Christie's and Sotheby's May 2016 New York Auctions Preview

The upcoming New York auction week, coinciding with Frieze Art Week, will test the art market's health after a 7% decline in transactions in 2015 compared to 2014, per the Tefaf report. Christie's opens on May 8 with "Bound to Fail," a capsule sale curated by Loic Gouzer, featuring 39 lots including Maurizio Cattelan's "Him" (2001, estimate $10-15 million), Bruce Nauman's "Henry Moore Bound to Fail" (1967/1970, estimate $6-8 million), and Jeff Koons' "One Ball Total Equilibrium Tank" (1985, estimate on request). Christie's Evening Sale on May 10 highlights Abstract Expressionist works: Mark Rothko's "No. 17" (1957, estimate $30-40 million), Clyfford Still's "PH-234" (1948, estimate $25-35 million), and Jean-Michel Basquiat's 1982 self-portrait (estimate ~$40 million). Sotheby's Evening Sale on May 11 features Francis Bacon's "Two Studies for a Self-Portrait" (1970, estimate $22-30 million), Cy Twombly's "Untitled (New York City)" (1968, estimate ~$40 million, never exhibited), and Alberto Burri's "Sacco" (estimate $6-8 million), sold three months after the artist's auction record. The auctions will influence upcoming Italian sales.