New on Sotheby’s November 2018: Results, Sales, Price Realized
Over half of the proposed lots were protected by guarantees, two directly from the auction house, but above all 33 from third parties, so half of the catalog was actually sold before appearing on the podium.
This growing dependence on guarantees could become problematic in the long run and is subject to strong criticism for its potential price distortion, as it gives an asymmetrical advantage to those who guarantee and participate in the auction.
The positive outcome of the spell was clear from the first 11 lots, all guaranteed by third parties, from the Teiger collection (a part of the collection has already been sold in London in October at the Contemporary auction of Sotheby's), all sold for a total proceeds of $ 48.5 million, above the high estimate of 47.6 million once the commissions have been added.
Leading this section is a large canvas by de Kooning in 1987, which changed hands to 9.3 million from an estimate of $ 7-10 million; similar price, $ 9.1 million, for a large painting by Peter Doig 'House of Pictures' from 2000-2002, from an estimate of 8-12 million.
Stops at $ 6-8 million estimate a composition of Mark Grotjan, awarded $ 7.1 million, while a full-size Jeff Koons 'Bear and Policeman' 1988 sculpture exceeds the high estimate at 6.5 millions of dollars.
Pop Art in its various European and American variations contributed substantially to the evening, in particular with Jean-Michel Basquiat, whose six lots all sold brought a total revenue of $ 50.2 million. Half of the value lies in a composition on two panels of over 3 meters in length and yellow and red tones of 1982, a key year for the success of the artist with his solo exhibition at the Annina Nosei Gallery, known as 'Pollo Frito', which ends up in the hands of the guarantor for 25.7 million dollars, from an estimate on request in excess of 25 million.
It stops at 9.4 million a canvas in collaboration between Basquiat and Warhol of 1985 'Taxi, 45th / Broadway', over the estimate of 6-8 million $. Values beyond the estimates also for the other works of the African-American artist.
Another artwork of the '80s, a painting by David Hockney' Montcalm Interior with 2 Dogs' from 1988 with characteristic acid tones, exceeds the high estimate of 9-12 million to stop at $ 12.7 million.
Also exceeds expectations a second Hockney canvas of 1995, which changes hands to 8.5 million from an estimate of 5-7 million.
On the other hand, a group of African-American artists gives the greatest satisfaction: the 1947 canvas by Jacob Lawrence 'The Businessmen' with four figures representing the condition of discrimination against the black minority in the period after the Great Depression and the World War, has long been disputed up to $ 6.2 million from an estimate of 1.5-2 million and more than double the previous record.
New personal record also for Jack Whitten, recently deceased Afro-American artist, with the abstract composition 'Ancient Mentor I' of 1985 that changes hands to $ 2.2 million from an estimate of 800 thousand - $ 1.2 million.
Record also for the contemporary Henry Taylor with a great figurative composition of 2004 'I'll Put a Spell on You', which touches the million dollars, five times the high estimate of 200 thousand dollars.
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