Although there still is Miami Art Basel to look forward to before this year ends, it is safe to start drawing conclusions regarding art market performance in 2023, as New York Marquee November sales are over.
Despite many worries that art market could finally tumble under numerous forces impacting the lives around the globe, like inflation, looming recession and geopolitical tensions, as well as post-covid market exuberance and revenge buying giving way to more subdued and deliberate purchase decision making, the art market has done quite well for itself, demonstrating resilience and proving that highest quality works are still in high demand, selling for astonishing prices and breaking numerous records.
Case in point would be two Mark Rothko works, sold at Sotheby's last week: one, gloomy oil on canvas painting from "Seagram" series and part of Emily Fisher Landau collection, sold way below its estimates of $30-40 million for $19 million; while a much smaller work on paper in meditative blues soared up to $20.5 million above its $7-10 million estimates, establishing a new record for a work on paper by the artist.
Left: Mark Rothko, Untitled, (1958), from "Seagram" series. Right: Mark Rothko, Untitled, (1968). Courtesy of Sotheby's.
The most expensive artwork sold in 2023 was Pablo Picasso's Femme a la montre, (1932) that hammered for $121 million ($139,363,500 with fees) at Sotheby's New York on November 8. It was a gem of Emily Fisher Landau's collection, which remained in her ownership since the purchase in 1968 (another testament to the fact that market values fresh works with strong provenance that have not been shopped much before).
Pablo Picasso, Femme a la montre, (1932). Courtesy of Sotheby's.
Below we offer a snapshot of a few records made by contemporary artists that are currently driving the market and whose career trajectories are worth watching in 2024.
1. Jade Fadojutimi
Record: $1,550,000 ($1,935,500) vs. estimated $600-800k for Quirk my mannerism, (2021), at Phillips New York, November 14.
Before that she surpassed her estimates of $500 -700k for a 2021 painting A Thistle Throb, selling at Christie’s New York on November 7, for $1,683,500.
And even after breaking sales at two different auctions, she surpassed her estimates again at Sotheby’s New York on November 15, with the sale of the painting Teether Towards Me, (2021), for $1,450,000 ($1,814,500) against the estimates of $600-800k. It was just 5% below her record price, showing the continuous strength of the artist’s market.
Jade Fadojutimi, Teeter Towards Me, (2019). Courtesy of Sotheby's.
2. Pam Evelyn
Record: $100,000 ($127,000) against the modest estimates of $10 -15k for the young artist’s work Assisted Step, (2021), sold at Sotheby’s New York on November 16.
Pam Evelyn, Assisted Step, 2021. Courtesy of Sotheby's.
3. Lucy Bull
Record: Young American painter set a new highest price paid for her work: $1.75 million ≈ 13,760,000 HKD against the estimated 4-6 million HKD with the painting Flash Chamber, (2020), at Sotheby’s Hong Kong on October 5.
Another work by Lucy Bull - Dark Companion, (2020), soared beyond its estimated low price of $400k to a hammer of $820,000 ($1,041,400) at Phillips New York, November 14.
Lucy Bull, Flash Chamber, (2020). Courtesy of Sotheby's.
4. Marina Perez Simao
Record: Brazil-based 33-year old artist’s painting Untitled (2022) brought in $422,000 over its $80-120k estimates at Sotheby’s New York, November 15, indicating a strong market for a fresh work, finished a year ago and just sold at her debut exhibition “Onda” at Pace, London.
Marina Perez Simao, Untitled, (2023). Courtesy of Sotheby's.
5. Ilana Savdie
Record: Brooklyn-based Colombian artist has broken records with the sale of her painting A High-pitched Complicity (2020) for $160,000 ($201,600) against the estimates of $50-70k at Christie’s New York, November 7, after her solo exhibition Radical Contractions at Whitney Museum in New York, that ended on October 29, 2023.
Ilana Savdie, A High-pitched Complicity, (2020). Courtesy of Christie's.
As always, feel free to reach out regarding any queries.
Happy New Year from yours truly,
MERVEILLE Art Advisory
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