Leonard Joel’s Prints & Multiples Sale, 28 July 2021

Lot 106, TOM BLACHFORD, (born 1987), “Untitled (Midnight Modern)”, 2018, archival pigment print, edition of 10, 89 x 133cm

There seems to be something of a global re-assessment in the value of prints and multiples at present: Galerie LeLong in New York are currently exhibiting a curated group show of prints by well-established artists Etel Adnan, Leonardo Drew, Samuel Levi Jones, Jaume Plensa, Kate Shepherd, and Barthélémy Toguo; Stephen Friedman Gallery in London are presenting a series of unique screen prints spanning three years by Scottish artist, Claire Barclay; Photo London is intent on presenting a ‘live’ art fair in the first week of September, and closer to home, Menzies have announced its inaugural “Prints & Multiples” auction slated for an online edition in September.

Leonard Joel has been presenting its Prints and Multiples auction for some time now, and it is perhaps not surprising that this modest, yet highly successful sale continues to garner collectors and quality consignments. 

The major drawcard for their July sale was Banksy’s screenprint, “Jack and Jill (Police Kids)” of 2005 and with an estimate of $80K to $100K, sold for a hammer price of $90K.  The controversial street artist’s secondary market is now “booming”.  In just over two decades Banksy has gone from $300 per print to a total sales tally of $125,002,316, $48 million of which were generated solely from prints and multiples.

Invader’s “Prisoner” of 2007, a giclee print (and generally not as highly valued by the market) also elicited strong online bidding, selling for $14,500 on the hammer, well above its high estimate of $8K.   “Invader”, is the pseudonym adopted by Franck Slama, a French street artist born in 1969, and in like fashion to Banksy, (they’re collaborators and friends) Invader’s market has also witnessed a massive surge, with one of his works,TK_119, 2014, selling for a hammer price of US$1 million at Sotheby’s in New York in November 2019.

Elsewhere in the sale, John Coburn’s works represented at various lots also enjoyed good interest from multiple bidders; Hall Thorpe’s woodblock prints (scattered throughout the sale) all sold well and mostly, above their high estimates; and Barbara Brash’s 1955 modernist screenprint “ Red Bridge” from the estate of artist, Kenneth Jack, also sold above its high estimate.

Contemporary works also sold well; the two Del Kathryn Barton works (Lots 1 & 2) saw the auction commence with good energy both selling at either end of their estimates; the vibrant and fresh editioned pigment prints by Melinda Harper (Lots 96 & 129); Stephen Haley’s clever “Echohouse (Pink)” (Lot 105); and internationally profiled Tom Blachford’s “Midnight Modern” series seemingly struck a nostalgic chord with buyers. 

The 165 lot sale generated a total of AU$425,925 incl BP and a sale rate of 108% by value and 87% by number.

©Catherine Asquith 2021

Resilience and unexpected growth in global secondary market

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

Menzies Winter Auction, 30 June 2021

Lot 47, Fiona Lowry, Limitless Are Leaves, Stiff or Drooping In The Fields, 2008, synthetic polymer paint on canvas, 152.0 x 219.0 cm, Estimate A$10,000 - A$15,000, Hammer Price + BP A$44,181.82

Menzies’ recent auction of Australian and International Fine Art and Sculpture in Melbourne on 30 June produced some impressive results, with 92% of lots sold by volume and 81% by value for a total of AU$4,684,254 (including buyer’s premium).

Recent reports on the auction have suggested either a renewed interest in female artists or accordingly to Menzies’ post auction press release, “the strength of collector interest in female Australian artists, with works by Margaret Preston, Constance Stokes, Margaret Olley, Emily Kngwarreye and Inge King selling well above estimate.”  Either way, the results are on trend with global developments in market visibility of women artists – historical and contemporary.

And on this note, it was heartening to observe a new auction record achieved for contemporary painter Fiona Lowry, with her work at Lot 47 being knocked down for $36K on the hammer, against a high estimate of $AU15K.

The cover lot, Ben Quilty’s “Skull 3” did not immediately engage the punters, as perhaps expected of a feature lot, with initial bidding as tough as pulling teeth, only to sell at AU$140K on the hammer and at the mid-range of the estimate AU$120K to AU$160K.  More fervent bidding was had with Quilty’s “George Byrne Study” at Lot 9 selling for a solid AU$40K on the hammer against a high estimate of AU$18K.

Other highlights included Arthur Boyd’s “Flame Trees, Horse’s Skull, Black River” selling well at a hammer price of AU$170K, against a high estimate of AU$120K, while to my mind, the more sublime “Shoalhaven” at Lot 31 sold above its high estimate of AU$50K for a hammer of AU$62K; John Perceval’s “Windy Walk” saw energetic bidding to a hammer of A$64K against a high estimate of AU$45K; and the duo Storrier works of Lots 14 & 15 sold sell, with “Summer Evening” at a hammer of AU$46K and “Autumn Night Fire” at a hammer of AU$60K.

