In the last few weeks, London city has proved to be the European capital of the art market. With sales dedicated to the modern and impressionist sector, Sotheby’s and Christie’s have confirmed the good state of the market. Indeed, the “Impressionist and Modern Art Evening Sale” held on 24th June fetched 144 million pounds (284 million dollars), achieving the highest total for a European auction and giving “Le bassin aux nymphèas” by Claude Monet the new world record for the artist, selling the piece for 41 million pounds. This sale at Christie’s started off the joust of the last wave of important auctions for this first semester of 2008. Afterwards, Sotheby’s Evening Sale was held, in which modern and impressionist art achieved 102 million pounds. Even on this occasion the success of the auction seemed anticipated, thanks to the works presented to the saleroom public. Among these, one that aroused surprise was definitely “Danseuse” by Gino Severini, which from an estimate included between 7 and 10 million pounds, sold for 15,049,250 pounds: new world record for the artist. Now thanks to this masterpiece devolved by Sotheby’s, the new top-price has been reached and this could affect the Italian author’s quotations in the next months.
In a period when we are still waiting for the signs of a crisis of the art market, Christie’s and Sotheby’s have made the right choice, that is to present works of undisputed quality executed by the greatest names of the history of art. A very wise strategy that should be followed also by collectors, as important works are not subjected to devaluations and even if the market for them may slow down, it will definitely never come to a halt.
After the great performances of the modern and impressionist sector, on the London market there have been surprising auctions dedicated to contemporary art, sales that have reached quite significant exploits. All began with the session of Phillips de Pury & Co. on 29th June, a mediocre auction, given the result of only 24,483,000 pounds, which however housed also many masterpieces by the greatest celebrities of the contemporary art system. As everyone expected, the top-price was “Untitled” by Willem de Kooning which, from an estimate of 1,500,000-2,500,000 pounds, sold for 3.513,250 pounds. If this oil executed in 1984 achieved an excellent result, other works left unsold disappointed the expectations of economists: “Bunk House” by Paul McCarthy (estimate 1,500,000 – 2,000,000 pounds) and “Amnesia and Memory (One Week)” by Chinese superstar Xang Xiaogang (estimate 1,000,000 – 1,500,000 pounds).
After the auction held by Phillips, on 30th June the spotlights were lit on Christie’s Contemporary Evening Sale, a sale that stirred up a few considerations about a very strained market, which with controversial results has been able even to assign high quotations for some artists. The total amount achieved was 86.2 million pounds and coincides with the highest achieved until now by a sale of post-war period art in an auction by Christie’s in Europe. Eighteen works were sold for more than 1 million pounds (30 for more than 1 million dollars), and with regard to the buyers, 42% came from Europe, 48% from America and 8% from Asia.
The top lot was “Three Studies for a Self Potrait” by Francis Bacon, a triptych of rare beauty that the artist painted while he was staying in Paris in 1975, which sold for 17,289,250 pounds. But during the auction 9 world records were set: Antonio Lopez, Michael Andrew, Gilbert & George, Syed Haider Raza, Kara Mamma Andersson, Yan Pei-Ming and Jeff Koons. The latter was one of the protagonists of the Evening Sale thanks to the work “Ballon Flower Magenta”, a sculpture sold for 12,9 million pounds: new record for a piece by this author at auction. While “Naked Portrait with Reflections” by Lucian Freud sold for 11.8 million pounds (second top-price for this artist).
Unfortunately, these extraordinary weeks of sales ended with the Contemporary Evening Sale at Sotheby’s on 1st July, which collected 94.7 million pounds, against a pre-sale prevision estimated between 67.4 – 96.6 million pounds. An absolute total record for a summer auction in London. This has proven how, with regard to contemporary art, Sotheby’s has been able to beat Christie’s by more than 15 million pounds of takings. Excellent results for Italian artists: an Alberto Burri from 1965 sold for 1,272,250 pounds, a Lucio Fontana for 1,945,250 pounds, but good results also for Piero Manzoni, Alighiero Boetti and Domenico Gnoli. But on this occasion English and American art was the leader of the sector. The painting “Study for Head of George Dyer” by Francis Bacon was sold for 13,761,250 pounds, beating by 8 million Sotheby’s estimate. An Yves Klein achieved 4.1 million pounds, “Overseas Nurse” by Richard Prince sold for 4,242,250 pounds and a Jean Michel Basquiat, owned by U2, sold for 5,081,250 pounds.
These last three London auctions show how in the last years the most generous sectors of the art market have been those selling works of contemporary art, a real novelty for the market, which in the past was only used to the high prices of the impressionists. A market, the contemporary one, that is still proving to be in good state for the first semester of 2008. Now we can only wait for the autumn season of auctions to understand clearly what the future holds for us. (translated by Giorgina Arcuri)