By Kelly Crow Nov. 10, 2019 8:00 am ET The art market has gone on a diet. Two years ago, Christie’s sold a single painting by Leonardo da Vinci for $450 million during a series of major fall auctions in New York. This week, the auction house will need to sell nearly an entire week’s worth of offerings to cross that mark.
As a result, auctioneers are no longer seeking to outdo each other by announcing ever-climbing, $100 million-plus asking prices for works. The priciest piece this time around is Ed Ruscha’s turquoise-and-yellow wordplay painting from 1964, “Hurting the Word Radio #2,” which Christie’s aims to sell for at least $30 million on Wednesday. The seller is California collector Joan Quinn, whose Beverly Hills lawyer husband, Jack, died two years ago.
August Uribe, head of Sotheby’s impressionist and modern art department, said the houses know “if we can park a picture” with a third-party guarantee, essentially pre-selling it, “we can focus on the rest.” After Sotheby’s sold $102 million worth of pieces from the estate of sculptors Claude and François-Xavier Lalanne in Paris last month, Christie’s is also doubling down by offering its own “Menagerie” sale on Tuesday. It will be replete with brassy animal objects like Mr. Lalanne’s 1969 bathtub shaped like a hippopotamus, which is estimated to sell for at least $1 million.
Share Your Thoughts As art collectors set their sights on lesser-known pieces, are there any overlooked artists or works that you think should be on collectors’ radar? Join the discussion below.
9b for around 6.3 Or 8.5b for around 6 Including 0.1-0.5 to sell according to all other people’s convenience.
My 9-year old can do better 🙄
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