Nationalist buying patterns dominate New York art auctions in 2001
From November 13 to 15, 2001, in New York, sales of modern and contemporary art surpassed forecasts, with 70% of significant lots being sold. Sotheby's auction of the Douglas S. Cramer collection, which had a guarantee of $20 million, realized $20.748 million, achieving a perfect sell-through rate due to Cramer's reputation as a television producer. While American buyers were quite active, many European collectors opted not to participate. Notable record sales included Roy Lichtenstein's 1963 artwork fetching $4 million and Jasper Johns' 1986 drawing selling for $2.5 million. German artists faced challenges, with works by Gerhard Richter remaining unsold, although Andreas Gursky's photograph Paris, Montparnasse set a record at Christie's on November 15, selling for $600,000.
Key facts
- Sales held November 13–15, 2001 in New York.
- 70% of major lots sold.
- Douglas S. Cramer collection sold at Sotheby's for $20.748 million with 100% sell-through.
- Sotheby's guaranteed $20 million for the Cramer collection.
- Jasper Johns drawing sold for $2.5 million (estimate $1 million).
- Ellsworth Kelly painting sold for $1.435 million (estimate $900,000).
- Roy Lichtenstein painting sold for $4 million (estimate $1.5 million).
- Andreas Gursky photograph sold for $600,000 at Christie's, a record.
- Gerhard Richter works unsold.
- European buyers largely absent.
Entities
Artists
- Roy Lichtenstein
- Jasper Johns
- Ellsworth Kelly
- Gerhard Richter
- Andreas Gursky
- Douglas S. Cramer
Institutions
- Sotheby's
- Christie's
Locations
- New York
- United States
- Paris
- Montparnasse
Sources
- artpress —