|
Contemporary Art Auctions
New York, March 2009 | FOR IMMEDIATE RELEASE |
This page is also available online.
New York, NY - March 12, 2009 Chelseaartgalleries.com announced today that the sales for the contemporary art auctions in New York, March 9-11th, totaled $6.4 million ($8 million including premium), 30% below the low end estimate. The auction results were down 70% from last year's total of $22.7 million, partly because fewer lots were for sale (599 lots versus 1,101 lots in 2008).
Of the 20 highest grossing artists in 2008, only four reappeared in the top-20 list this year: Romare Bearden, Alexander Calder, Sam Francis, and Andy Warhol.
Market Trends
The auction results from the last few years indicate that the market peaked in May 2008, though the rate of growth already at that time had slowed significantly. For instance, the May auctions in New York in 2008 grew 10% compared to May 2007, while the prior November auction in 2007 grew 67% from November 2006.
The year-over-year sales decline for the March auctions is in line with the London auctions last month (down 80% from 2008), and the New York auctions in November 2008 (down 64% from 2007), and signals no shift in the current market. However, the upcoming May auctions will provide an important test of the market, as they are 30-40 times bigger than March auctions, and also directly correlate the current financial climate with the peak of the market in May 2008.
New York, March 9th - 11th, 2009
For detailed information on each auction, please follow the links below.
Results excluding premium Sales total was $6,388,600 ($7,956,063 including premium) a result 29.4% ($2,659,400) below low end estimate. Of the 599 lots, 69 lots (11.5%) were sold above high estimate, 128 lots (21.4%) were sold within the estimated range, 169 lots (28.2%) were sold below low estimate. The sell-through rate was 61.1%, as 233 lots (38.9%) remained unsold (or were withdrawn before the auction). PerspectiveThe following performance charts for the two preceding contemporary art auction in New York, in March 2008 and in November 2008, are provided as reference. Performance by ArtistTo allow a comparison between winning bid and auction house estimates, the amounts below do not include buyer's premium, unless explicitly stated. HIGHEST GROSSING ARTISTS| 1 | Alexander Calder | $400,000 | 11 lots | ↑ | | 2 | Tom Wesselmann (new) | $207,500 | 4 lots | ↑ | | 3 | Andy Warhol | $175,500 | 11 lots | ↓ | | 4 | Kelley Walker (new) | $162,000 | 2 lots | ↑ | | 5 | George Rodrigue (new) | $161,000 | 2 lots | ↑ | | 6 | Sam Francis | $142,000 | 8 lots | ↓ | | 7 | Yaacov Agam (new) | $130,000 | 2 lots | ↑ | | 8 | Damien Hirst (new) | $115,000 | 2 lots | ↑ | | 9 | Georges Mathieu (new) | $110,000 | 1 lots | ↑ | | 10 | Mark Handforth (new) | $95,000 | 1 lots | ↑ | | 11 | Leon Golub (new) | $94,000 | 4 lots | ↑ | | 12 | Romare Bearden | $93,000 | 2 lots | ↑ | | 13 | Joseph Cornell (new) | $92,000 | 2 lots | ↑ | | 14 | Alex Katz (new) | $90,000 | 5 lots | ↑ | | 15 | Robert Longo (new) | $90,000 | 1 lots | ↑ | | 16 | Richard Anuszkiewicz (new) | $87,000 | 4 lots | ↑ | | 17 | Paterson Ewen (new) | $80,000 | 1 lots | ↑ | | 18 | Raymond Pettibon (new) | $79,500 | 5 lots | ↑ | | 19 | Alice Neel (new) | $75,000 | 1 lots | ↑ | | 20 | Jules Olitski (new) | $75,000 | 1 lots | ↑ |
The new label above indicates artists that were not on this list for the auctions in March 2008. The arrow indicates if the artist's position within the list moved up or down since the auctions in March 2008. The following artists fell off the top-20 list: Keith Haring, Sean Scully, Arman, Victor Vasarely, Shahzia Sikander, Andreas Gursky, Robert Smithson, David Smith, Sol LeWitt, George Condo, Zao Wou-Ki, Albert Oehlen, Mike Kelley, Mike Bidlo, Louise Nevelson, Christo. | HIGHEST GROSSING LOTS| 1 | Sotheby's Contemporary | | George Rodrigue | Lot: 251 | $140,000 | | | 2 | Christie's First Open Post-War And Contemporary Art | | Tom Wesselmann | Lot: 91 | $120,000 | | | 3 | Phillips De Pury Under the Influence | | Kelley Walker | Lot: 22 | $120,000 | | | 4 | Sotheby's Contemporary | | Georges Mathieu | Lot: 56 | $110,000 | | | 5 | Christie's First Open Post-War And Contemporary Art | | Yaacov Agam | Lot: 50 | $100,000 | | | 6 | Phillips De Pury Under the Influence | | Mark Handforth | Lot: 24 | $95,000 | | | 7 | Christie's First Open Post-War And Contemporary Art | | Robert Longo | Lot: 42 | $90,000 | | | 8 | Phillips De Pury Under the Influence | | Paterson Ewen | Lot: 181 | $80,000 | | | 9 | Christie's First Open Post-War And Contemporary Art | | Alice Neel | Lot: 74 | $75,000 | | | 10 | Christie's First Open Post-War And Contemporary Art | | Jules Olitski | Lot: 60 | $75,000 | | | 11 | Christie's First Open Post-War And Contemporary Art | | Tom Wesselmann | Lot: 45 | $70,000 | | | 12 | Christie's First Open Post-War And Contemporary Art | | Joseph Cornell | Lot: 63 | $70,000 | |
