David Hockney painting, L’Arbois, Sainte-Maxime (1968), made $17.2 million at Sotheby’s after stunning bids, helping the auction house realize $49.2 million in a significant moment in the current art market. 

BY ARTCENTRON NEWS

In a thrilling evening at Sotheby’s, a coveted David Hockney artwork from the 1960s became the highlight of the contemporary art auction, driving home a total of £37.6 million ($49.2 million). This figure surpassed pre-sale estimates of £34 million to £47.5 million ($44.4 million to $62 million) for the auction, marking a significant moment in the current art market. A total of 22 lots were available, with prices including the buyer’s premium; estimates did not.

David Hockney Painting Fetches $17.2 Million

The star piece, Hockney’s L’Arbois, Sainte-Maxime (1968). The painting captures the essence of the South of France in the 1960s. Measuring 113 by 153 cm (44 by 60 in), this work pays tribute to the region. It was inspired by a photograph Hockney took during a vacation with his model and partner, Peter Schlesinger. It stands out in post-war art for its blend of photography, painting, and drawing. Hockney’s meticulous craftsmanship shines through in this piece. It fetched an impressive £13.2 million ($17.2 million). It exceeded its estimate of £7 million to £10 million ($9.1 million–$13 million). Competitive bidding for this iconic piece reflected a strong appetite for high-quality art, even amidst market fluctuations. The painting’s impeccable provenance was also key to the auction price.

William de Kooning’s Untitled work also made waves, securing the second highest price of the night at £2.9 million ($3.8 million). This price was slightly above its estimate of £3 million to £4 million. Meanwhile, a provocative Banksy piece—a Union Jack flag bullet-proof vest—generated excitement, selling for £780,000 ($1.02 million). It exceeded its presale estimate of £200,000 to £300,000.

Absence of Emerging Artists

Notably absent from the auction were emerging artists, often showcased in Sotheby’s previous The Now sales. Instead, established names like Cecily Brown appeared in the lineup. Her piece Satan’s Waitin (2008) achieved £640,000 (£768,000 with fees).

“The Frieze art fair offers plenty for those interested in younger talent,” remarked Alex Branczik, Sotheby’s Chairman for Modern and Contemporary Art. “During tighter market conditions, collectors tend to seek the security of blue-chip art.”

Bidders hailed predominantly from the EMEA region, making up nearly half of the participants. There were also notable contributions from buyers in the US and Asia. Anselm Kiefer’s Der Morgenthau Plan (2014) found a new home with an Indian buyer, selling for £850,000 hammer, surpassing its estimate of £600,000 to £800,000.

However, it wasn’t a stellar night for all. Works by Hurvin Anderson and Yoshitomo Nara failed to sell. Anderson’s After a Road to Rome II has an (est. £600,000 to £800,000) and Nara’s Broken Heart Bench (est. £2.5 million to £3.5 million) both left without bids.

Despite some setbacks, the auction achieved an average of £2 million per lot, the highest in a decade. The auction result demonstrates that a focused selection can yield impressive results in a competitive landscape. As the art market continues to navigate changes, events like this reaffirm the ongoing demand for quality pieces.