TOTAL SALES
Evening Sales
Day Sales
IMPRESSIONIST AND MODERN ART NEW YORK, NOVEMBER 2013
$ 57,615,875
$ 56,880,125
$ 290,244,000
$ 236,832,000
SOTHEBY'S
CHRISTIE'S
*Christie's totals include Jean Krugier special sale
TOTAL LOTS AVAILABLE & BI RATE
450
27%
19%
350
30%
25%
19%
400
25%
72
300
20%
81
250
15%
200
150
100
50
311
10%
243
29
79
12
52
5%
0
0%
CHRISTIE'S
EVENING
CHRISTIE'S DAY SOTHEBY'S
EVENING
LOTS SOLD
SOTHEBY'S
DAY
UNSOLD LOTS
BI RATE
The Impressionist and Modern Art markets showed strong sales during the very
expected fall auctions. The total amount sold was $641,572,000 USD; 34%
above last May’s auctions and 60% above last November’s sales. In general
Christie’s results fell below expectations, several important artworks failed to sell,
their most important Picasso (Le peintre et son modèle dans un paysage, 1963)
was a BI. Christie’s had a special sale dedicated to the artworks of the dealer and
collector Jean Krugier, the 128 lots sold achieved a total of $113,732,024 USD.
Sotheby’s offered 14 museum-quality works created between 1910-30 (Futur!
Masterworks of the Avant-Garde Collection), most of them achieved above
estimate prices. Other highlights included two important Picasso’s and a
sculpture from Giacometti, all of them sold above their high estimate.
In general, the unsold rate of 22% was in line with the market’s average, in total
879 artworks were offered for sale and 685 found buyers. The market displayed a
robust top sector, 102 lots (15% of the total) were sold above a million dollars
and from these 9 surpassed the ten million threshold. The top ten artworks sold
represent the 38% of the total sales, reflecting an important weight of “trophy
artworks” in these markets. The auction market offered artworks from 172
different artists, however 34% of the lots available corresponded to only 10
artists. Artworks by Picasso represented 9% of the lots, followed by blue-chip
artists like Matisse, Dufy, Moore, Renoir, Chagall, etc. ARTISTS WITH MORE LOTS
OFFERED
PRICE DISTRIBUTION OF SOLD LOTS
Matisse
3%
36%
40%
Picasso
9%
25%
20%
14%
15%
161 Other
Artists
66%
10%
10%
$50,000 $100,000
$100,000 $500,000
524
478.6
401.4
Rodin
2%
Giacometti
2%
0%
< $50,000
641.6
Buffet
2%
1.3%
5%
Moore
3%
Chagall
3%
Boudin
2%
22%
17%
Dufy
3%
Renoir
3%
35%
30%
TOTAL SOLD
Miró
2%
$500,000 - $1,000,000 >
$1,000,000 $10,000,000 $10,000,000
May '12Nov. '12May '13Nov. '13
10 TOP LOTS SOLD
AVERAGE PRICE
MEDIAN PRICE
Title
Estimates
1 Alberto Giacometti
Grande tête mince (grande tête de
Diego)
35,000,000 - 50,000,000
$ 50,005,000 Sotheby's
2 Pablo Picasso
Tête de femme
20,000,000 - 30,000,000
$ 39,925,000 Sotheby's
$ 3,500,000
3 Alberto Giacometti
Diego en chemise écossaise
30,000,000 - 50,000,000
$ 32,645,000 Christie's
$ 3,000,000
4 Pablo Picasso
Mousquetaire à la pipe
12,000,000 - 18,000,000
$ 30,965,000 Sotheby's
$ 2,500,000
5 Pablo Picasso
Claude et Paloma
9,000,000 - 12,000,000
$ 28,165,000 Christie's
6 Claude Monet
Glaçons, effet blanc
9,000,000 - 14,000,000
$ 16,125,000 Sotheby's
7 Wassily Kandinsky
Schwarz und violett
4,500,000 - 7,500,000
$ 12,597,000 Christie's
8 Pablo Picasso
Femme au béret orange et au col de
8,000,000 - 12,000,000
fourrure (Marie-Thérèse)
9 Giacomo Balla
Automobile in corsa
12,000,000 - 18,000,000
$ 11,477,000 Sotheby's
Guitare sur une table
10,000,000 - 15,000,000
$
$ 4,500,000
$ 4,023,481
$ 4,000,000
$ 1,865,000
$ 2,000,000
$ 1,500,000
$ 936,349
$ 1,000,000
$ 500,000
Artist
$ 149,000
$ 206,359
$ 112,500
$ 0
ALL SALES
EVENING SALES
DAY SALES
10 Juan Gris
*All prices are in USD
Sale Price
Venue
$ 12,149,000 Christie's
9,125,000 Christie's
