New York is buzzing with excitement as art auctions take center stage this week and next, aiming to rake in a whopping $2.5 billion. It’s like a star-studded event, with eye-catching artworks, but here’s the deal: it’s not off to a flying start.
New York Art Auctions: Collectors Play It Safe
Picture this: even the super-rich art collectors are playing it safe. They’re being choosy about where they spend their cash. Instead of going all-in, they’re cautiously dipping their toes into the art market.
New York Art Auctions: The “Not So Buzzy” Tuesday
Let’s talk numbers. On Tuesday, one painting from Cy Twombly’s Bacchus series went under the hammer for a hefty $19.9 million. Impressive, right? But, here’s the catch: it was at the lower end of what experts thought it would sell for. And that’s not all. A 1981 masterpiece by Jean-Michel Basquiat found a new home for $11.9 million at Christie’s. Again, a bit shy of the expected range.
Remember that Christie’s auction of 21st-century art? It had 41 incredible pieces. But, it made about $88.4 million, missing the low-end estimate of $93 million. However, if you add in all the extra fees, the total climbs to about $107.5 million. On the bright side, almost 95% of the artworks found new owners.
But don’t lose hope just yet. Sotheby’s is stepping up to the plate on Wednesday night. They’re auctioning a Pablo Picasso painting from 1932, and it’s a star from Emily Fisher Landau’s art collection. The price tag before the auction? A jaw-dropping $120 million. That’s one pricey painting! If everything goes according to plan, the entire 31-piece collection could bring in a staggering $344 million to $400 million.
Fall Art Fairs and Auctions
These auctions are just part of a bigger picture. It all started in September with the New York Armory Show, then took a hop across the pond to London with not one, but two Frieze art fairs and a bunch of auctions. After that, it was bonjour to Paris. But guess what? The results were all over the place. It’s like trying to read a book with blurry glasses; you can’t quite make out the story.
Cézanne’s Three Masterpieces
Hold your breath because there’s more art to come. On Thursday, Christie’s is going to auction three paintings by a French artist, Paul Cézanne. Here’s the twist: these artworks are up for sale by the Museum Langmatt in Baden, Switzerland, and it’s not for fun. It’s out of financial necessity. One of these paintings is expected to fetch a whopping $35 million to $55 million.
So, as these New York art auctions continue, it’s like a rollercoaster ride. Will collectors loosen their purse strings, or will they keep their wallets snug? It’s a high-stakes game, and the art world is watching with bated breath. The masterpiece drama unfolds, one auction at a time.