Uh, What Art Recession? (Sotheby's/BID)
Michael Learmonth | November 15, 2007 7:45 AM
Art moguls shook off recession fears and helped Sotheby's (BID) rebound strongly from its disastrous showing last week by ponying up for contemporary works including $23.6 million for former Wall Street commodities broker Jeff Koons' "Hanging Heart (Magenta/Gold)." In contrast to last week, when 20 of 79 lots went without bidders, most went within or slightly above estimates.
Robotic Sotheby's auctioneer Tobias Meyer even added a lighthearted moment to the proceedings. "The dollar is weak," he chided a hesitant bidder for Richard Prince's "Untitled (Cowboy)." The gavel came down at $3.1 million, more than a million above the high estimate.
The 71 lots were auctioned off without much drama--in contrast to last week's auction when van Gogh's "Wheat Fields" went unsold, causing BID shares to crater 28% the following day.
Last night, Sotheby's kept up the momentum set at Christie's the night before: 16 record prices for Koons, Gerhard Richter and Lucian Freud. The highlight of the bidding were two pieces by Francis Bacon, a tiny self portrait and the magnificent "Second Version of Study for Bullfight No. 1." Rumor on the bidding floor was that Sotheby's had guaranteed the pair for $60 million. They went for $29.5 million and $41 million, respectively, not including commissions.
Other highlights: Two Warhols, the tiny "Campbell's Soup Can (Pepper Pot)" ($7.5 million) and "Self Portrait (Green Camouflage)" ($11 million), sold in the mid range of estimates. Jean-Michel Basquiat's "Untitled (Electric Chair)" sold for $10.5 million, above the $10 million high estimate, but a second, less-impressive untitled piece sold for $6.9 million, below the $7 million low estimate.