{"id":31036,"date":"2018-11-27T16:30:10","date_gmt":"2018-11-27T21:30:10","guid":{"rendered":"https:\/\/rehs.com\/eng\/?p=31036"},"modified":"2024-03-01T01:14:28","modified_gmt":"2024-03-01T06:14:28","slug":"the-day-sales-going-going-gonenot-so-fast","status":"publish","type":"post","link":"https:\/\/rehs.com\/eng\/2018\/11\/the-day-sales-going-going-gonenot-so-fast\/","title":{"rendered":"The Day Sales: Going, Going, Gone\u2026Not So Fast"},"content":{"rendered":"<p>The week of November 13<sup>th<\/sup> was REALLY big here in NY as the evening fall auctions were setting records and making headlines. I spent the week glued to my chair, watching the day sales at Sotheby\u2019s and Christie\u2019s to see how they would fare.\u00a0 I recorded the hammer prices of over 1200 lots and considering the amount of product being offered, the results were pretty good.\u00a0\u00a0(FYI- there were 2,682 lots over 21 sales &#8211; 16 of which were art related &#8211; just at Sotheby\u2019s and Christie\u2019s that week!\u00a0 I didn\u2019t even count the lots and sales at all the other auction houses\u2026.OMG\u00a0AUCTION OVERLOAD!!)<\/p>\n<div id=\"attachment_31040\" style=\"width: 232px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/rehs.com\/eng\/wp-content\/uploads\/2018\/11\/pablo_picasso_le_hibou_gris.jpg\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" aria-describedby=\"caption-attachment-31040\" class=\"wp-image-31040\" src=\"https:\/\/rehs.com\/eng\/wp-content\/uploads\/2018\/11\/pablo_picasso_le_hibou_gris-265x300.jpg\" alt=\"image-pablo_picasso_le_hibou_gris\" width=\"222\" height=\"251\" srcset=\"https:\/\/rehs.com\/eng\/wp-content\/uploads\/2018\/11\/pablo_picasso_le_hibou_gris-265x300.jpg 265w, https:\/\/rehs.com\/eng\/wp-content\/uploads\/2018\/11\/pablo_picasso_le_hibou_gris.jpg 751w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><p id=\"caption-attachment-31040\" class=\"wp-caption-text\">Picasso\u2019s\u00a0Le\u00a0hibou\u00a0gris<\/p><\/div>\n<p>First up was Christie\u2019s Impressionist and\u00a0Modern Day\u00a0Sale, which began at 9:00 AM Monday morning (I started watching on my iPad on the way into the city) with the Alberto and Diego Giacometti: Masters of Design sale (Howard reported on this one, but just to recap, the sale had a 100% sell-through rate and\u00a0garnered $8.65M ($11.5M with commissions \u2013 w\/c). Next up was the Impressionist and Modern Art Works on Paper Sale that should have started at 10 AM, but the first sale ran a little long, as did all the sales.\u00a0 The Works on Paper sale did fairly well with a 76.1% sell-through rate and took in $7.1M ($8.98M w\/c).\u00a0 But the sale we really wanted to see was in the afternoon &#8211; the Impressionist and Modern Art Day Sale which began around 2PM.\u00a0 Here\u2019s how it went\u00a0&#8211; the overall sell-through rate was a mere 62.6% (the lowest of all the sales I watched) and garnered $21.9M ($29.2M w\/c).\u00a0 The combined pre-sale estimates for the morning and afternoon sales was $39.2-58.1M, so Christie\u2019s fell far short of\u00a0expectations,\u00a0even with the commissions.\u00a0 The top lot was Picasso\u2019s\u00a0<em>Le\u00a0<\/em><em>hibou<\/em><em>\u00a0<\/em><em>gris<\/em>, which sold for $2M ($2.4M w\/c- est. $1.5-2.5M) \u2013 this work had been auctioned twice before, in Nov. 2008 for $1.03M and in Nov. 1997 for just $200K! Not a bad return. Giacometti\u2019s\u00a0<em>Projet<\/em><em>\u00a0pour un monument a Gabriel Peri <\/em>took second place and, in my opinion, was the highlight of the sale as it sold for $1.85M ($2.23M w\/c \u2013 est. $250-350K), more than five times the high estimate!