Post-9/11 Art Market: New York Sales Face Uncertainty
The art market began to show early signs of recession around the time of the September 11 attacks, despite robust sales in June. Auction houses in New York, which account for 50% of Sotheby's and Christie's revenue, were forced to close and delay sales, although uptown venues only experienced communication issues. Following the attacks, several contemporary art deals were finalized in New York. Christie's auctions in London and Amsterdam reported an 80% sales rate. Dealer Christophe Van de Wegh anticipated a shift toward safer art investments, cautioning that November projections might be overly optimistic. Phillips CEO Simon de Pury confirmed scheduled sales for November, including the November 5 Smooke collection (80 works, over $100 million), Christie's November 6 Gaffé collection (estimated at $40 million), and Sotheby's November 14 Cramer collection (estimated between $15-22 million).
Key facts
- New York is the global art market center; Sotheby's and Christie's generate 50% of revenue there.
- 9/11 attacks occurred as recession signs emerged, despite strong June sales from Paris to Basel.
- Auction houses uptown had no material damage but closed and postponed sales.
- Christie's held sales in London and Amsterdam the week of attacks, achieving 80% sold rates.
- Dealer Christophe Van de Wegh predicted shift from stocks to art, especially Warhol works.
- Phillips' November 5 sale of Smooke collection estimated over $100 million, with $180 million guarantee.
- Christie's November 6 sale of René Gaffé collection estimated $40 million.
- Sotheby's November 14 Cramer collection estimated $15-22 million.
Entities
Artists
- Andy Warhol
- Constantin Brancusi
- Alberto Giacometti
- Pablo Picasso
- Jasper Johns
- Roy Lichtenstein
Institutions
- Sotheby's
- Christie's
- Phillips
- artpress
Locations
- New York
- United States
- Paris
- France
- Basel
- Switzerland
- London
- United Kingdom
- Amsterdam
- Netherlands
- Hong Kong
- China
- Geneva
Sources
- artpress —