Wednesday, 11 May 2016

Christie’s Postwar and Contemporary Art Sale

Amid a softening of the art market Christie’s management was breathing a sigh of relief as it's centerpiece canvas by Jean-Michel Basquiat sold for $57.3 million on Tuesday, a high for the artist at auction. The final tally was $318.4 million with fees, against a low estimate of $281 million.

The "Beast of a Basquiat" was sold by New York collector Adam Lindemann, who bought it for $4.5 million in 2004. One of the few artists with a celebrity following — Leonardo DiCaprio and Jay Z have collected his work — Basquiat seems impervious to the vagaries of the global economy. The painting sold to an Asian buyer.
“Plunge” by Kerry James Marshall was estimated at $1 million to $1.5 million. The canvas sold to a telephone bidder for $2.2 million, a new high for the artist at auction.

A 1957 blue and green Mark Rothko abstract sold for $32.6 million, just above the low estimate.
<Christopher Wool’s 1992 word painting, “And if You,” a 9-foot-high enamel on aluminum painting sold for $13.6 million.

Joan Mitchell painting “Noon” made $9.8 million against estimates of $5 million to $7 million.