Mixed results for contemporary art at Sotheby's

The catalogue of 43 lots of post-World War II and Contemporary art offered by Sotheby's on the evening of 20 November in New York brought a total revenue of $112.3m thanks to 35 lots sold of the 40 remaining after the withdrawal of three lots by Richard Serra, Richard Diebenkorn (estimated at $3m to $5m) and Ad Reinhardt. The relatively small number of warranties, nine from third parties, three of which were probably necessary to avoid unsale, and two direct from the auction thing, allowed market prices to be found except for five unsold works with multi-million dollar estimates. Among the latter was Jeff Koons's 1988 Pop sculpture 'Woman in Tub' featuring a female nude that remained unsold from an estimate guaranteed by the auctioneer of $10-15m; for the second time in three days, Sotheby's thus found itself having to buy the unsold lot and spend a fair share of the commissions earned in the rest of the auction. The photo-realistic canvas 'Berg' painted by Gerhard Richter in 1981 and estimated at $4-6m, as well as both works byJasper Johns, 'Evian' from 1964 estimated at $6-8m and 'Figure 8' from 1959 estimated at half that, $3-4m, also remained at the post.

All three lots exceeding the $10 million threshold are representative of different trends in post-war American art. The good momentum continued for Ed Ruscha with the fluttering 'Georges Flag' from 1999, a huge painting in the shape of a billboard that perhaps also thanks to the new patriotic fervour of billionaires exceeded its guaranteed estimate of 8-12 million to reach $13.6 million. Abstract Expressionism is represented by a late painting by De Kooning 'Untitled XXV' from 1982 which slightly exceeded its low guaranteed estimate of 9-12 million to stop at $10.9 million with commissions.

Willem de Kooning, Untitled XXV. Lot.14

Ed Rushca, George’s Flag. Lot 23

A new record price for the lesser-known eclectic artist Stuart Davis thanks to the large 1963 canvas 'Contranuities', the year before his death and 50 years after his participation as a very young man in the legendary 1913 Armory Show, a composition fusing elements of Pop and Cubist languages with bright tones, which reached a low estimate of $12m thanks to commissions. Excellent results for the six Pop works by Roy Lichtenstein offered for sale directly by his heirs, which exceeded expectations by a total of $18.6m, including the unusual sculpture 'Sleeping Muse' an homage to Brancusi that fetched up to $4.4m more than double its low estimate.

Roy Lichtenstein, Sleeping Muse. Lot 18

There are two works by Basquiat in the catalogue, with the 1982 double composition 'Red Kings' coming in at $7.2m from an estimate of $6-8m, and a 1981 work on paper with its characteristic skull possibly ending up at the third-party guarantor for $2.1m from an estimate of $1.8-2.5m.

Beyond Cattelan's million dollar banana paid in $6.2 million cryptocurrency, the catalogue featured two other living but established artists, each with two lots: Richard Prince with a 2005 'Nurse on Trial' exceeding the guaranteed estimate of $5-7m at $6.7m, and 'Slingerlands' ending at $1.4m from an estimate of $1-1.5m, and the 97-year-old Yayoi Kusama with a yellow pumpkin with black polka dots from 2016 adjudged at $2.3m, and a 1980 mushroom canvas stopping well below the low estimate of $4m at $3.4m. Also possibly ending up at the guarantor is a 1992 composition by Christopher Wool at $2.4 million.