Five Questions for Four Art Advisers on the November Auction Sales

"The all-important November marquee sales are officially in the rearview mirror, with only Art Basel Miami Beach standing in the way of the art world checking out until January. By now, a narrative has settled: the auction market appears to have rebounded, thanks to all three major houses finally securing true A+ material, coupled with conservative estimates that encouraged collectors to get off the sidelines."

"Top-line numbers looked solid-if not extraordinary-outside of Sotheby's record-shattering sale of Gustav Klimt's Portrait of Elisabeth Lederer (1914-16) for $236.4 million. That Klimt, along with two others, boosted Sotheby's combined take across the Leonard Lauder and Now & Contemporary sales to $706 million, comfortably above the $680.7 million high estimate. Christie's double-header night brought in a comparable $690 million-though that came in below the $731.5 million high estimate."

"But the real story was the depth of bidding. After several seasons of sleepy salesrooms, last week's auctions were peppered with bidding wars, and many lots drew dozens of bids. Even when final prices landed near estimates, there was palpable energy: collectors are ready to re-engage-for the right work, at the right price. With that in mind, ARTnews reached out to art advisers Aileen Agopian,Pernilla Holmes, and Gabriela Palmieri, along with dealer Lindsay Jarvis, for some post-game analysis."

November marquee sales concluded with Art Basel Miami Beach as the only major event remaining before January. Major auction houses secured A+ material and employed conservative estimates, which encouraged collector participation. Sotheby's sale of Gustav Klimt's Portrait of Elisabeth Lederer reached $236.4 million and helped push combined Sotheby's sales to $706 million, above the high estimate. Christie's sales totaled about $690 million, below its high estimate. Many lots prompted competitive bidding, with dozens of bids on multiple works. Strong bidding depth and visible energy indicated collectors are prepared to re-engage for compelling works at appropriate prices.

Read at ARTnews.com