New York Auction Season: Record Sales and Market Correction
The 'Bound to Fail' auction hosted by Christie's in New York garnered $78.1 million, achieving a remarkable 97% sell-through rate. A record for Maurizio Cattelan was set when his piece 'Hitler' sold for $17.2 million, while Jeff Koons' 'One Ball Total Equilibrium Tank' brought in $15.3 million. Several artists, including Jean-Michel Basquiat, also reached new heights, with his 1982 self-portrait selling for $57.3 million. Meanwhile, Sotheby's Evening Sale recorded a 95.4% sell-through rate, highlighted by Cy Twombly's 'New York City' at $36.7 million. Overall, results fell short compared to last year due to market conditions, though Italian artists like Cattelan and Pivi excelled. Upcoming auctions in Milan will feature Sotheby's and others.
Key facts
- Christie's 'Bound to Fail' auction totaled $78.1 million with 97% sold.
- Maurizio Cattelan's 'Hitler' sold for $17.2 million, a record for the artist.
- Jeff Koons' 'One Ball Total Equilibrium Tank' sold for $15.3 million.
- Jean-Michel Basquiat's 1982 self-portrait sold for $57.3 million at Christie's Evening Sale.
- Sotheby's Evening Sale achieved 95.4% sell-through, with Cy Twombly's 'New York City' at $36.7 million.
- Overall results were lower than the same period in 2015, when Picasso's 'Les femmes d'Alger' sold for $179.4 million.
- Italian artists including Cattelan, Pivi, Stingel, Burri, and Fontana performed well.
- Upcoming auctions in Milan include Sotheby's, Wannenes, Il Ponte, and Dorotheum.
Entities
Artists
- Maurizio Cattelan
- Jeff Koons
- Paola Pivi
- Neil Jenney
- Olivier Mosset
- Daniel Buren
- Rebecca Horn
- John Armleder
- Richard Prince
- Bruce Nauman
- Jean-Michel Basquiat
- Agnes Martin
- Mike Kelley
- Kerry James Marshall
- Barry X Ball
- Mark Rothko
- Christopher Wool
- Clyfford Still
- Cy Twombly
- Francis Bacon
- Sam Francis
- Pablo Picasso
- Alberto Giacometti
- Rudolf Stingel
- Alberto Burri
- Lucio Fontana
Institutions
- Christie's
- Sotheby's
- Phillips
- Galerie Gmurzynska
- Finarte
- Wannenes
- Il Ponte
- Dorotheum
Locations
- New York
- United States
- Zurich
- Switzerland
- Milan
- Italy