Jean-Michel Basquiat 1960 -1988, Untitled (1981). Oilstick on paper 50 ¼ by 63 ⅞ in. Led strong results for Main Evening contemporary art auction

New York’s latest contemporary art auction at Sotheby’s: Price analysis and insights into the global art market.

BY KAZEEM ADELEKE, ARTCENTRON

Sotheby’s in New York recently concluded a significant contemporary art auction. The three-part event achieved $186.1 million, including buyer’s premiums. This total surpassed the low estimate of $141.6 million. However, it did not reach the $234.6 million realized in May 2023. This outcome reflects a shifting dynamic within the global art market.

Key White-Glove Sales Highlight Quality

Two notable “white-glove” sales occurred. This term signifies the sale of every single lot. These sales underscore the high quality and careful curation of the offered works. The first selection featured twelve pieces. These artworks originated from the estate of Barbara Gladstone. She was a highly influential gallery director. The second sale, “Im Spazio: The Collection of Daniella Luxembourg,” presented fifteen works. Daniella Luxembourg is a respected art dealer. She is known for her refined taste and deep historical knowledge.

Sotheby’s Contemporary Art Auction

Barbara Gladstone’s Collection

The Barbara Gladstone collection achieved $18.5 million. This exceeded its $17.2 million high estimate. Richard Prince’s Man Crazy Nurse (2002–03) was a leading piece. Despite a $4–6 million estimate, it hammered at $3.5 million ($3.96 million with premiums). Prices for such works previously exceeded $10 million. This illustrates the current market recalibration. Prince’s Are You Kidding (1988) also performed well. It sold within estimates at $3.5 million. Carroll Dunham’s Bathers Seventeen (Black Hole) (2011–2012) set a new artist record at $600,000. Works by Alighiero Boetti, Raymond Pettibon, and Thomas Schütte saw active bidding. Andy Warhol’s Flowers (1964) doubled its high estimate. It reached $3.8 million with fees, indicating ongoing demand for significant Warhol pieces.

Daniella Luxembourg’s “Im Spazio“

The “Im Spazio” collection realized a robust $40.4 million. This was near its $41.1 million high presale estimate. Lucio Fontana’s “Concetto spaziale, La fine di Dio” (1963) was the star lot. This key work from his pierced oval series fetched $14.5 million. This was within its $12–18 million estimate. Michelangelo Pistoletto’s Maria nuda (1969) sparked intense bidding. The mirror painting opened at $500,000. Competition drove the final price to $3.4 million with fees. Claudia Dweck of Sotheby’s was the successful bidder. Mattia de Luca, a private dealer, noted the resilience of high-quality works. The Luxembourg sale supported this observation, showing consistent performance for historically important and well-estimated pieces.

“The Now” Auction: Ultra-Contemporary Artists in Focus

Sotheby’s “The Now” sale highlighted emerging ultra-contemporary artists. While this market segment has cooled, some artists remain highly desirable. Danielle Mckinney’s 2023 painting Stand Still significantly exceeded expectations. Estimated at $40,000–$60,000, it achieved $279,400. This confirms McKinney’s rapid market ascent. Her work also saw strong bidding at Christie’s, indicating collector interest in new artistic narratives.

The main Contemporary Art Evening Auction contributed $127 million to the total. Jean-Michel Basquiat’s 1981 work on paper was the top lot. It hammered at $13.7 million ($16.4 million with premiums) after strong bidding. This result aligns with Basquiat’s strong market performance seen earlier in the week. However, Frank Stella’s Adelante (1964) underperformed. It reached $7 million with premiums against a $10 million estimate. This suggests buyer selectivity, even for established artists.

Dorothy and Roy Lichtenstein Collection: Celebrating Pop Art

A curated selection from Dorothy and Roy Lichtenstein’s collection generated $29 million. This surpassed its $25 million high estimate. Woman: Sunlight; Moonlight (1996) was a highlight, selling for $4.9 million. The collection demonstrated the enduring market strength of Lichtenstein’s work, especially pieces with strong provenance and fresh market appeal.

Despite the solid total and numerous white-glove sales, the overall market atmosphere indicated buyer caution. Many lots sold within or at the lower end of their estimates. Several key pieces barely reached their reserve prices. Collectors show hesitancy towards inflated prices and emerging market volatility. The $186.1 million total represents a balanced market. There is confidence in quality. However, there is also wariness regarding aggressive pricing.

Looking Ahead: London Auctions and Art Basel

The week concludes with day sales. However, major auctions in London and Art Basel in Switzerland are upcoming in June. These events will further indicate market momentum across different regions and sale formats. Collectors, institutions, and advisors will closely monitor pricing, bidder engagement, and performance in various art categories.