|
|
At the year’s first big auction of contemporary art, Andy Warhol’s lots did not come up to expectations. Generally, few catalogue items in the February 5 and 6 evening sales were bought in — Christie’s had 21% no sales and Sotheby’s 12% — but turnover was modest, given the level of expectation. Sotheby’s came out ahead. Its February 6 auction generated turnover of nearly GBP11 million. The previous evening Christie’s had only managed GBP6.1 million, after estimating GBP8.4-11.9 million.
|
|
The main reason was that collectors seemed to have lost interest in Andy WARHOL . The star of Pop Art flopped with Christie’s bidders. Three major pieces, Mao, (a large format in black crayon estimated at GBP80,000-120,000), Four Jackies (a 1964 canvas, GBP0.8-1.2 million) and Elvis 2 times (another large format estimated at GBP1.4-1.8 million) all failed to find a buyer. Only the six part ink silkscreen Six Skulls from 1976, found a buyer and that was at GBP1.1 million, GBP100,000 below its low estimate. This was the highest hammer price of the evening. So, have prices slipped for the master of pop art? Probably not. His price index gained 34% in 2002. And it was more than likely this very success that led over-ambitious sellers to pitch reserve prices above the market rate.
At Sotheby’s results were far more encouraging. True, the star piece in the auction, Gerhard RICHTER r’s Wolken (stimmung) Clouds (atmosphere), failed to rouse enthusiasm and was knocked down on its low estimate of GBP1.3 million. But 34 of the 50 lots put up reached their high estimates. Some went well above. Vija CELMINS ’s Sea n°10 (GBP260,000) and Pino PASCALI ’s Tappeto (rug) (GBP160,000) both sold for three times their high estimates. And it was a good day for Miquel BARCELO o, already confirmed as a success at auction in 2002 (see ArtMarketInsight of 30 January 2003). His Tres Equis went for GBP470,000, having been estimated at GBP200,000-300,000. (see ArtMarketInsight of January 30th 2003).
|
|
