Christie's Fineberg Collection Auction Falls Short of Expectations

Christie's New York auction of the Gerald Fineberg Collection on May 17, 2023, realized $153 million, well below the anticipated $250 million, with a 91% sell-through rate and six unsold lots. Many works struggled to meet low estimates, and reserve prices were reduced to avoid further failures. Christie's CEO Guillaume Cerutti acknowledged the impact of macroeconomic conditions on the art market but affirmed its vitality. The top lot, Christopher Wool's Untitled, sold for $10 million (including fees), far below its $15 million estimate. Other notable results included Gerhard Richter's Badende at $9.61 million (estimate $15-20 million), Pablo Picasso's Buste d'homme lauré at $8.46 million (estimate $9-12 million), and Joan Mitchell's Untitled at $6.584 million. Five auction records were set, notably for Black artists: Alma Thomas ($3.9 million), Jo Baer ($327,600), Alina Szapocznikow ($907,200), Milton Resnick ($252,000), and Barkley Hendricks ($6.1 million). The sale also featured works by Alice Neel, Lee Krasner, and Helen Frankenthaler. The second part of the Fineberg Collection is scheduled for May 18. Total sales for Christie's modern and contemporary art week in New York reached $878 million.