|
Contemporary Art Auctions
New York, May 2009 | FOR IMMEDIATE RELEASE |
This page is also available online.
New York, NY - May 20, 2009 Chelseaartgalleries.com announced today that the sales for the contemporary art auctions in New York, May 12-15th, totaled $180 million ($213 million including premium), 9% below the low end estimate. The auction results were down close to 80% from last year's total of $838 million. A combination of lower realized prices and fewer lots for sale caused the significant drop in total sales. The May auction in 2008 was also at the peak of the art market, as can be seen in the charts below.
New York, May 12th - 15th, 2009
For detailed information on each auction, please follow the links below.
| Tuesday May 12 | Sotheby's Contemporary Art Evening | | $40,080,000 | 49 lots | | Wednesday May 13 | Sotheby's Contemporary Art Day | | $23,342,500 | 329 lots | | Wednesday May 13 | Christie's Post-War And Contemporary Art Evening Sa... | | $80,890,000 | 54 lots | | Thursday May 14 | Christie's Post-War And Contemporary Art Morning | | $14,840,300 | 155 lots | | Thursday May 14 | Christie's Post-War And Contemporary Art Afternoon | | $11,196,000 | 135 lots | | Thursday May 14 | Phillips De Pury Contemporary Art Part I | | $6,397,000 | 43 lots | | Friday May 15 | Phillips De Pury Contemporary Art Part II | | $3,694,500 | 203 lots |
Results excluding premium Sales total was $180,440,300 ($213,302,875 including premium) a result 8.7% ($17,251,700) below low end estimate. Of the 968 lots, 190 lots (19.6%) were sold above high estimate, 290 lots (30.0%) were sold within the estimated range, 258 lots (26.7%) were sold below low estimate. The sell-through rate was 76.2%, as 230 lots (23.8%) remained unsold (or were withdrawn before the auction). PerspectiveThe following performance charts for the two preceding contemporary art auction in New York, in May 2008 and in November 2008, are provided as reference.
As can be seen above, the sell-through and sales within estimates now match the values before the crash in the fall of 2008. Hence a sense of normalcy has been re-established, albeit adjusted to the current financial climate in terms of total sales.
In the following sections a historical perspective is estalished by looking at results over the last three years of November auctions in New York (2006 - 2008) and the last three years of May auctions in New York (2007 - 2009).
Prices relative to estimates
The charts below show how the lots performed relative to their respective estimates. The green bar indicates how many lots sold right at their estimate (+/- 10%). The next bar to the right indicates how many lots sold in the range 10-30% above the estimate, the next bar 30-50% above, and so forth. The bars to the left represent lots that sold below their respective estimate.
Note: Hold your mouse over the bars in the chart to see the exact amounts.Note: Hold your mouse over the bars in the chart to see the exact amounts.
The charts in the first row, corresponding to the auctions in November 2006, May 2007, and November 2007, show signs of a growing market, where estimates are largely trailing behind the sales momentum. By May 2008, the estimates caught up with the market, and the curve looks more balanced (note that the curve always spread to the right, because there is no limit to the highest bid, but to the left low bids are limited by the reserve).
When the market retracts in November 2008, the estimates are too high, and the momentum falls behind the green bar in the chart. By May 2009, the estimates have successfully been brought back to match the market, but we can also see that the market has no appetite for going beyond the estimates, as the momentum is at, or slightly below, the estimates.
Total sales by auction house | Sothebys's (millions) | $420 | | | | | | | | | '06 | '07 | '08 | | '07 | '08 | '09 | | November | | May |
|
| | Christie's (millions) | $420 | | | | | | | | | '06 | '07 | '08 | | '07 | '08 | '09 | | November | | May |
|
| | Phillips (millions) | $62 | | | | | | | | | '06 | '07 | '08 | | '07 | '08 | '09 | | November | | May |
|
|
Note: Hold your mouse over the bars in the chart to see the exact amounts.
The deteriorating financial environment had its first significant impact on the auction market in New York in November 2008, with all auction houses performing at 30-40% of the auctions one year earlier. Six months have past, but the May auctions show few signs of a recovery. On the contrary, the auctions performed at 15% for Sotheby's and Phillips De Pury, and at 29% for Christie's (compared to the May auctions in 2008).
This performance, which by the above measures is worse than November, might look alarming, but it can largely be explained by the comparables: The May auctions in 2008 were held at the very peak of the market. In fact, the market (though soft) shows signs of stability, as signaled by the rather small shifts in average and median prices between November 2008 and May 2009 (see below).
