At Christie’s Post War and Contemporary evening sale last night, the two top works on the block proved to be too expensive, and went unsold with nary a bid. Jean-Michel Basquiat’s Brother Sausage (est. $9,000,000-$12,000,000), and Andy Warhol’s famous Tunafish Disaster (est. $6,000,000-$8,000,000), were both offered by Peter Brant, art collecting magnate and owner of Art in America, Interview Magazine, and The Magazine Antiques.
“Critics and auction house professionals attribute the failure to Brant’s extremely high estimate, rather than the current economy. There is zero tolerance for overpriced or overestimated work now,” said dealer Lucy Mitchell-Innes, president of the Art Dealers Association of America. “The results are in line with the broader market. There is interest in buying, but it is more disciplined.”
Of course no one wants to pay too much for art. While Ugallery is always happy to offer affordable works, we’re continuing in the spirit of savings and are happy to bring you our FALL SPECIAL!! With prices we’re sure would get a lot of bids.
Now through November 29th…Enjoy!
November 2009
2 posts
Alberto Giacometti, “L’Homme Qui Chavire”
It’s November…meaning it’s auction season!! Last season’s auctions produced lackluster results in a deflated economy, but last week proved the opposite! Sotheby’s Impressionist & Modern sale on Wednesday exceeded all expectations, bringing in over $181million in four hours. It was the first time since May 2006, when art markets were flourishing, that an auction at Sotheby’s New York exceeded its high estimate - in this case by almost 10%.
The evening’s top lot, Giacometti’s rare, painted bronze, L’homme qui Chavire, sold for $19,346,500 - well over it’s estimate of $8-12 million. Collector and Conde Nast publishing magnate S.I. Newhouse, Jr., was offering the piece, which is the only cast in its edition of six to be hand painted by the artist.
Following the sale, Simon Shaw, Sotheby’s head of Impressionist and modern art in New York, said that the market is “as vibrant as I’ve ever seen it.” He added, “This was a real shot in the arm for the art market…There is great appetite for great works.”
There is always appetite for great works, and you don’t always have to spend a record-setting amount to acquire them! Please enjoy some examples of emerging artists who evoke the same highly expressive, attenuated figures of Giacometti:
Jiyoo Jye, “Wings of Time”
Anna Lemnitzer, “Black Figure, Dark Yellow Background”
Sumner Crenshaw, “Gentle Persuasion”
Caroline Morrell, “Mind”
Kate Fauvell, “Crash”
