Last night, Sotheby’s was the scene of yet another exciting auction where sales far exceeded estimates – total sales of USD 134.4 million versus a high estimate of USD 97.7 million. Although not quite the blockbuster that last week’s sale of Impressionist & Modern art was, with only two unsold lots, Sotheby’s sale of contemporary art was by all accounts a success, especially in comparison to Christie’s similar sale on Tuesday evening which saw several high-profile works, including ones by Basquiat and Warhol, go unsold.
Last night’s auction saw three repeat sales of works entering Skate’s Top 1000, all of which brought positive returns for their sellers. Jasper Johns’ Gray Numbers, which sold for USD 8,706,500 (above the high estimate of USD 7 million) achieved a modest average annualized rate of return (ERR) of 6.38% based on its November 2003 sale at Christie’s for USD 5,271,500. Jean Dubuffet’s Trinité-Champs-Elysées sold for USD 6,130,500, just above the high estimate of USD 6 million. Its very modest ERR stood at 1.14%, which could actually be seen as quite significant considering the original purchase of the work took place during early period of the contemporary art market boom in May 2006.
The biggest news-maker of them all was Andy Warhol’s 200 One Dollar Bills, which sold for well over three times the high estimate (USD 12 million) for USD 43,762,500. With an original sale price of USD 385,000, last night’s sale translates into an ERR of 22.15%. In our issue of Skate’s Market Notes next week, we will publish a comprehensive look at how Andy Warhol’s market position continues to evolve as the art market regains its footing.
