Christie's $1.1B Sale Masks Market Weakness

Christie's evening sale of the S.I. Newhouse collection achieved $181.2 million for a Jackson Pollock and $107.6 million for a Brancusi, but roughly 30% of lots hammered below low estimate or went unsold, including Agnes Gund's Cy Twombly. At Christie's McNeil Minimalist sale, five of twelve lots sold at or below estimate. Phillips and Sotheby's evening sales saw over a third of lots fail to meet estimates. Trophy works from prestigious estates like Newhouse, Gund, Weis, Pritzker, and Leonard Lauder performed well, but other items lacked urgency. Buyer's premiums now start at 27-28% up to $1-2 million, and consignors pay up to 10%, squeezing sellers. Christie's succeeded with better quality, pacing, and installations, while Sotheby's move to the Breuer building and Phillips' reduced space were criticized. The author, a longtime collector and former oncologist, expresses concern over wealth inequality and gallery closures, noting over half of Lower East Side galleries have closed since pre-pandemic levels.