“Records Tumble at Christie’s $117.7 Million Contemporary Sale in London,” touts ArtNews, adding that the March auction’s total was 65 percent better than last year's.
Such a shot in the arm is exactly what the high-priced fine art market needed.
Over the past year, fine artwork auction revenue has fallen about 30 percent, and lots selling for more than $10 million have dropped by 50 percent, according to Artprice data.
Art observers were giddy over Christie’s take.
“The market is back, for sure,” Francis Outred, Christie’s chairman, was widely quoted as saying after the auction closed.
Nearly one-third of the works offered at the Christie’s auction sold above their estimated price. And there was a lot of bidding.
The night’s top price was for a Peter Doig canvas, which sold for $15.6 million, a record. Other artists achieved new highs, including Cecily Brown, Njideka Akunyili Crosby, Carol Rama, Henry Taylor, Wolfgang Tillmans, Neo Rauch, Jean Dubuffet, Albert Oehlen and Gunther Uecker. A record was also set for a work created jointly by Joan Miro and Josep Llorens.
Sales for the largely Western-centric group of artists is promising for the European and U.S. art markets. Last year collectors spent the most money on Chinese artist Zhang Daqian. Indeed, China has been buttressing the entire global art market, responsible for nearly half of all major sales.
The high prices may also prove hopeful for artwork in the eight-figures sales category. These ultra-expensive works typically sell via auction houses. The rise of online and mobile bidding has helped move lesser priced works more quickly.
The majority of collectable art (57 percent) sells for more than $1 million, according to the The European Fine Art Foundation.
Artists and collectors at the top end of the market and auction houses can celebrate on the backs of the Christie’s sales.
In other words, the fortunate one percent is looking like it will get even more fortunate: Following the stock market rise, the high-end art market is poised for a rebound.
