At Marquee Sales Midpoint, Market Players Celebrate Victory for Top End but Warn Middle and Lower Parts Remain Sticky

"The $690 million that Christie's took on Monday night during its 20th/21st century sale in New York was a staggering figure, but it still came up short of the $731.5 million pre-sale high estimate. That may have curbed any high-fives and backslapping meant to salute an art-market resurgence after two rickety years, but Sotheby's double-header on Tuesday evening gave people reason to believe that the top end is truly on the up."

"Sotheby's trove of works from the late cosmetics heir Leonard Lauder, together with its "The Now & Contemporary" sale, brought in a combined $706 million, leaving the $680.7 million pre-sale high estimate in the dust. It was enough to lead Helena Newman, the house's Europe chairman, to declare after the sale that Sotheby's "made history" at the Breuer. (All quoted prices include fees unless stated otherwise.)"

"A handful of record sales propped up Sotheby's eye-watering $706 million total. The house sold Lauder's Portrait of Elisabeth Lederer (1914-16) by Gustav Klimt for $236.4 million. It was the highest price for any work of modern art sold at auction, and the second-highest price ever paid for an artwork at auction, period (still eclipsed by the $450.3 million paid for Leonardo da Vinci's Salvator Mundi in 2017). By the end of the night, three Klimt works had swelled the coffers by $400 million."

Christie's 20th/21st century sale in New York brought $690 million, falling short of a $731.5 million pre-sale high estimate. Sotheby's combined sale of the Leonard Lauder collection and "The Now & Contemporary" produced $706 million, exceeding a $680.7 million pre-sale high estimate. The Lauder trove included Gustav Klimt's Portrait of Elisabeth Lederer (1914–16), which sold for $236.4 million, marking the highest price for a work of modern art at auction and the second-highest auction price ever. Three Klimt works totaled about $400 million. Sotheby's result represented large percentage gains versus comparable previous sales, signaling strength at the market's top end.

Read at ARTnews.com