Christie's generated $1.1 billion in sales on Monday, reversing a year-ago total of $1.1 billion across the entire May season for the major New York houses. Demand was supported by trophy works associated with prominent collectors such as S.I. Newhouse and Agnes Gund. Jackson Pollock, Constantin Brancusi, Mark Rothko, and Joan Miró achieved new auction highs. Christie's earned $170.8 million in fees, with executives appearing relieved. The S.I. Newhouse sale totaled $630.8 million after fees, including a $540.5 million hammer total. Every lot sold, with 16 lots offered and 16 sold, and all lots were guaranteed, including third-party financing. Pollock’s Number 7A (1948) sold for $181.2 million with fees after a seven-minute bidding war.
"Christie's $1.1 billion night on Monday represented an extraordinary reversal from a year ago, when the big three New York houses-Christie's, Sotheby's, and Phillips -cumulatively sold that much during the entire May auction season. Driving the demand yesterday evening were trophies long held by leading collectors like S.I. Newhouse and Agnes Gund. Works by Jackson Pollock, Constantin Brancusi, Mark Rothko, and Joan Miró all reached new auction highs."
"Christie's also pulled in some serious money. Its fees totaled $170.8 million, hopefully a big enough pile to pay out consignors and backers, and still have plenty left over. While the house didn't pop Champagne to celebrate the wins, its executives seemed visibly relieved. Below, is a deep dive into the figures behind the headlines."
"Total Sales After Fees: $630.8 million. Total Sales of Equivalent Auction Last Year: $272 million at "Leonard & Louise Riggio: Collected Works". Hammer Total: $540.5 million. Top Seller: Jackson Pollock's Number 7A (1948), which sold for $181.2 million with fees ($157 million hammer). Lots on Offer: 16. Lots Sold: 16. Lots Bought In: 0. Sell-through Rate: 100 percent."
"Lots With House Guarantees: 16 (every lot). Lots With Third-Party Guarantees: 16 (Christie's financed all or part of each guarantee through third parties). Total Low Estimate of Guaranteed Lots: $462 million (100 percent of total presale low estimate). Lasting Memory: The bidding war for the Pollock lasted seven minutes and drew six competitors. Two of the staunchest ones-Christie's global president, Alex Rotter, and Hauser & Wirth co-founder Iwan Wirth-staged an exhilarating Ping-Pong match."
Read at Artnet News
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