TOTAL SALES
$ 90,785,375
Evening Sales
$ 691,583,000
$ 380,642,000
$ 12,651,400
TOTAL LOTS AVAILABLE & BI RATE
LOTS SOLD
UNSOLD LOTS
BI RATE
500
26%
25%
76
350
20%
17%
300
15%
54
362
296
150
50
20%
11%
10%
200
100
17%
7
7
63
54
10%
151
7
35
0
CHRISTIE'S CHRISTIE'S SOTHEBY'S SOTHEBY'S
EVENING
DAY
EVENING
DAY
5%
0%
PHILLIPS
EVENING
PHILLIPS
DAY
PRICE DISTRIBUTION OF LOTS SOLD
ARTISTS WITH MORE LOTS OFFERED
36%
40%
35%
Warhol
6%
30%
25%
20%
20%
20%
Million USD
Calder
5%
Kusama
3%
8%
10%
2.7%
5%
$50,000 $100,000
$100,000 $500,000
$500,000 - $1,000,000 >
$1,000,000 $10,000,000 $10,000,000
Rauschenberg
1%
AVERAGE PRICE
MEDIAN PRICE
Estimates
Three Studies of Lucian Freud
Request estimate
$
142,405,000 Christie's
2
Andy Warhol
Silver Car Crash (Double Disaster) Request estimate
$
105,445,000 Sotheby's
3
Jeff Koons
Balloon Dog (Orange)
35,000,000 - 55,000,000
$
58,405,000 Christie's
4
Andy Warhol
Coca-Cola [3]
40,000,000 - 60,000,000
$
57,285,000 Christie's
5
Mark Rothko
No 11 (Untitled)
25,000,000 - 35,000,000
$
46,085,000 Christie's
6
Jackson Pollock
Number 16, 1949
25,000,000 - 35,000,000
$
32,645,000 Christie's
7
Willem De Kooning
Untitled Viii
20,000,000 - 30,000,000
$
32,085,000 Christie's
$ 243,600
$ 112,500
8
Roy Lichtenstein
Seductive Girl
22,000,000 - 28,000,000
$
31,525,000 Christie's
9
Jean-Michel Basquiat Untitled
25,000,000 - 35,000,000
$
29,285,000 Christie's
DAY SALES
10
Gerhard Richter
15,000,000 - 20,000,000
$
26,485,000 Sotheby's
$ 4,000,000
$ 2,405,000
$ 1,391,585
$ 149,000
$ 0
ALL SALES
EVENING SALES
10 TOP LOTS SOLD
Title
$ 5,000,000
$ 1,000,000
742 Artist
$ 6,000,000
$ 2,000,000
1,109 Francis Bacon
$ 7,000,000
$ 3,000,000
1,052 1
$ 7,501,584
$ 8,000,000
1,337 de Kooning
1%
Muniz
1%
288 Other
Artists
75%
0%
< $50,000
Twombly
2%
Basquiat
2%
Chamberlain
2%
Dubuffet
2%
13%
15%
TOTAL SALES
May
'12
250
30%
75
450
An impressive total of 1,337,313,150 USD was sold during the Post-War and
Contemporary week at New York. The total was 21% above last May’s auctions
and 27% above last November’s. Technically, two things made this result possible,
the large number of lots offered by the auction houses and the very high prices
achieved by the top-tier artworks. From the total lots sold, 154 achieved prices
above a million dollars, from these 26 were prices above ten million and 4
surpassed the fifty million threshold. As expected, 20 price records were
established, the most important being Francis Bacon’s Three Studies of Lucian
Freud (142.4 million USD) and Warhol’s Silver Car Crash (105.4 million USD). The
top ten lots represent 42% of the total sales, confirming the importance of the
“trophy artworks”. The average Bought-In (BI) rate was 23%, an unsurprising number for the market.
However, it is worth remarking the low BI rate of the evening sales at 10-11%. In
total 1,250 artworks were offered and 961 found buyers. The offer was very well
diversified, lots from 298 different artists were offered and 10 blue-chip artists
represented 25% of the offer by lots (headed by Warhol with 47 lots, Calder with 42
and Kusama with 25). The results indicate that the art demand continues to shift from Impressionist and
Modern art to Post-War and Contemporary. The very high prices achieved can be
seen as a result of the economic and financial environment that has prevailed in the
last couple of years, in general buyers have had the necessary liquidity to push
prices up. Nov.
'13
PHILLIPS
May
'13
CHRISTIE'S
Nov.
'12
$ 68,015,750
SOTHEBY'S
400
POST-WAR & CONTEMPORARY ART NEW YORK, NOVEMBER 2013
Day Sales
$ 93,635,625
*All prices are in USD
A.B. Courbet
Sale Price
Venue