Unfortunately, the much anticipated interest in another work by Lin Onus from the “Numerili Suite” failed to eventuate on the night, with an opening of $140K being reluctantly accepted by Cameron Menzies as auctioneer; and the much traded “Kelly” by Sidney Nolan with an ambitious but market ready estimate of $500 to $700K (Smith & Singer’s “Kelly” work sold comfortably at their April 2021 auction for AU$613,636 incl BP) failed to elicit interest beyond the auctioneer’s opening bid of AU$360K.

©Catherine Asquith 2021

Christie’s $212.5 M. London and Paris Sales

On Wednesday, Christie’s staged its marquee modern and contemporary art sales in London and Paris. The back-to-back sales, made $212.5 million with buyer’s premium across 82 lots, hammering at $176.9 million, above the $128 million pre-sale estimate and realizing a strong 90 percent sell-through rate.

Notwithstanding the strength and dominance of Asian collectors at auctions over the past 6 months, for these particular sales, bidding from this region “was nothing out of the ordinary, with much of these buyers’ attention focused on a few lots by George Condo, Yayoi Kusama and Edgar Degas.”

Among the top lots, Picasso’s L’étreinte (1969) sold for £14.7 million ($20.3 million) in its auction debut. Two bidders from New York and London competed for the guaranteed work with the hammer eventually falling at £12.6 million ($17.4 million), putting the final sum just above its £11 million high estimate.

Alberto Giacometti’s bronze sculpture Falling Man (ca. 1950–51) attracted three bidders, two on the phone from New York and London and another from a man in the salesroom finally realizing a hammer price of £11.7 million ($16.2 million), meeting its low estimate of $16 million.

René Magritte La Vengeance (1936) drew interest from six clients, who drove the final price to £12.5 million ($17.3 million).

Read the full article here:

Images:
The 20th/21st Century: London Evening Sale - Live auction on 30 June at Christies King Street, London.
Photo: GUY BELL

Lot 8
PABLO PICASSO (1881-1973)
L'Étreinte
signed ‘Picasso’ (lower centre); dated ’23.10.69.’ (on the reverse)
oil on canvas
44 ¾ x 57 ½ in. (113.6 x 146 cm.)
Painted in Mougins on 23 October 1969

Sotheby’s (London) British & Modern Art Sale

Lot 114, Cy Twombly (1928 - 2011), Untitled, 1964, oil, wax crayon, and graphite on canvas, 100 by 109.8 cm. (39⅜ by 43¼ in.). SOLD for a hammer price of £6.6 million (US$9.2 million)

Sotheby’s staged its marquee British and Modern Art sales in London on 29 June. The back-to-back sales led by Sotheby’s veteran auctioneers Oliver Barker and Helena Newman made £156.2 million (US$217 million) combined across 83 lots, landing within the pre-sale estimate £119.7 million-£170.3 million (US$165.8 million–US$235.9 million) and seeing an 88 percent sell-through rate.

Highlights included the portrait of David Hockney by Lucian Freud from 2002 that went for £14.9 million (US$20.7 million) with buyer’s premium; Wassily Kandinsky’s abstract painting Tensions calmée (1937) realized £21.2 million (US$29.5 million) with buyer’s premium; and Pablo Picasso’s vibrant late-period double-figure portrait Homme et femme au bouquet (1970) selling to an Asian phone bidder for a hammer price of £8 million (US$11.1 million). 

Works by Warhol, Cy Twombly and Frank Auerbach also attracted strong interest.

Read the full report here

Which Emerging Artists Are Most in Demand? What Phillips’s New York Sales Can Tell Us

Flora Yukhnovich, Pretty Little Thing, 2019

The London-based auction house Phillips has gained a reputation as the go-to venue to acquire works by emerging artists in high demand on the primary market. Each season, the New York day and evening sales at Phillips typically generate records for rising talent, and last week, that was certainly the case. At those sales, new benchmarks were set for 26 artists, including Cinga Samson, Avery Singer, Titus Kaphar, Julie Curtiss, and Kehinde Wiley. Together, these sales brought in a collective $153 million with buyer’s premium across 324 lots, surpassing the $101 million hammer low estimate.

…But which artists are at the top of collectors’ lists? Read about the works from Phillips’s New York sales that saw the most competition among bidders.