|
HIGHEST ESTIMATED LOTS| 1 | Phillips De Pury Under the Influence | | Albert Oehlen | Lot: 37 | $100,000 - $150,000 | | --- | unsold/withdrawn | | 2 | Sotheby's Contemporary | | Stephan Balkenhol | Lot: 165 | $100,000 - $150,000 | | --- | unsold/withdrawn | | 3 | Sotheby's Contemporary | | Karen Kilimnik | Lot: 185 | $100,000 - $150,000 | | --- | unsold/withdrawn | | 4 | Phillips De Pury Under the Influence | | Ed Ruscha | Lot: 117 | $80,000 - $120,000 | | --- | unsold/withdrawn | | 5 | Christie's First Open Post-War And Contemporary Art | | Tom Wesselmann | Lot: 91 | $80,000 - $120,000 | | $120,000 | $40,000 above low estimate | | 6 | Christie's First Open Post-War And Contemporary Art | | Joseph Cornell | Lot: 63 | $80,000 - $120,000 | | $70,000 | $10,000 below low estimate | | 7 | Phillips De Pury Under the Influence | | Kelley Walker | Lot: 22 | $80,000 - $120,000 | | $120,000 | $40,000 above low estimate | | 8 | Christie's First Open Post-War And Contemporary Art | | Alice Neel | Lot: 74 | $80,000 - $120,000 | | $75,000 | $5,000 below low estimate | | 9 | Phillips De Pury Under the Influence | | Paterson Ewen | Lot: 181 | $70,000 - $90,000 | | $80,000 | $10,000 above low estimate | | 10 | Phillips De Pury Under the Influence | | George Condo | Lot: 36 | $60,000 - $80,000 | | --- | unsold/withdrawn | | 11 | Christie's First Open Post-War And Contemporary Art | | Joel Shapiro | Lot: 90 | $60,000 - $80,000 | | --- | unsold/withdrawn | | 12 | Sotheby's Contemporary | | Albert Oehlen | Lot: 229 | $60,000 - $80,000 | | $45,000 | $15,000 below low estimate | | 13 | Phillips De Pury Under the Influence | | Thomas Ruff | Lot: 59 | $60,000 - $80,000 | | $45,000 | $15,000 below low estimate | | 14 | Sotheby's Contemporary | | Romare Bearden | Lot: 101 | $60,000 - $80,000 | | $60,000 | exactly at low estimate | | 15 | Phillips De Pury Under the Influence | | Mark Handforth | Lot: 24 | $60,000 - $80,000 | | $95,000 | $15,000 above high estimate |
|
BIGGEST SURPRISE LOTS| 1 | Sotheby's Contemporary | | José Parlá | Lot: 236 | $8,000 - $12,000 | | $41,000 | 3.42 times high estimate | | 2 | Sotheby's Contemporary | | Leon Golub | Lot: 75 | $5,000 - $7,000 | | $23,000 | 3.29 times high estimate | | 3 | Sotheby's Contemporary | | Joseph Glasco | Lot: 29 | $5,000 - $7,000 | | $22,000 | 3.14 times high estimate | | 4 | Christie's First Open Post-War And Contemporary Art | | Jules Olitski | Lot: 60 | $18,000 - $25,000 | | $75,000 | 3.00 times high estimate | | 5 | Phillips De Pury Under the Influence | | Raymond Pettibon | Lot: 5 | $10,000 - $15,000 | | $36,000 | 2.40 times high estimate | | 6 | Sotheby's Contemporary | | George Rodrigue | Lot: 251 | $30,000 - $60,000 | | $140,000 | 2.33 times high estimate | | 7 | Sotheby's Contemporary | | Anselm Kiefer | Lot: 184 | $5,000 - $7,000 | | $16,000 | 2.29 times high estimate | | 8 | Christie's First Open Post-War And Contemporary Art | | Paul Jenkins | Lot: 82 | $5,000 - $7,000 | | $15,000 | 2.14 times high estimate |
|
| BIGGEST SURPRISE ARTISTSBased on total sales for artist of more than $10,000 and more than 50% above high end estimate. |
For last year's results, please see Contemporary Art Auctions in New York, March 2008. To see how chelseaartgalleries.com reports auction results, see Enhanced Auction Results Reporting. For a complete list of auctions covered by chelseaartgalleries.com, see Art Auctions.
About chelseaartgalleries.com
Since its launch in 2006, chelseaartgalleries.com (CAG) has grown to become one of the most popular art portals in the world. Today the website lists 1,400 galleries, 6,000 shows, and 26,000 artists. It is viewed more than 400,000 times monthly by 100,000 visitors from 170 countries worldwide.
CAG's mission is to actively promote the understanding and appreciation of contemporary art worldwide by providing easily accessible art information free of charge. To ensure that our user community has a rewarding and effective experience, registered members can personalize chelseaartgalleries.com according to their interests.
CAG has been referenced in newspapers, art magazines and on art sites around the globe, including The New York Times, CNN, USA Today, The New York Observer, The New York Post, The Washingtonian, The Guardian, Le Monde, slate.com, and in hundreds of art blogs.
| |
BE THERE
