Christie's New York auction breaks $1.1 billion record
A Christie's auction in New York set a new record of $1.1 billion, signaling a booming art economy. The top lot was Jackson Pollock's Number 7A, 1948, sold for $181.2 million from the private collection of S.I. Newhouse. Auctioneer Adrien Meyer presided. Meanwhile, Sotheby's in London achieved a 100% sell-through rate in March, earning 'white gloves'. Despite these successes, gallerists report deep pessimism, struggling to engage collectors who require elaborate events from lunches to breakfasts. The post satirically contrasts the market's highs with the difficulties of selling art, noting that gallery costs for hospitality now exceed rent.
Key facts
- Christie's New York auction achieved $1.1 billion, a new record.
- Jackson Pollock's Number 7A, 1948 sold for $181.2 million.
- The painting came from the private collection of S.I. Newhouse.
- Auctioneer Adrien Meyer handled the sale.
- Sotheby's London sold 100% of lots in March, earning 'white gloves'.
- Gallerists express pessimism about engaging collectors.
- Galleries now spend more on hospitality events than on rent.
- The post is a satirical commentary on the art market.
Entities
Artists
- Constantin Brâncuși
- Jackson Pollock
- Francis Bacon
- Adrien Meyer
Institutions
- Christie's
- Sotheby's
- Collezione da Tiffany
Locations
- New York
- United States
- London
- United Kingdom