Contemporary Art Auctions New York March 2009






Chelsea Art Galleries


Contemporary Art Auctions
New York, March 2009

New York, NY – March 12, 2009

Chelseaartgalleries.com announced today that the sales for the contemporary art auctions in New York, March 9-11th, totaled $6.4 million ($8 million including premium), 30% below the low end estimate. The auction results were down 70% from last year’s total of $22.7 million, partly because fewer lots were for sale (599 lots versus 1,101 lots in 2008).

Of the 20 highest grossing artists in 2008, only four reappeared in the top-20 list this year: Romare Bearden, Alexander Calder, Sam Francis, and Andy Warhol.

Market Trends

The auction results from the last few years indicate that the market peaked in May 2008, though the rate of growth already at that time had slowed significantly. For instance, the May auctions in New York in 2008 grew 10% compared to May 2007, while the prior November auction in 2007 grew 67% from November 2006.

The year-over-year sales decline for the March auctions is in line with the London auctions last month (down 80% from 2008), and the New York auctions in November 2008 (down 64% from 2007), and signals no shift in the current market. However, the upcoming May auctions will provide an important test of the market, as they are 30-40 times bigger than March auctions, and also directly correlate the current financial climate with the peak of the market in May 2008.

New York, March 9th – 11th, 2009

For detailed information, please follow the links below.

Monday March 9 Phillips De Pury Under the Influence $1,300,500 197 lots
Tuesday March 10 Sotheby’s Contemporary $2,659,300 248 lots
Wednesday March 11 Christie’s First Open Post-War And Contemporary Art $2,428,800 154 lots
Results excluding premium

Sales total was $6,388,600 ($7,956,063 including premium) a result 29.4% ($2,659,400) below low end estimate.

Of the 599 lots, 69 lots (11.5%) were sold above high estimate, 169 lots (28.2%) were sold below low estimate, 128 lots (21.4%) were sold within the estimated range, and 233 lots (38.9%) remained unsold (or were withdrawn before the auction).

Perspective

The following performance charts for the two preceding contemporary art auction in New York, in March 2008 and in November 2008, are provided as reference.

Performance


Outliers

To allow a comparison between winning bid and auction house estimates, the amounts below do not include buyer’s premium, unless explicitly stated.

HIGHEST GROSSING ARTISTS

1 Alexander Calder $400,000 11 lots
2 Tom Wesselmann $207,500 4 lots
3 Andy Warhol $175,500 11 lots
4 Kelley Walker $162,000 2 lots
5 George Rodrigue $161,000 2 lots
6 Sam Francis $142,000 8 lots
7 Yaacov Agam $130,000 2 lots
8 Damien Hirst $115,000 2 lots
9 Georges Mathieu $110,000 1 lots
10 Mark Handforth $95,000 1 lots
11 Leon Golub $94,000 4 lots
12 Romare Bearden $93,000 2 lots
13 Joseph Cornell $92,000 2 lots
14 Alex Katz $90,000 5 lots
15 Robert Longo $90,000 1 lots
16 Richard Anuszkiewicz $87,000 4 lots
17 Paterson Ewen $80,000 1 lots
18 Raymond Pettibon $79,500 5 lots
19 Alice Neel $75,000 1 lots
20 Jules Olitski $75,000 1 lots
The arrow indicates if the artist’s position within the list moved up or down since the auctions in March 2008. The following artist fell off the top-20 list: Keith Haring, Sean Scully, Arman, Victor Vasarely, Shahzia Sikander, Andreas Gursky, Robert Smithson, David Smith, Sol LeWitt, George Condo, Zao Wou-Ki, Albert Oehlen, Mike Kelley, Mike Bidlo, Louise Nevelson, Christo.
HIGHEST GROSSING LOTS

1 Sotheby’s Contemporary
George Rodrigue Lot: 251 $140,000
2 Christie’s First Open Post-War And Contemporary Art
Tom Wesselmann Lot: 91 $120,000
3 Phillips De Pury Under the Influence
Kelley Walker Lot: 22 $120,000
4 Sotheby’s Contemporary
Georges Mathieu Lot: 56 $110,000
5 Christie’s First Open Post-War And Contemporary Art
Yaacov Agam Lot: 50 $100,000
6 Phillips De Pury Under the Influence
Mark Handforth Lot: 24 $95,000
7 Christie’s First Open Post-War And Contemporary Art
Robert Longo Lot: 42 $90,000
8 Phillips De Pury Under the Influence
Paterson Ewen Lot: 181 $80,000
9 Christie’s First Open Post-War And Contemporary Art
Alice Neel Lot: 74 $75,000
10 Christie’s First Open Post-War And Contemporary Art
Jules Olitski Lot: 60 $75,000
11 Christie’s First Open Post-War And Contemporary Art
Tom Wesselmann Lot: 45 $70,000
12 Christie’s First Open Post-War And Contemporary Art
Joseph Cornell Lot: 63 $70,000
HIGHEST ESTIMATED LOTS

