New York

Record but selective market for 20th century art at Christie's

With a total revenue of $302 million and 12 unsold

by Giovanni Gasparini

21 November 2024

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Adrien Meyer, responsabile globale delle vendite private di Christie’s e co-responsabile dell’arte impressionista e moderna, vende il lotto più importante della serata, L’empire des lumières di René Magritte, per $ 121.160.000. (Christie’s)

4' min read

Key points

American Art, Pop and Abstract Expressionism
Still Magritte
Impressionism and Post-Impressionism
Sculpture

4' min read

The evening catalogue of 20th century art offered by Christie's on 19 November in New York immediately following the Mica Ertegun collection only partly benefited from the positive climate generated by the success of the collection, partly because the catalogue was not fully secured like the previous one. Three of the 56 lots were withdrawn before the start, all with million-dollar estimates starting with a Brice Marden work '9 (air)' estimated at $10-15m, aDavid Smith painted steel statue (estimated at $5-7m) and a large canvas by Roy Lichtenstein from 1978 estimated at $3-5m.

Despite 22 third-party guarantees to protect as many lots from unsold, and five direct guarantees from the auctioneer, there were 12 unsold lots out of the potential 31, for a total proceeds of $302m. Some seven of the guarantees may have saved as many lots from going unsold, ending up with their respective guarantors after only one bid against the reserve. The auction house's guarantee intervened for a Jasper Johns bronze estimated at $3m to $5m. There were four absolute records for as many artists, and two for works on paper.

Ed Ruscha, Standard Station, Ten-Cent Western Being Torn in Half; Price Realized: $68,200,000

American Art, Pop and Abstract Expressionism

As is customary in the New York catalogues, post-war American works stand out. As much as $68.3 million is owed to Ed Ruscha's poster-size composition 'Standard Station, Ten-Cent Western Being Torn in Half' from 1964, which was long fought over to a new record for the 87-year-old artist. The museum piece started from an asking estimate of $50 million and was not protected by any warranty.

Roy Lichtenstein, George Washington - record for a work on paper; Price Realized: $7,068,000

Also in the Pop sphere, a 1962 portrait of George Washington on paper by Roy Lichtenstein reached the low estimate of $7 million thanks to commissions, setting a record price for the medium. In contrast, a 1975 canvas of his stopped at $4.6m towards the low estimate of $4-6m.

Susan Rothenberg, United States II; Price realized: $1,986,000

The contribution of Abstract Expressionist works was significant, with two works by Joan Mitchell formerly of Rockefeller provenance totalling $26.5m, with 'City Landscape' from 1955 selling for $17.1m, within the $15-20m estimate, and a smaller work from the same year changing hands at $9.4m from an estimate of $9-12m. In contrast, a late 1982 composition by Willem De Kooning surpassed the high estimate of 8-12 million and fetched up to $13.3 million, while a mustard and black composition on paper from 1948 found no takers from an estimate of $3-5 million.

Rene Magritte, L’empire des lumières; Price Realized: $121,160,000

Still Magritte

The record for Magritte just obtained dragged the results of the three works offered in the general catalogue. A smaller, gouache version on paper of 'L'empire des lumieres' from 1956 triggered a protracted bidding war that resulted in it tripling its low estimate of $6-8m to close at $18.8m with commissions, a record for a medium, while the 1928 painting 'Lea chasseurs su bord de la nuit' returned to auction after 10 years and realised $9.6m from a guaranteed estimate of $8-12m. Another guache from 1963 with the theme of the illuminated house and the sphere with the ambitious title 'La recherche de l'absolu' surpassed all expectations stopping at $8.5m from an estimate of $3-5m, bringing the Surrealist master's total contribution to this catalogue to $36.9m.

Rene Magritte, L’empire des lumières - record for a work on paper; Price Realized: $18,810,000

Impressionism and Post-Impressionism

The catalogue also featured several Impressionist and early 20th century works, including three works by Monet that brought a total of $23 million, with 'Route pres de Giverny' from 1885 and 'Pommiers en fleurs' from 1872 each fetching $9 million from an identical guaranteed estimate of $7-10 million, while a smaller winter landscape from 1880 ended at $4.9 million from an estimate of $4-6 million.

A sunny view by Cezanne from 1879-80 stops at $6.1m from an estimate of $5-10m, while an 1880 urban view of Paris by Caillebotte estimated at $4-6m remains surprisingly unsold, despite the magnificent exhibition underway in his honour at the Musee d'Orsay, and Rousseau's naïve scene of Femme en rouge dans la foret from 1905 which started from the ambitious estimate of $10-20m.

Christian Schad, Anna Gabbioneta; Price realized: $3,196,000

Far exceeding the guaranteed estimate of $600-900,000 is the portrait of 'Anna Gabbioneta' painted in her characteristic hyperrealist style by Christian Schad in 1927 in Vienna, which was disputed to a new record price for the artist at $3.2 million.

Instead, the 1967 Picasso composition with musketeer, estimated at $8-12 million, remains unsold, confirming the understandable slowdown in the market for these late and repetitive works, which is also a symptom of the waning interest from Asian buyers.

Alberto Giacometti (1901-1966), Femme qui marche (II), 1961. Bronze with dark brown patina. 57½ in (146.2 cm). Sold for $26,630,000 in 20th Century Evening Sale on 19 November 2024 at Christie’s in New York

The sculpture

An important contribution was also made by the many three-dimensional works in the catalogue, in particular by Alberto Giacometti with a rare bronze of almost one and a half metres 'Femme qui Marche (II)' conceived in 1932-36 but executed in 1961, which is in the middle of the guaranteed estimate of $20-30m at $26.6m with commissions, plus $4m for the smaller 'Femme debiti, sans bras' from 1963.

Two 'mobiles' by Calder also sold, respectively 'Sumac VI' from 1952 bright red of large size exceeding the guaranteed estimate of $5-7 million to $8.6 million, plus $3.1 million for 'Blue among Yellow and Red' from 1963 at half the guaranteed estimate of $2.5-3.5 million.

Donald Judd's minimalist sculpture with a distinctive 10-element column from 1987 is likely to go to the guarantor for $4.6 million from an estimate of $4-6 million, while a 1964 neon by Dan Flavin remains unsold from an estimate of $1-2 million.

The growth in the market for animal-shaped decorations (in this case a pair of camels and a bronze carp) by Lalanne was confirmed, with two works by Francois-Xavier from the 1970s fetching a total of $15.3m. The auctions continued with contemporary art catalogues at Sotheby's and Christie's.