Average price (winning bid) by auction house | Sothebys's (thousands) | $770 | | | | | | | | | '06 | '07 | '08 | | '07 | '08 | '09 | | November | | May |
|
| | Christie's (thousands) | $900 | | | | | | | | | '06 | '07 | '08 | | '07 | '08 | '09 | | November | | May |
|
| | Phillips (thousands) | $170 | | | | | | | | | '06 | '07 | '08 | | '07 | '08 | '09 | | November | | May |
|
|
Note: Across all sold lots. Unsold lots are not included in the above values.Median price (winning bid) by auction house | Sothebys's (thousands) | $230 | | | | | | | | | '06 | '07 | '08 | | '07 | '08 | '09 | | November | | May |
|
| | Christie's (thousands) | $230 | | | | | | | | | '06 | '07 | '08 | | '07 | '08 | '09 | | November | | May |
|
| | Phillips (thousands) | $50 | | | | | | | | | '06 | '07 | '08 | | '07 | '08 | '09 | | November | | May |
|
|
Note: Across all sold lots. Unsold lots are not included in the above values.Number of lots by auction house
The number of lots offered for sale in the May auctions dropped already between 2007 and 2008, but overall sales went up in 2008 nevertheless because of significantly higher average prices. In 2009 the number of lots were further cut back, even as the average prices collapsed, leaving the auction houses with the significantly lower sales reflected in the charts above. However, it should be noted that both Christie's and Sotheby's sold more lots in May than in November, despite putting up fewer lots for sale.
| Sothebys's | 570 | | | | | | | | | '06 | '07 | '08 | | '07 | '08 | '09 | | November | | May |
|
| | Christie's | 510 | | | | | | | | | '06 | '07 | '08 | | '07 | '08 | '09 | | November | | May |
|
| | Phillips | 480 | | | | | | | | | '06 | '07 | '08 | | '07 | '08 | '09 | | November | | May |
|
|
Note: Unsold lots displayed in gray above.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 | Andy Warhol | $20,552,500 | 50 lots | ↑ | | 2 | Alexander Calder (new) | $10,726,000 | 24 lots | ↑ | | 3 | Jeff Koons | $9,100,000 | 3 lots | ↑ | | 4 | Roy Lichtenstein | $9,080,000 | 6 lots | ↑ | | 5 | Jean-Michel Basquiat | $8,340,000 | 3 lots | ↑ | | 6 | David Hockney (new) | $7,964,000 | 8 lots | ↑ | | 7 | Richard Diebenkorn (new) | $6,040,000 | 2 lots | ↑ | | 8 | Sam Francis (new) | $4,600,000 | 9 lots | ↑ | | 9 | Martin Kippenberger (new) | $4,109,000 | 7 lots | ↑ | | 10 | Peter Doig (new) | $4,100,000 | 1 lots | ↑ | | 11 | Willem De Kooning | $3,870,000 | 3 lots | ↑ | | 12 | Richard Prince | $3,569,500 | 11 lots | ↓ | | 13 | Gerhard Richter | $3,186,500 | 7 lots | ↓ | | 14 | Dan Flavin (new) | $2,430,000 | 8 lots | ↑ | | 15 | Cy Twombly (new) | $2,391,000 | 7 lots | ↑ | | 16 | David Smith (new) | $2,250,000 | 1 lots | ↑ | | 17 | Piero Manzoni (new) | $2,250,000 | 1 lots | ↑ | | 18 | Claes Oldenburg (new) | $2,246,000 | 4 lots | ↑ | | 19 | John Baldessari (new) | $2,080,000 | 3 lots | ↑ | | 20 | Damien Hirst | $2,035,000 | 11 lots | ↓ |
The new label above indicates artists that were not on this list for the auctions in May 2008. The arrow indicates if the artist's position within the list moved up or down since the auctions in May 2008. The following artists fell off the top-20 list: Francis Bacon, Mark Rothko, Yves Klein, Lucian Freud, Robert Rauschenberg, Tom Wesselmann, Takashi Murakami, Joan Mitchell, Clyfford Still, Donald Judd, Robert Indiana. | HIGHEST GROSSING LOTS| 1 | Christie's Post-War And Contemporary Art Evening Sa... | | David Hockney | Lot: 14 | $7,000,000 | | | 2 | Christie's Post-War And Contemporary Art Evening Sa... | | Richard Diebenkorn | Lot: 29 | $5,800,000 | | | 3 | Christie's Post-War And Contemporary Art Evening Sa... | | Roy Lichtenstein | Lot: 6 | $5,300,000 | | | 4 | Christie's Post-War And