Sotheby’s Dominates November Art Auctions, Signaling Market Rebound
The November art auction season concluded with a clear victor: Sotheby’s. Generating a remarkable $1.173 billion across its Evening and Day sales, the auction house outperformed rivals Christie’s and Phillips, suggesting a renewed energy within the art market. This represents Sotheby’s best week since 2021, capped by a stunning $54.7 million finale featuring a work by Frida Kahlo.
A Tale of Two Auctions: Highs and lows
While overall numbers were strong, the auctions weren’t without their surprises. Several pieces fell short of expectations, even with guarantees and irrevocable bids in place. Arthur Garfield Dove’s Rose and Locust Stump, for example, sold for $681,000 – almost half its low estimate – despite a robust exhibition history.
Andrew Wyeth’s somber landscape, East Waldoboro, also experienced a similar fate, achieving $3.588 million against a $4-6 million estimate. Jacques Lipchitz’s sculpture Baigneuse assise fared no better, selling for half its low estimate at $381,000, even with provenance from the esteemed Geri Brawerman Collection.
However, these individual underperformances didn’t derail the overall success. Sotheby’s Day sales continued to impress, adding over $51 million to the total. This included $46.4 million from the Modern Day Sale and $4.9 million from the Exquisite Corpus Day session.
Notably, Sotheby’s Contemporary day sale previously generated $111.4 million – a record for any Day sale at the auction house. The white-glove offering for the Lauder day session further boosted the collection’s total to $531.3 million.
The Competitive Landscape
Christie’s fall marquee sales totaled $965 million,while Phillips brought in $92.1 million. Collectively, the three major auction houses generated over $2.2 billion in November. this figure indicates a positive shift in the market, though experts caution against drawing definitive conclusions.
What Does This Meen for You?
As a collector or art enthusiast, these results offer several key takeaways:
* The high end of the market remains robust. Meaningful collections, like the Lauder holdings, continue to attract substantial investment.
* Selective bidding is crucial. Even with guarantees, pieces aren’t guaranteed to meet expectations.
* Market momentum is building. The overall $2.2 billion figure suggests a recovery from recent slowdowns.
* Miami will be the true test. The upcoming art fairs in Miami will provide a more extensive assessment of the market’s current health.
Ultimately, the November auctions offered a glimpse of renewed confidence in the art world. While the vrey top of the market was represented this week, the real story will unfold in Miami, where a broader range of works and buyers will converge. you should keep a close watch on developments there to gain a clearer understanding of the art market’s trajectory.
