Christie’s evening sales in New York had moments of high drama and subdued junctures, notched up an impressive total of $486 million to further underscore how vital the art market still is, with its penchant for fresh-to-market high-quality works. It also showed some unevenness in sales performance.
A Night of Contrasts
The evening started with 19 works from the estate of designer and philanthropist Mica Ertegun. This section accounted for $184 million alone, reaching its high presale estimate. Among the lot leaders were Three Chairs with a Section of a Picasso Mural by David Hockney from 1970, which went for $9 million, and his Still Life on a Glass Table from 1971, at $19 million. Both were initially purchased by Ertegun in the 1970s and reflected her discerning eye for contemporary art.
Despite the strong beginning, the broader auction had pockets of slowness. Several lots went unsold, including works by big names like Jasper Johns, Georgia O’Keeffe, and Henri Rousseau. The asymmetrical momentum was further exacerbated by logistical hiccups, such as dropped phone bids and live currency conversions.
Magritte’s Stellar Performance
The centrepiece of the evening was René Magritte’s L’empire des lumières (1954), a surreal masterpiece that achieved $105 million, setting a new auction record for the artist. The dramatic bidding war, lasting 11 minutes, captivated the room. Christie’s heightened the spectacle by dimming the lights and illuminating the walls in a deep blue hue as the auctioneer opened bidding at $75 million, well below the work’s $95 million estimate.
But this highlight was not an isolated occurrence-Magritte dominated the sale, with three other works by the artist making it into the top ten of the evening, including another work from the iconic L’empire des lumières series, which fetched $18.8 million. The intense bidding on Magritte’s surrealist imagery pointed to his sustained popularity. It solidified the interest of Asian collectors as well, as several works sold to bidders represented by Christie’s Asia-Pacific deputy chairman Xin Li-Cohen.
Ed Ruscha Breaks Records
Ed Ruscha’s Standard Station, Ten-Cent Western Being Torn in Half (1964) also made headlines, reaching $68 million, a new auction record for the artist. The bold pop artwork was the second-highest sale of the night as it was bathed in its signature sci-fi red lighting while on stage. Recently featured in retrospectives at the Museum of Modern Art and the Los Angeles County Museum of Art, the painting celebrated both the American automobile and the mythos of the Wild West.
Mixed Results
Works by Joan Mitchell, Willem de Kooning, and Alberto Giacometti had more uneven sales. Joan Mitchell’s City Landscape, from 1958, sold for $17 million, beneath its low estimate, and Untitled (1955) brought in $9.3 million, below expectations. Willem de Kooning’s 1982 painting sold for $13.2 million, within its estimate but with far less drama than other artists’ works.
Sculpture and Surrealism Take Center Stage
Sculptural works played a key role in the sale. Alberto Giacometti’s Femme qui marche (II) (1961), a bronze cast nearly 58 inches tall, sold for $26.6 million, demonstrating strong demand for iconic modernist works. François-Xavier Lalanne’s whimsical Grande Carpe Bar (1972) also attracted bidders, achieving $7.4 million.
Surrealist works remained in demand from collectors. Magritte’s Les chasseurs au bord de la nuit (1928) realised $9.6m, while Joan Miró’s Peinture (amour) (1925) reached $4.8m to confirm the genre is in demand.
Insights from the Sale
The evening was a testament to Christie’s “masterpiece approach” to volume versus excellence. Although many well-exceeded expectations, quite a few mixed performances showcased how demanding the market is. As Christie’s chairman of 20th and 21st-century art, Alex Rotter, said following the sale, “The strategy worked very well tonight despite a few casualties.”.
The total of $486 million confirmed the strong demand for high-quality art, notably from blue-chip names such as Magritte and Ruscha. The event also highlighted the changing market dynamics, where collectors show more selectivity, opting for pieces with greater provenance and historical importance.
As the auction world enters the fall season, Christie’s sale raises the bar high, not least because of its spectacle but also because of its show of resilience in a challenging market.