\u2019s Study of Henrietta Moraes Laughing<\/em> (est. $14-18M) and Basquiat\u2019s Discography Two<\/em> (est. $20-30M); both coming in at $19M ($21.7M w\/c).<\/p>\n

With all the press the Hockney has generated, one might conclude that the upper end of this market is booming, but that is not necessarily the case.\u00a0 There were plenty of works that failed to find buyers, among them Nauman\u2019s Run from Fear, Fun from Rear<\/em> (est. $3.5-5.5M), Frankenthaler\u2019s Red Square<\/em> (est. $3-5M), Alberto Burri\u2019s Bianco Plastica M1<\/em> (est. $4-6M), de Kooning\u2019s Figure in Landscape I<\/em> (est. $4.5-6.5M), and Peter Doig\u2019s Untitled (Silver Pond Painting)<\/em> ($5-7M).<\/p>\n

By the end of the long evening, 41 of the 48 works offered sold (85.4% sell-through rate), and the total take was $311.87M ($357.6M w\/c).\u00a0 The low end of their estimate range was $314.1M, so at the hammer, they fell just short; but with the buyer\u2019s premium, they were comfortably above.\u00a0 Looking a little closer we see that 15 sold below, 13 within, and 13 above their estimate range giving them an accuracy rate of 27%.\u00a0 The fact that more than one-third of the works sold below their range and 7 did not sell, shows there is a little uncertainty and those 22 works did not stir much, or any, real interest.<\/p>\n

Oh, one final fun fact … the main catalog weighed in at 5.4 lbs!<\/p>\n","protected":false},"excerpt":{"rendered":"

Last night, there were times sparks flew at Christie\u2019s Post-War and Contemporary Art auction. \u00a0I am sure that the auction room\u2019s staff were a bit nervous since a weird snowstorm hit New York City in the late afternoon and caused … More…<\/a><\/p>\n","protected":false},"author":21,"featured_media":30975,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[207,134,20],"class_list":["post-30973","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":"\nChristie\u2019s Post-War & Contemporary \u2013 Hockney Makes A Big Splash, Other Works Tread Water, And A Few Drown<\/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\/christies-post-war-contemporary-at-least-one-work-made-a-big-splash\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Christie's Post-War & Contemporary - Hockney Makes A Big Splash, Other Works Tread Water, And A Few Drown\" \/>\n<meta property=\"og:description\" content=\"Last night, there were times sparks flew at Christie\u2019s Post-War and Contemporary Art auction. \u00a0I am sure that the auction room\u2019s staff were a bit nervous since a weird snowstorm hit New York City in the late afternoon and caused … More...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/rehs.com\/eng\/2018\/11\/christies-post-war-contemporary-at-least-one-work-made-a-big-splash\/\" \/>\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=\"2018-11-16T21:19:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-18T13:36:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/rehs.com\/eng\/wp-content\/uploads\/2018\/11\/hockney_90M.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1978\" \/>\n\t<meta property=\"og:image:height\" content=\"1379\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Howard L. 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