A Closer Look at the Lots in Next Week's Marquee Art Sales

"After several lean auction seasons, next week's marquee sales in New York are packed with inventory. On Monday night alone, Christie's will send 80 works to the block. Across the week, 27 lots carry estimates north of $10 million-a "staggering number for a bumpy market," as one art adviser recently put it. In May, there were about half as many, with few fireworks in the salesroom. Is the market ready?"

"It's a top-heavy season, and the trickiest price range, one adviser told me, will be the $2 million-$5 million one-because the works on offer in that bracket are, by and large, not the easiest to sell. Take Richard Prince's Double Nurse (2001), which has an estimate for $3 million to $5 million. Prince's single-figure "Nurse" paintings are generally considered more desired by collectors."

"There are some terrific estates coming up, chief among them the one for Leonard Lauder. The estate of Robert F. Weis and Patricia G. Ross Weis, who acquired many of their works between the 1960s and the 1980s, is also coming to sale. But beyond estates, it's hard to find discretionary sellers. I decided to look at an even lower price point-namely, the sub-million-dollar works in some of the day sales. There are some interesting scenarios."

Next week's New York auction season is unusually inventory-heavy, with Christie's offering 80 works on Monday and 27 lots estimated above $10 million across the week. The market includes many high-end offerings despite recent lean seasons and fewer discretionary sellers. The $2 million–$5 million band is seen as most challenging, with works like Richard Prince's Double Nurse estimated at $3–5 million and many pieces from Stefan Edlis and Gael Neeson considered harder to place. Estate sales include Leonard Lauder and Robert F. Weis and Patricia G. Ross Weis. Sub-million-day sales present varied resale histories and shifted estimates.

Read at ARTnews.com