Pandemic notwithstanding, auction results in the first half of this year have exceeded pre-pandemic levels at Christies, Sotheby’s, and Phillips: global sales for the trio hit US$5.9 billion, up by 230% from US$1.79 billion for the same period in 2020. And perhaps not coincidentally, online-only sales at Christies, Sotheby’s, and Phillips have emerged as a major growth area.
Perhaps some of this demonstrable ‘resilience’ and growth can be attributed to the continued strength of the Asian market: both Sotheby’s, and Christie’s recent summer sales witnessed a dominance of successful bidding by Hong Kong based collectors for much of the inventory at the higher end.
Another interesting development over the past 6 months has been the reported willingness by the auction houses to accept cryptocurrencies for several lots during the sales. Whilst the houses might appear to be tailoring the inventory for this specific clientele, it certainly hasn’t resulted in an uptick in the sale of these works.
Another growth area is what has been coined as the “red chip art phenomenon”, art market journalist Scott Reyburn’s new term to describe art by younger artists now appearing at auction and selling for well above retail values.
As noted in a previous post, the current auction climate prices for young, figurative painters is exceeding that of some of the more historically expensive artists at auction, such as Koons and Picasso. The auction debut for Flora Yukhnovich for example at Phillips London sale, being a prime example. With an estimate of US$60,000 to US$80,000, it sold for an astonishing US$950,000 on the hammer (US$1.2 million with BP). With only five solo shows to date and the artist having never received an institutional exhibition, this level of speculative buying has certainly reached new heights.
Of course, the question on this point – is it sustainable…
Images:
Lot 50, Jeff Koons (b. 1955). Gazing Ball (Demeter), 2014. Plaster and glass. 123.8 x 86.7 x 102.9 cm. Sold for USD 998,000, Phillips, New York, 20th Century & Contemporary Art Evening Sale, 23 June 2021.
Lot 46, Banksy, Love Is In The Air, spray paint on canvas 20, 50.8 x 43.3 cm. Ed’n: 4/5 Sold for US $1,179,500, Phillips, New York, 20th Century & Contemporary Art Evening Sale, 23 June 2021.
©Catherine Asquith 2021