Boom (ctd.)
May 11 2016
Liz passes. The Warhol market is now naked. None of the usual supporters are showing up to bid. No Mugrabis, no Gagosian, no Brant.
— Art Market Monitor (@artmarket) May 11, 2016
Picture: Twitter
Things seem to have been a little bumpy at the top end of the modern and contemporary market this week in New York. Things still sold well, but one wonders if cracks are beginning to appear. I was particularly struck by a tweet (above) from Marion Maneker, whose blog Art Market Monitor is the leading source of information and opinion on the health of the modern market. 'Liz' was a Warhol on offer at Christie's for $10m-$15m. The Mugrabis are mega Warhol collectors.
I think it's fair to say that Marion has been, if not a cheerleader, at least a believer in the strength and resilience of the booming modern and contemporary art market. So if people like him really are beginning to wonder about the health of Warhol prices, then I think that's significant. Warhol prices seem to have been teetering for a while now. Tonight Sotheby's will offer a 'fright wig' self-portrait by Warhol at $7m-$10m, so we'll see how that does.
Still, Christie's post-war and contemporary sale yesterday made an impressive enough $318m, so we're a long way away from disaster territory. The 'hammer' total excluding premium was $277m, just nudging the lower pre-sale estimate of $280m-$391m. A truly monstrous Basquiat sold for a record $57.3m - more here from The Art Newspaper.
In other market news, Sotheby's announced a slightly larger than expected loss for the most recent quarter, but their share price went up amid reports of an investor seeking to increase their shareholding in the company. The share price closed yesterday at $28.72, which is still some way off its more recent highs (in summer 2015) of about $46, and follows an extended 'buy-back' of shares by the company itself.
Update - Sotheby's contemporary evening sale did ok last night, realising $242m with premium, or $209m hammer, which apparently was just above the lower estimate. Reuters tells us there were 'cheers of relief' in the room at the end of the sale. The Warhol 'Fright Wig' self-portrait sold too, for $7.6m inc. premium, or $6.65m hammer (est. $7m-$10m).
