Spring 2023 Auctions
Across the auction houses the effects of inflation, low inventory, and world changes were felt. Collectors continue to pay top dollar for high performing artists, but the overall temperature has cooled on speculative buying. With master works being rare as they migrate to museums and collectors who plan to hold for many years, there were opportunities to explore a diverse range of artists and seek out the next best buys. Despite conflicting conceptions about the current economy, over $2 Billion was realized across the three major auction houses this spring. Records continue to be made, and conservative pricing and estimates favor the collector seeking long term investment.
Over the spring auction season, Sotheby’s sold $799.1 million of fine art, with the top 10 lots reaching over the $20 million mark. The leading lots were Gustav Klimt’s Insel im Attersee ($53.2 million) and René Magritte’s L’Empire des lumières ($42.3 million).

Christie’s sold $626.2 million over their marquee week, with leading lots being Jean-Michel Basquiat’s El Gran Espectaculo (The Nile), 1983, sold for $67.1 million and Henri Rousseau’s Les Flamants, 1910, for $43.5 million.

Evening and day sales at Phillips fetched $108.2 million, with the leading lot, Banksy’s Banksquiat. Boy and Dog in Stop and Search, 2018, bringing in $9.7 million.

Overall, across the leading auction houses, the results were around or slightly above the lower estimates, with some single-owner collections failing to impress and remaining below or around their lower estimates. However, the auctions were marked by several record-breaking results, including for artists of colour and women artists.

Investing in art is a long term endeavor, contact International Art Acquisitions today to learn more about our Collector Services.