1 Phillips De Pury Under the Influence
Albert Oehlen Lot: 37 $100,000 – $150,000 unsold/withdrawn
2 Sotheby’s Contemporary
Stephan Balkenhol Lot: 165 $100,000 – $150,000 unsold/withdrawn
3 Sotheby’s Contemporary
Karen Kilimnik Lot: 185 $100,000 – $150,000 unsold/withdrawn
4 Phillips De Pury Under the Influence
Ed Ruscha Lot: 117 $80,000 – $120,000 unsold/withdrawn
5 Christie’s First Open Post-War And Contemporary Art
Tom Wesselmann Lot: 91 $80,000 – $120,000 $120,000 $40,000 above low estimate
6 Christie’s First Open Post-War And Contemporary Art
Joseph Cornell Lot: 63 $80,000 – $120,000 $70,000 $10,000 below low estimate
7 Phillips De Pury Under the Influence
Kelley Walker Lot: 22 $80,000 – $120,000 $120,000 $40,000 above low estimate
8 Christie’s First Open Post-War And Contemporary Art
Alice Neel Lot: 74 $80,000 – $120,000 $75,000 $5,000 below low estimate
9 Phillips De Pury Under the Influence
Paterson Ewen Lot: 181 $70,000 – $90,000 $80,000 $10,000 above low estimate
10 Phillips De Pury Under the Influence
George Condo Lot: 36 $60,000 – $80,000 unsold/withdrawn
11 Christie’s First Open Post-War And Contemporary Art
Joel Shapiro Lot: 90 $60,000 – $80,000 unsold/withdrawn
12 Sotheby’s Contemporary
Albert Oehlen Lot: 229 $60,000 – $80,000 $45,000 $15,000 below low estimate
13 Phillips De Pury Under the Influence
Thomas Ruff Lot: 59 $60,000 – $80,000 $45,000 $15,000 below low estimate
14 Sotheby’s Contemporary
Romare Bearden Lot: 101 $60,000 – $80,000 $60,000 exactly at low estimate
15 Phillips De Pury Under the Influence
Mark Handforth Lot: 24 $60,000 – $80,000 $95,000 $15,000 above high estimate
BIGGEST SURPRISE LOTS

1 Sotheby’s Contemporary
José Parlá Lot: 236 $8,000 – $12,000 $41,000 3.42 times high estimate
2 Sotheby’s Contemporary
Leon Golub Lot: 75 $5,000 – $7,000 $23,000 3.29 times high estimate
3 Sotheby’s Contemporary
Joseph Glasco Lot: 29 $5,000 – $7,000 $22,000 3.14 times high estimate
4 Christie’s First Open Post-War And Contemporary Art
Jules Olitski Lot: 60 $18,000 – $25,000 $75,000 3.00 times high estimate
5 Phillips De Pury Under the Influence
Raymond Pettibon Lot: 5 $10,000 – $15,000 $36,000 2.40 times high estimate
6 Sotheby’s Contemporary
George Rodrigue Lot: 251 $30,000 – $60,000 $140,000 2.33 times high estimate
7 Sotheby’s Contemporary
Anselm Kiefer Lot: 184 $5,000 – $7,000 $16,000 2.29 times high estimate
8 Christie’s First Open Post-War And Contemporary Art
Paul Jenkins Lot: 82 $5,000 – $7,000 $15,000 2.14 times high estimate
BIGGEST SURPRISE ARTISTS

1 George Rodrigue 2 lots $55,000 – $95,000 $161,000 1.7 times high estimate

Based on total sales for artist of more than $10,000 and more than 50% above high end estimate.

For last year’s results, please see Contemporary Art Auctions in New York, March 2008.



© 2005-2009 chelseaartgalleries.com


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Stampfli & Turci Art Dealers – Espaces Arts & Objets

~ by Stampfli & Turci on March 13, 2009.

One Response to “Contemporary Art Auctions New York March 2009”

  1. […] View post:  Contemporary Art Auctions New York March 2009 « Espaces Arts & Objets […]

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