RESULTS: 20th Century: Christie's Flagship Spring Auction Series Totals $842.5 Million
New York – A confident and distinctly global community of collectors converged at Christie’s flagship US saleroom in Rockefeller Center this week, driving its 20th Century Art sales of Impressionist, Modern, Post-War and Contemporary Art to a combined $842,535,375 (£652,219,944 / €761,484,047). This total eclipses the week’s presale estimate of $670 million, and represents a $220 million increase over Christie’s November 2016 New York series. The week achieved the highest total for an Impressionist and Modern Evening Sale at Christie’s since May 2010, and the strongest sell-through rates for a Post-War and Contemporary Evening Sale in a decade.
With over 800 individual works sold across the week, Christie’s achieved consistently strong results across price levels, from $500 works on paper and ceramics to $50 million masterpieces. At its high-value Evening Sales, the overwhelming majority of works offered sold within or above estimate, underscoring the firm’s commitment to delivering superior results for both individual sellers and estate collections.
Christie’s continued investment in global growth initiatives and new buyer engagement was evident this season, as clients from more than 46 different countries registered to participate in the New York series. American buyers once again emerged as the dominant buying force across the week, underpinned by determined competition from Asian and European collectors, particularly for Impressionist and Modern Art.
Guillaume Cerutti, Chief Executive Officer, Christie’s, comments: "We are pleased by our strong results this week in New York, especially given the scrutiny of these major spring auctions, which are considered a bellwether for the broader global art market. The quality of the offer assembled by our teams, with a mix of great individual pieces and well-curated collections, was rewarded by several record prices and incredibly high sell-through rates. Despite turbulence in the US stock markets, we witnessed continued participation from buyers and bidders from all over the world, demonstrating the depth and resilience of the art market."
POST-WAR AND CONTEMPORARY ART, Evening and Day Sales
Combined Total: $522,809,000
The evening auction achieved a total of $448,062,000 (£346,797,214 / €402,631,565) with 96% sold by lot and 99% sold by value, the strongest sell through rates for the category in a decade. The day sales realized a combined $74,747,000 (£67,064,347 / €57,763,877)
The sale was highlighted by a mix of fresh to market, masterpiece quality works, and major collections that demonstrated remarkable vision and connoisseurship. The top lot of the sale was Cy Twombly’s tour de force, Leda and the Swan from 1962, which realized $52.9 million. It was followed closely by Francis Bacon’s Three Studies for a Portrait of George Dyer, which achieved $51.8 million.
Collections were a major focal point of the evening. The largest -- Visionaries: The Collection of Emily and Jerry Spiegel – has achieved $125 million thus far, with 26 lots in the Post-War and Contemporary Evening Sale, and additional works offered throughout the Post-War and Contemporary and Impressionist and Modern day sales. Leading the collection was Andy Warhol’s Last Supper, which sold for $18.7 million. Further works from the Collection will be featured in Christie’s Photographs sales this October.
IMPRESSIONIST AND MODERN ART, Evening, Day, Works on Paper and Picasso Ceramics Online-Only Sale
Combined Total: $319,726,375
The New York sales series of Impressionist and Modern Art achieved the highest total since 2010, building on Christie’s market leadership in the Impressionist and Modern Art category. The week opened with an impressive selection of masterworks, led by Constantin Brancusi’s La muse endormie, which achieved $57.4 million, and broke the world auction record for the artist. Pablo Picasso’s remarkable Femme assise, robe bleu sold to an Asian buyer for an impressive $45 million.
The Impressionist and Modern Sales presented a significant number of private collections, led by the Collection of Hunt Henderson. Important works by Claude Monet, Paul Cézanne and Paul Gauguin offered for the first time in over a century drove the total to a combined $31,408,000, including works offered in Christie’s Evening and Works on Paper sales. An additional work will be featured in the upcoming auction of American Paintings on May 23.
Property from Cleveland Clinic Generously Donated by Mrs. Sydell Miller was 100% sold, with 8 exceptional works featured across the Evening Sales this week. In total, $67.2 million was raised on behalf of Cleveland Clinic. The top lot was Pablo Picasso’s Femme assise dans un fauteuil, which realized $30.5 million.
Christie’s, the world's leading art business, had global auction, private and digital sales in 2017 that totalled £5.1 billion / $6.6 billion. Christie’s is a name and place that speaks of extraordinary art, unparalleled service and international expertise. Christie’s offers around 350 auctions annually in over 80 categories, including all areas of fine and decorative arts, jewellery, photographs, collectibles, wine, and more. Prices range from $200 to over $100 million. Christie's also has a long and successful history conducting private sales for its clients in all categories, with emphasis on Post-War & Contemporary, Impressionist & Modern, Old Masters and Jewellery.
Alongside regular sales online, Christie’s has a global presence in 46 countries, with 10 salerooms around the world including in London, New York, Paris, Geneva, Milan, Amsterdam, Dubai, Zürich, Hong Kong, and Shanghai.
*Please note when quoting estimates above that other fees will apply in addition to the hammer price - see Section D of the Conditions of Sale at the back of the sale catalogue.
*Estimates do not include buyer’s premium. Sales totals are hammer price plus buyer’s premium and are reported net of applicable fees.