\u00a0\u00a0And coming\u00a0in\u00a0third was\u00a0Chagall\u2019s 1971 painting\u00a0<em>Les\u00a0Paysans, <\/em>selling\u00a0for $1.6M ($1.93M w\/c \u2013 est. $200-300K); this work has been in the\u00a0same family\u00a0since 1973.<\/p>\n<div id=\"attachment_31039\" style=\"width: 225px\" class=\"wp-caption alignright\"><img decoding=\"async\" aria-describedby=\"caption-attachment-31039\" class=\"wp-image-31039\" src=\"https:\/\/rehs.com\/eng\/wp-content\/uploads\/2018\/11\/magritte-1.jpg\" alt=\"image-magritte\" width=\"215\" height=\"164\" \/><p id=\"caption-attachment-31039\" class=\"wp-caption-text\">Magritte\u2019s\u00a0L\u2019incendie<\/p><\/div>\n<p>The following day was Sotheby\u2019s turn at the Impressionist and Modern market. They had morning and afternoon sessions as well, which literally went all day!\u00a0 These sales\u00a0fared\u00a0better than the day before with a sell-through rate of 70.6%; but sadly, did not make the estimate either as they grossed $50M with the commissions &#8212;\u00a0Sotheby&#8217;s\u00a0was hoping for $55.5-79.6M.\u00a0 The top lot was Magritte\u2019s\u00a0<em>L\u2019incendie<\/em>\u00a0which sold for $3.6M ($4.34 w\/c \u2013 est. $1.0 -1.5M); more than twice its high estimate.\u00a0 In second was Renoir\u2019s\u00a0<em>Femme au\u00a0<\/em><em>Jardin<\/em>, which hammered at $1.15 ($1.4M w\/c \u2013 est. $1 -1.5M), just at the low end of the estimate. Rounding out the top three was Alfredo Ramos Martinez\u2019s\u00a0<em>La India de los\u00a0<\/em><em>Floripondios<\/em><em>,\u00a0<\/em>selling for $960K ($1.17M w\/c).\u00a0 The estimate on this painting was $800-1.2M, the same as in 2013 when it came up at Sotheby\u2019s and did not sell!\u00a0 Oh,\u00a0I\u00a0should also mention the biggest losers for this\u00a0sale &#8211; Picasso\u2019s\u00a0<em>Le\u00a0<\/em><em>Peintre<\/em><em>\u00a0et son\u00a0<\/em><em>Modele<\/em>, (est. $1.4-1.8M), and Alfred\u00a0Munnings\u2019\u00a0<em>A<\/em><em>\u00a0Winner<\/em>\u00a0<em>at Epsom<\/em> (est. $1.2-1.8M). That said, a Munnings does not belong in an Impressionist Day sale, it should have been in a19<sup>th<\/sup> Century or British Sporting Art sale!<\/p>\n<div id=\"attachment_31037\" style=\"width: 310px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/rehs.com\/eng\/wp-content\/uploads\/2018\/11\/cy-twombly.jpg\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" aria-describedby=\"caption-attachment-31037\" class=\"wp-image-31037 size-medium\" src=\"https:\/\/rehs.com\/eng\/wp-content\/uploads\/2018\/11\/cy-twombly-300x238.jpg\" alt=\"image-twombly\" width=\"300\" height=\"238\" srcset=\"https:\/\/rehs.com\/eng\/wp-content\/uploads\/2018\/11\/cy-twombly-300x238.jpg 300w, https:\/\/rehs.com\/eng\/wp-content\/uploads\/2018\/11\/cy-twombly.jpg 720w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-31037\" class=\"wp-caption-text\">Cy Tombly\u2019s Untitled<\/p><\/div>\n<p>When combined, the four Impressionist and Modern day sales brought in $99.7 MILLION!<\/p>\n<p>Now, let\u2019s jump to the Post-War and Contemporary Sales.\u00a0 Again, both auction houses had morning and afternoon sales and the action never seemed to end.\u00a0 As you will soon see, the Contemporary Market is still the hottest\/craziest show in town.\u00a0 On the 16<sup>th<\/sup>, Sotheby\u2019s presented a strong sale with a solid sell-through rate of 83.2%, and a total take of $100.1M w\/c (slightly more than all five impressionist day sales combined!) on an estimate of $74.1-105.2M.\u00a0 The top lot was Cy Tombly\u2019s <em>Untitled <\/em>which hammered at $2.6M ($3.13M w\/c \u2013 est. $1.2 \u2013 1.8M).\u00a0 Tied for second were Joan Mitchell\u2019s <em>Untitled<\/em> (est. $1.5 \u2013 2.0M) and Tom Wesselmann\u2019s <em>18 Year Old on the Beach <\/em>(est. $1.0 \u2013 1.5M) &#8211; each sold for $2.5M ($3.015M w\/c). All three works were in the morning session which, as you will soon see, was also the stronger session for Christie\u2019s.