Contemporary Art Evening Sa... | | Jean-Michel Basq... | Lot: 41 | $5,150,000 | | | 5 | Sotheby's Contemporary Art Evening | | Jeff Koons | Lot: 9 | $4,800,000 | | | 6 | Christie's Post-War And Contemporary Art Evening Sa... | | Peter Doig | Lot: 27 | $4,100,000 | | | 7 | Sotheby's Contemporary Art Evening | | Martin Kippenber... | Lot: 7 | $3,600,000 | | | 8 | Christie's Post-War And Contemporary Art Evening Sa... | | Andy Warhol | Lot: 44 | $3,500,000 | | | 9 | Christie's Post-War And Contemporary Art Evening Sa... | | Sam Francis | Lot: 12 | $3,200,000 | | | 10 | Christie's Post-War And Contemporary Art Evening Sa... | | Willem De Kooning | Lot: 31 | $3,200,000 | | | 11 | Sotheby's Contemporary Art Evening | | Jean-Michel Basq... | Lot: 23 | $3,100,000 | | | 12 | Sotheby's Contemporary Art Evening | | Alexander Calder | Lot: 15 | $3,050,000 | |
|
HIGHEST ESTIMATED LOTS| 1 | Christie's Post-War And Contemporary Art Evening Sale | | David Hockney | Lot: 14 | $6,000,000 - $10,000,000 | | $7,000,000 | $1,000,000 above low estimate | | 2 | Sotheby's Contemporary Art Evening | | Jeff Koons | Lot: 9 | $6,000,000 - $8,000,000 | | $4,800,000 | $1,200,000 below low estimate | | 3 | Christie's Post-War And Contemporary Art Evening Sale | | Jean-Michel Basq... | Lot: 41 | $5,000,000 - $7,000,000 | | $5,150,000 | $150,000 above low estimate | | 4 | Christie's Post-War And Contemporary Art Evening Sale | | Richard Diebenkorn | Lot: 29 | $4,000,000 - $6,000,000 | | $5,800,000 | $1,800,000 above low estimate | | 5 | Christie's Post-War And Contemporary Art Evening Sale | | Andy Warhol | Lot: 44 | $4,000,000 - $6,000,000 | | $3,500,000 | $500,000 below low estimate | | 6 | Christie's Post-War And Contemporary Art Evening Sale | | Roy Lichtenstein | Lot: 6 | $4,000,000 - $6,000,000 | | $5,300,000 | $1,300,000 above low estimate | | 7 | Sotheby's Contemporary Art Evening | | Robert Rauschenb... | Lot: 20 | $4,000,000 - $6,000,000 | | --- | unsold/withdrawn | | 8 | Sotheby's Contemporary Art Evening | | Jean-Michel Basq... | Lot: 23 | $3,000,000 - $5,000,000 | | $3,100,000 | $100,000 above low estimate | | 9 | Christie's Post-War And Contemporary Art Evening Sale | | Franz Kline | Lot: 34 | $3,000,000 - $5,000,000 | | --- | unsold/withdrawn | | 10 | Sotheby's Contemporary Art Evening | | Martin Kippenber... | Lot: 7 | $3,500,000 - $4,500,000 | | $3,600,000 | $100,000 above low estimate | | 11 | Christie's Post-War And Contemporary Art Evening Sale | | Peter Doig | Lot: 27 | $3,000,000 - $4,000,000 | | $4,100,000 | $100,000 above high estimate | | 12 | Christie's Post-War And Contemporary Art Evening Sale | | Mark Rothko | Lot: 32 | $3,000,000 - $4,000,000 | | --- | unsold/withdrawn | | 13 | Christie's Post-War And Contemporary Art Evening Sale | | Andy Warhol | Lot: 9 | $2,000,000 - $4,000,000 | | $1,800,000 | $200,000 below low estimate | | 14 | Sotheby's Contemporary Art Evening | | Robert Gober | Lot: 6 | $2,500,000 - $3,500,000 | | --- | unsold/withdrawn | | 15 | Christie's Post-War And Contemporary Art Evening Sale | | Andy Warhol | Lot: 48 | $2,500,000 - $3,500,000 | | $2,400,000 | $100,000 below low estimate |
|
BIGGEST SURPRISE LOTS| 1 | Christie's Post-War And Contemporary Art Morning | | Ed Ruscha | Lot: 115 | $6,000 - $9,000 | | $78,000 | 8.67 times high estimate | | 2 | Christie's Post-War And Contemporary Art Morning | | Alexander Calder | Lot: 174 | $30,000 - $40,000 | | $155,000 | 3.88 times high estimate | | 3 | Sotheby's Contemporary Art Day | | Andy Warhol | Lot: 198 | $10,000 - $15,000 | | $34,000 | 2.27 times high estimate | | 4 | Sotheby's Contemporary Art Evening | | Dan Colen | Lot: 5 | $100,000 - $150,000 | | $320,000 | 2.13 times high estimate | | 5 | Christie's Post-War And Contemporary Art Morning | | Dan Christensen | Lot: 109 | $3,000 - $4,000 | | $8,500 | 2.13 times high estimate | | 6 | Sotheby's Contemporary Art Evening | | Alexander Calder | Lot: 15 | $1,000,000 - $1,500,000 | | $3,050,000 | 2.03 times high estimate | | 7 | Sotheby's Contemporary Art Day | | John Currin | Lot: 428 | $20,000 - $30,000 | | $60,000 | 2.00 times high estimate | | 8 | Christie's Post-War And Contemporary Art Afternoon | | Bruce Nauman | Lot: 316 | $40,000 - $60,000 | | $120,000 | 2.00 times high estimate |
