Women Artists Propel Sotheby's London Contemporary Evening Sale, Grossing a Decent $84 Million despite Absence of Fireworks.
In the dynamic world of art, a significant shift is underway, with private sales gaining prominence over traditional auction sales. This transformation is evident as collectors seek more discreet and stable transactions, while the auction market faces challenges due to market volatility and declining confidence.
The boom in private sales is a response to the challenge of maintaining high visibility and confidence in the public auction market, where recent sales have been softer. Collectors appreciate the opportunity to avoid the optics of soft sales and public failures, which have become more common in auctions. AI-backed tools and digital provenance systems are helping to support these private transactions, providing more accurate pricing and transparency.
On the other hand, the auction market has seen a significant decline. Global sales dropped by 27.3% to $10.2 billion in 2024 compared to the previous year. Major auctions have also seen reduced totals, with an 8% decline in New York Spring Marquee auctions. Auctions have increasingly relied on third-party guarantees, which have become more prevalent, especially in high-value sales. However, these guarantees contribute to a "pre-scripted" market where outcomes are often negotiated in advance.
Works above $10 million have witnessed a notable drop in auction sales, indicating a lack of confidence in the market at these higher price points. The market is experiencing a correction after years of inflated prices, with many collectors struggling to recoup their investments.
The shift towards private sales and the reliance on guarantees suggest a more cautious and selective approach to art buying, moving away from the highly visible and fast-paced market of previous years. The distinction between public auctions and private sales is becoming more pronounced, with private transactions offering stability and discretion in a volatile market.
Recent sales reflect this trend. For instance, Jean-Michel Basquiat's triptych Portrait of the Artist as a Young Derelict was sold for $20.2 million last June at Sotheby's, while Jenny Saville's Mirror (2011-12) fetched £2.1 million. Another notable sale was Joseph Yeager's Loyalty to the nightmare chosen (2022), which sold for £80,000.
Sotheby's modern and contemporary evening sale, which took place in London on Tuesday, saw significant sales, bringing in nearly £62.5 million ($84 million). Notable works included Pablo Picasso's Nu assis dans un fauteuil (1964-65), which was sold for £7.1 million, and Tamara de Lempicka's La Belle Rafaëla (1927), which fetched £7.4 million.
However, not all works found buyers. Egon Schiele's Portrait Study (Head of a Girl) - Hilde Zeigler (1918) and Barbara Hepworth's Vertical Forms (1965) did not sell, while Agnes Martin's Untitled I (1982) was sold for over £1 million.
The value of works by female artists accounted for 30 percent of the sale's total, with Elizabeth Peyton's 1996 painting Liam + Noel (Gallagher) selling for £2 million. Yu Nishimura's through the snow (2023) sold for £230,000, surpassing its high estimate, and Marlow Moss's White, Black, Blue, and Red (1944) fetched a record £609,600.
Jussi Pylkkänen, former global president of Christie's, stated that many major artworks are traded privately when the auction market is quiet. In fact, a reported "$100 million Basquiat" is said to have been sold privately. Christie's itself scrapped its own June evening sales last year.
As the art market continues to evolve, it remains to be seen how the balance between private sales and auction sales will shift. However, one thing is clear: collectors and dealers are increasingly seeking more discreet and stable transactions, marking a significant change in the art market landscape.
- The boom in private sales is a response to challenges in the public auction market, offering collectors a more discreet and stable transaction.
- AI-backed tools and digital provenance systems are helping to support private sales, providing more accurate pricing and transparency.
- Despite a significant decline, the auction market has relied on third-party guarantees, especially in high-value sales, which contribute to a "pre-scripted" market.
- Works above $10 million have witnessed a notable drop in auction sales, indicating a lack of confidence at higher price points.
- The shift towards private sales is evident in the art world, with collectors and dealers seeking more discreet transactions in a volatile market.
- Sotheby's modern and contemporary evening sale yielded significant sales, bringing in nearly $84 million, while some works did not find buyers.
- The value of works by female artists accounted for 30% of the sale's total, with Elizabeth Peyton's 1996 painting Liam + Noel (Gallagher) selling for $2 million.
