Spring 2024 Art Auction Highlights
As the dust settles on this spring’s art auctions, we take a moment to reflect on the highs, lows, and unexpected twists that characterized the sales at Sotheby’s, Phillips, and Christie’s. This season offered a fascinating glimpse into the current state of the art market, marked by record-breaking sales, surprising flops, and the enduring allure of modern and contemporary masterpieces.
Sotheby’s
Francis Bacon’s Portrait of George Dyer Crouching (1966) This portrait, the first of ten full-scale depictions of Bacon’s lover George Dyer, was anticipated to be a blockbuster. Held in the same collection since 1970, the painting came with a hefty high estimate of $50 million. However, it fell short, selling for $27.7 million and stirring murmurs of disappointment among collectors and critics alike.
Justin Caguiat’s The saint is never busy (2019) In stark contrast to Bacon’s underperformance, young New York-based painter Justin Caguiat’s abstract work far exceeded expectations. Estimated at $300,000, a spirited bidding war saw it triple that amount, ultimately fetching $1.09 million and setting a new auction record for the artist.
Claude Monet’s Meules à Giverny (1893) Sotheby’s marquee lot, Monet’s Meules à Giverny, painted at the height of the hay-making season in 1893, was estimated to exceed $30 million. This work, infused with light, shadow, color, and movement, exemplifies the best of Monet’s bucolic Impressionism. Given Sotheby’s past success with Monet, expectations were high.
Leonora Carrington’s Les Distractions de Dagobert Breaking her own record, Carrington’s surrealist masterpiece sold for $28.5 million, placing her among the top five most valuable women artists at auction and solidifying her position within the surrealist pantheon.
Phillips
María Berrío’s The Lovers 2 (2015) A notable stumble this season was María Berrío’s The Lovers 2. Despite a high estimate of $350,000, it failed to find a buyer, highlighting the volatility and unpredictability of the art market.
Helen Frankenthaler’s Acres (1959) On a brighter note, Frankenthaler’s Acres incited a genuine bidding war, selling for $3.69 million against a high estimate of $2.5 million. This Abstract Expressionist piece from 1959 captured the attention of collectors, leading to a spirited auction room battle.
Jean-Michel Basquiat (American, 1960–1988), Untitled (ELMAR) , 1982, Phillips
Jean-Michel Basquiat’s Untitled (ELMAR) (1982) Basquiat remains a dominant force in the market, with his Untitled (ELMAR) selling for $46.5 million. This piece, part of a trio from anthropologist Francesco Pellizzi’s collection, featured iconic Basquiat imagery and a rich provenance, underscoring his lasting influence and market appeal.
Christie’s
Despite a “technology security issue” that saw its website go down during the sale, Christie’s managed to deliver notable results:
Brice Marden’s Event (2004–7) This piece was withdrawn at the last minute, despite a high estimate of $50 million. Guaranteed to sell, the work is now owned by Christie’s. This unexpected move added a layer of intrigue to the proceedings, leaving market watchers speculating.
Jean-Michel Basquiat’s The Italian Version of Popeye has no Pork in his Diet (1982) Basquiat’s work was the highlight of Christie’s 21st-century sale. Despite a slow start, it achieved a final price of $32 million, reaffirming Basquiat’s strong market presence.
Market Trends and Observations
The ongoing war in Ukraine and its economic repercussions have led to a decline in Russian buyers, contributing to a global drop in art auction sales. Last year saw sales fall to $14.9 billion, down from $16 billion in 2022. This trend underscores the broader impact of geopolitical events on the art market.
Whether through unexpected flops or triumphant bidding wars, this spring’s auctions remind us of the ever-evolving landscape of art investment.
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