Coming to the third day of the post-war and contemporary art auction week, Sotheby’s achieved a robust US$314m Contemporary Art Evening sale with a 96% sell-through rate. Led by a US$32m Gerhard Richter from 1987, the sale also set new auction records for many celebrated African-American artists.
The sale kicked off with a white-glove sale featuring 11 lots from the collection of art-world luminary David Teiger. Last month, Propped, a work by Jenny Saville from David Teiger's collection, established a new record for the artist.
Gerhard Richter’s Abstraktes Bild (1987)
Gerhard Richter
Yuki Terase, Head of Contemporary Art Asia
It was followed by Contemporary Art Evening Sale, which was led by Gerhard Richter’s Abstraktes Bild from 1987. Estimated to fetch in the region of US$30m, this archetype is one of only five works by the artist, measuring over 102 by 157 inches, in private hands. The bidding opened at US$22m with both telephone bidders and rooms bidders showing interest. The painting was hammered down at US$29.5m and sold to the telephone bidder of Yuki Terase, Head of Contemporary Art Asia.
Jean-Michel Basquiat’s Untitled (Pollo Frito) (1982)
Jean-Michel Basquiat
Adam Chinn, Chief Operating Officer
The second most valuable lot was Jean-Michel Basquiat’s Untitled (Pollo Frito) from the artist’s breaking year 1982, expected to fetch in excess of US$25m. The painting was hammered down for US$22.5m to Adam Chinn, Chief Operating Officer, whose telephone client was presumably the guarantor.
Henry Taylor’s I’ll Put a Spell sold for US$975,000, a record price for the artist
Jacob Lawrence’s The Businessmen sold for US$6,169,800, a record price for the artist
Jack Whitten’s Ancient Mentor I sold for US$2.24m, a record price for the artist
Besides the remarkable result achieved by Basquiat, the sale also set new auction records for three African-American artists Henry Taylor, Jacob Lawrence and Jack Whitten. Henry Taylor’s I’ll Put a Spell on You sold for US$975,000, 6.5 times its low estimate at US$150,000. Jacob Lawrence’s The Businessmen sold for US$6,169,800, against its estimate of US$1.5m-2m. Jack Whitten’s Ancient Mentor I sold for US$2.24m.
Last spring sale Sotheby’s saw a new record set for Kerry James Marshall when his painting Past Times was sold for US$21.1m. The latest sale performances show the rising prominence of African-American artists in the marketplace. Now the auction house has successfully attracted international buyers around the globe by offering artworks with greater diversity. Perhaps it hints the future market trend in the contemporary art market where esteemed artists who have been underrepresented in the past is getting their well-deserved recognition.
Top five lots
Gerhard Richter (b.1932). Abstraktes Bild
Lot no.: 8
Signed, dated 1987
Size: 260 by 200.3 cm (each); 260 x 401 cm (overall)
Provenance:
- Galerie Liliane & Michel Durand-Dessert, Paris
- Acquired by the present owner from the above in 1988
Estimate: in the region of US$30,000,000
Hammer price: US$29,500,000
Price realised: US$32,000,000
Jean-Michel Basquiat (1960-1988). Untitled (Pollo Frito)
Lot no.: 21
Signed and dated 82
Size: 152.4 x 306.1 cm
Provenance:
- Annina Nosei Gallery, New York
- Fay Gold, Atlanta (acquired from the above in April 1982)
- Private Collection (acquired from the above in 2002)
- Van de Weghe Fine Art, New York
- Acquired by the present owner from the above in March 2006
Estimate: in excess of US$25,000,000
Hammer price: US$22,500,000
Price realised: US$25,701,500
Georgia O'keeffe (1887-1986). A Street
Lot no.: 34
Executed in: 1926
Size: 122.6 x 76.2 cm
Provenance:
- Alfred Stieglitz, New York
- Mr. Robert Dowling, New York, (acquired from the above circa 1926)
- French & Company, New York
- Maxwell Galleries, Ltd., San Francisco, California (acquired from the above in 1968)
- Mr. and Mrs. Harry W. Anderson, Atherton, California (acquired from the above in 1968)
- Gagosian Gallery, New York (acquired from the above in 1990)
- Steve Martin, New York (acquired from the above in 1990)
- Gerald Peters Gallery, Santa Fe, New Mexico
- The Burnett Foundation, Fort Worth, Texas (acquired from the above in 1996)
- Gifted to the present owner from the above in 1997
Estimate: US$12,000,000-18,000,000
Hammer price: US$11,500,000
Price realised: US$13,282,500
Jasper Johns (b. 1930). Flag
Lot no.: 32
Signed, titled, dated 1994
Size: 32.4 x 50.2 cm
Provenance:
- Leo Castelli Gallery, New York (LC #363)
- Acquired by the present owner from the above in November 1996
Estimate: US$12,000,000-18,000,000
Hammer price: US$11,300,000
Price realised: US$13,056,700
David Hockney. Montcalm Interior With 2 Dogs
Lot no.: 17
Executed in 1988
Size: 182.9 x 152.4 cm
Provenance:
- L.A. Louver, Venice, California
- Acquired by the present owner from the above in November 1997
Estimate: US$9,000,000-12,000,000
Hammer price: US$11,000,000
Price realised: US$12,718,000
Auction summary:
Auction house: Sotheby’s New York
Sale: Contemporary Art Evening Auction
Date: 14 November 2018｜6:30pm
Lots offered: 54
Sold: 52
Unsold: 2
Sold by lot: 96%
Sale total: US$314,018,000