Led by a record-breaking Jeff Koons sculpture and a $46-million Francis Bacon canvas, Sotheby’s roared back from a dismal Impressionist sale to score the highest total in its history at a contemporary and postwar art auction on Wednesday.
Bacon’s Second Version of Study for Bullfight No 1 far exceeded its $35-million-plus pre-sale estimate, while Koons’ stainless steel Hanging Heart (Magenta/Gold) soared to $23 561 000, including commission, obliterating the artist’s $11,8-million record set one day earlier by his Diamond (Blue) sculpture.
Both works by Koons were bought by the Gagosian Gallery, one of Manhattan’s premier contemporary art dealers.
The Bacon, bought by an unidentified American art dealer, was also the top-priced work of two weeks of fall sales at both Sotheby’s and Christie’s, including Impressionist works, while Koons’ 1 600kg sculpture from his Celebration series became the highest-priced work by a living artist sold at auction.
Anthony Grant, Sotheby’s senior international specialist for contemporary art, called the price for the Koons work ”the most important record of the last two weeks”.
A Bacon self-portrait from 1969 fetched $33-million, or more than twice its estimate of $15-million-plus.
The muscle-flexing sale, the last of the critical autumn auctions for the rival powerhouses, gave the lie to doomsayers who had proclaimed the contemporary art market had become overvalued. Sotheby’s Impressionist sale had a poor showing last week.
While prices have risen astronomically in the past year or two, Sotheby’s $316-million total exceeded even its most optimistic forecast of $299-million for the 71 lots on offer. Only six works went unsold.
Tobias Meyer, Sotheby’s head of contemporary art, said the results bore out ”the high-quality hunger we’re experiencing from a completely global community”.
Fears the weak dollar would deter US buyers, the traditional collectors of contemporary art, proved unfounded, with American buyers comprising the majority.
Similarly, turmoil in financial markets in recent months had little or no effect, with enthusiastic bidding at all levels. Thirteen artists set records, while four others saw marks established for works in a particular medium.
The results were particularly gratifying for Sotheby’s, which has often been eclipsed by Christie’s in the contemporary and postwar arena. – Reuters