Phillips New York, 20th Century & Contemporary Art Evening Sale

Records set for Cinga Samson, Avery Singer, Vija Celmins, Titus Kaphar and Julie Curtiss at Phillips's $118.2m evening sale

LOT 4, Avery Singer, “Untitled”, 2018, acrylic on canvas stretched over wood panel, 85 1/8 x 95 in. (216.2 x 241.3 cm) Estimate US$1,200,000 - 1,800,000 SOLD for US$4,144,000

Auction house chose to hold its 20th century and contemporary art evening sale in New York during what is traditionally the London season due to "detonated" calendar.

Edward Dolman at a post sale press conference noted that the global pandemic has “detonated the traditional sales calendar”, adding, “[w]e know our international clients now will buy great works they see, properly estimated and presented, at whatever time of year we present them.”

Deputy chairman and worldwide co-head of 20th Century & Contemporary Art, John-Paul Engelen added “We’re a nimble house, and therefore we are basically able to move where we think the right moment is”.

Read more here

The art of investing in art

I was delighted to be invited on to the “Rich with Purpose” podcast hosted by Thabojan Rasiah of Rasiah Private Wealth Management. 

We both enjoyed a terrific conversation looking at artwork from many different angles: what is art? the differences between personal artistic value versus the more commercial aspect of the art world; and the many ways people produce, share and sell art  We also discussed how the advances in technology have impacted on the art world, the so-called democratisation of art, and the challenges with buying art online; all as means of deconstructing the question: “is art a good investment?”

Listen here

Artist to Watch: Emily Mae Smith

At the recent Phillips/Poly new format, dual location 20th Century & Contemporary & Design Sales, a total of 17 artist records were made and none more impressive than the oil on linen modest-sized painting by New York based artist, Emily Mae Smith.  “Broom Life” achieved a price 20 times more than its high estimate, selling for US1.5m. 

Mae Smith, who grew up in Austin, Texas, and now lives in Brooklyn, New York, creates lively compositions that offer a subtle social and political commentary, with a nod to distinct historical painting movements, such as symbolism, surrealism, and pop art. Her lexicon of signs and symbols begins with her avatar, an anthropomorphic broomstick figure. Simultaneously referencing the painter’s brush, a domestic tool associated with women’s work, and the phallus, the figure continually transforms across Smith’s body of work. By adopting a variety of guises, the broom and other symbols speak to contemporary subjects, including gender, sexuality, capitalism, and violence.

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Coming up:

Phillips 20th Century & Contemporary Art Evening Sale
New York Auction 23 June 2021

LOT 9
Emily Mae Smith
“Waiting Room”, 2015
oil on linen
121.9 x 94 cm
Estimate: US$40K to US$60K

About the work:

Painted in 2015, Emily Mae Smith’s Waiting Room is a hypnotic example of the artist’s sleek and highly imaginative visual language that combines symbolism, surrealism, and pop art. Through this lexicon, Smith addresses themes of scopophilic desire and consumption, tinting the results with a subtle feminist agenda. Merging two of the artist’s signature themes of the figure of the broom and round eyeglasses, the present work portrays an anthropomorphized broom, whose bristles have transformed into shimmering, glamorous hair, wearing sunglasses reflecting numberless clockfaces. Included in the monographic exhibition Medusa at Laurel Gitlen, New York, in 2015, the work subsequently featured in the ground-breaking show Unrealism curated by Jeffrey Deitch and Larry Gagosian for Art Basel Miami in the historic Moore Building.

Hong Kong: Spring Auctions

Lot 11 | Bernard Frize, Toky, 2018, acrylic and resin on canvas, 180 x 255 cm
Estimate: HK$1,000,000 - 1,500,000 / Hammer price: HK$2,100,000 / Price realized: HK$2,646,000

Hong Kong’s evening sales of Modern and Contemporary art this Spring season raised a total of HK$3.45 billion (US$445 million) against the total estimate of HK$2.97 billion to HK$4.21 billion. This was 67.6% higher than the total sales in Summer 2020, and 27.4% higher than the previous record season in Autumn 2020.

Despite the disruption caused by Covid-19 across the global art market, Hong Kong continues to demonstrate confidence at the top-end of the art market, and the increasingly important role of Hong Kong as a global art market hub.

Notably the collaborative ‘white glove’ sale of Phillips and Poly Auctions, “20th Century & Contemporary & Design” held on 8 June pulled in a robust total of US$63.7m, garnered 17 artist records and demonstrated the measure of a strategic alliance which played to the strengths of each party: Phillips international presence and curation of the sale, and Poly’s impressive clientele from mainland China and major cities in S.E. Asia.

Phillips attributed the success of the sale to a live auction experience that saw bidders in auction rooms in Hong Kong and Beijing, phone bidders, and 800 online bidders participate simultaneously.  Jonathan Crockett, Phillips Asia chairman noted the strength of Asian buyers in “building global demand for the modern and contemporary art” categories.