<\/p>\n<div id=\"attachment_31038\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/rehs.com\/eng\/wp-content\/uploads\/2018\/11\/ed_rushca_ruby.jpg\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" aria-describedby=\"caption-attachment-31038\" class=\"wp-image-31038 size-medium\" src=\"https:\/\/rehs.com\/eng\/wp-content\/uploads\/2018\/11\/ed_rushca_ruby-300x252.jpg\" alt=\"image-ed_rushca_ruby\" width=\"300\" height=\"252\" srcset=\"https:\/\/rehs.com\/eng\/wp-content\/uploads\/2018\/11\/ed_rushca_ruby-300x252.jpg 300w, https:\/\/rehs.com\/eng\/wp-content\/uploads\/2018\/11\/ed_rushca_ruby.jpg 720w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-31038\" class=\"wp-caption-text\">Ed Ruscha\u2019s Ruby<\/p><\/div>\n<p>On the 17<sup>th<\/sup>, Christie\u2019s offered their sale and the morning session was a blockbuster with a 93.4% sell-through rate!\u00a0 I was surprised to learn that after all my calculations were done, that the overall sell-through rate, for the full day, was the same as Sotheby\u2019s &#8211; 83.2%. Watching the morning session, I was certain that Christie\u2019s was going to be the clear winner of the Contemporary market, but Sotheby\u2019s edged them out. As for the sale\u2019s total, the two houses were pretty close with Christie\u2019s bringing in $95M (w\/c) on a $67.6\u201398.4M estimate. So while I can\u2019t say one house did far better than the other, the Christie\u2019s morning sale was definitely the more exciting sale to watch!\u00a0 So what were the top lots here?\u00a0 Ed Ruscha\u2019s <em>Ruby<\/em> that realized $2.7M (w\/c $3.3M \u2013 est. $$2 -3M &#8211; this work was part of Robert Indiana\u2019s private collection and was sold by his estate.); David Hockney\u2019s <em>Green Pool with Diving Board and Shadow (Paper Pool 3)<\/em> that jumped off the auction block at $2.4M (w\/c $2.9M \u2013 est. $1.0 -1.5M); and Ellsworth Kelly\u2019s <em>Orange Blue<\/em>, selling for $2.3M (w\/c $2.8M \u2013 est. $900K-1.2M &#8211; this was also part of Robert Indiana\u2019s estate.)<\/p>\n<p>By the end of the action, the four Contemporary sales racked up $195.1 MILLION, and when combined with the Impressionist and Modern day sales, over $294.8 Million worth of art changed hands.\u00a0 That is pretty impressive.<\/p>\n<p>Thankfully, I will have 6 months to recuperate\u2026 can&#8217;t wait for the REALLY BIG SPRING auctions\u2026not!!!<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The week of November 13th was REALLY big here in NY as the evening fall auctions were setting records and making headlines. I spent the week glued to my chair, watching the day sales at Sotheby\u2019s and Christie\u2019s to see &hellip; <a href=\"https:\/\/rehs.com\/eng\/2018\/11\/the-day-sales-going-going-gonenot-so-fast\/?contemporary=N\">More&#8230;<\/a><\/p>\n","protected":false},"author":3,"featured_media":31040,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[207,134,20,11,9],"class_list":["post-31036","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rehs-galleries","tag-auction-news","tag-auction-records","tag-auction-results","tag-rehs-contemporary-news","tag-rehs-galleries-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The Day Sales: Going, Going, Gone\u2026Not So Fast<\/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\/the-day-sales-going-going-gonenot-so-fast\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Day Sales: Going, Going, Gone\u2026Not So Fast\" \/>\n<meta property=\"og:description\" content=\"The week of November 13th was REALLY big here in NY as the evening fall auctions were setting records and making headlines. 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