|
BIGGEST SURPRISE ARTISTS| 1 | Sherrie Levine | 3 lots | $230,000 - $320,000 | | $550,000 | 1.7 times high estimate | | 2 | Sharon Core | 2 lots | $19,000 - $27,000 | | $44,000 | 1.6 times high estimate | | 3 | Bernar Venet | 3 lots | $45,000 - $63,000 | | $99,500 | 1.6 times high estimate | | 4 | Barbara Kruger | 2 lots | $110,000 - $150,000 | | $230,000 | 1.5 times high estimate |
Based on total sales for artist of more than $10,000 and more than 50% above high end estimate. |
Artist DetailsThe charts below summarize the New York May and November auctions on a per artist basis. The artists included are the 5 highest grossing artists listed above.
Andy Warhol | Sales Totals (millions) | $180 | | | | | | | | | '06 | '07 | '08 | | '07 | '08 | '09 | | November | | May |
|
| | Lots | 95 | | | | | | | | | '06 | '07 | '08 | | '07 | '08 | '09 | | November | | May |
|
| | Median (thousands) | $390 | | | | | | | | | '06 | '07 | '08 | | '07 | '08 | '09 | | November | | May |
|
|
Note: Hold your mouse over the bars in the chart to see the exact amounts. Gray indicates unsold lots.Alexander Calder | Sales Totals (millions) | $19 | | | | | | | | | '06 | '07 | '08 | | '07 | '08 | '09 | | November | | May |
|
| | Lots | 31 | | | | | | | | | '06 | '07 | '08 | | '07 | '08 | '09 | | November | | May |
|
| | Median (thousands) | $370 | | | | | | | | | '06 | '07 | '08 | | '07 | '08 | '09 | | November | | May |
|
|
Note: Hold your mouse over the bars in the chart to see the exact amounts. Gray indicates unsold lots.Jeff Koons | Sales Totals (millions) | $47 | | | | | | | | | '06 | '07 | '08 | | '07 | '08 | '09 | | November | | May |
|
| | Lots | 10 | | | | | | | | | '06 | '07 | '08 | | '07 | '08 | '09 | | November | | May |
|
| | Median (millions) | $4.3 | | | | | | | | | '06 | '07 | '08 | | '07 | '08 | '09 | | November | | May |
|
|
Note: Hold your mouse over the bars in the chart to see the exact amounts. Gray indicates unsold lots.Roy Lichtenstein | Sales Totals (millions) | $33 | | | | | | | | | '06 | '07 | '08 | | '07 | '08 | '09 | | November | | May |
|
| | Lots | 22 | | | | | | | | | '06 | '07 | '08 | | '07 | '08 | '09 | | November | | May |
|
| | Median (millions) | $5.3 | | | | | | | | | '06 | '07 | '08 | | '07 | '08 | '09 | | November | | May |
|
|
Note: Hold your mouse over the bars in the chart to see the exact amounts. Gray indicates unsold lots.Jean-Michel Basquiat | Sales Totals (millions) | $43 | | | | | | | | | '06 | '07 | '08 | | '07 | '08 | '09 | | November | | May |
|
| | Lots | 22 | | | | | | | | | '06 | '07 | '08 | | '07 | '08 | '09 | | November | | May |
|
| | Median (millions) | $3.6 | | | | | | | | | '06 | '07 | '08 | | '07 | '08 | '09 | | November | | May |
|
|
Note: Hold your mouse over the bars in the chart to see the exact amounts. Gray indicates unsold lots.
For last year's results, please see Contemporary Art Auctions in New York, May 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 1,500 galleries, 6,000 shows, and 28,000 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 New York Magazine, The Washingtonian, The Guardian, Le Monde, slate.com, and in hundreds of art blogs.
| |
BE THERE
