The spring auction season is clouded by uncertainty following a cyberattack on Christie’s website. While eight auctions are set to proceed as scheduled with in-person and phone bidding, online bidding has been disabled. Analysts are unsure of the impact this will have on buyers and sellers, with estimates for over 1,700 works of art valued at $1.2 billion to $1.8 billion. The art market has experienced a decline from its peak in 2022, with bidding wars giving way to prearranged deals and a decrease in prices by 32 percent in 2023.
Several factors have contributed to the market dip, including conflicts in Russia and the Middle East, high inflation in the U.S., and a decrease in Asian buying due to economic instability. Despite these challenges, auction houses like Christie’s, Sotheby’s, and Phillips are putting together sales designed to appeal to today’s market. The auctions are being assembled piece by piece, as opposed to relying on large estate collections as in previous seasons.
Experts have identified six artists to watch in the upcoming auctions. Jean-Michel Basquiat remains sought-after, with a canvas expected to fetch between $40 million and $60 million. Andy Warhol’s 1964 painting “Flowers” is estimated to sell for $20-$30 million. A work by Leonora Carrington with an estimate of $12-$18 million is also generating interest. Indigenous artist Jeffrey Gibson has two works on offer, priced between $40,000 and $200,000.
Joan Mitchell’s paintings are estimated to bring in over $53 million across Sotheby’s and Christie’s auctions. Mitchell’s market has been steadily rising, with the demand for her diverse works appealing to different buyers. The art market is closely watching this season’s offerings of Mitchell’s works to gauge collector interest. Ana Mendieta’s sculpture, part of the de la Cruz collection sold at Christie’s, is expected to double her high benchmark at auction. The sale of works from this private museum’s collection offers collectors a unique opportunity to acquire rare pieces not often seen on the secondary market.
Despite challenges in the art market, the upcoming auctions aim to appeal to today’s buyers by including a diverse range of artists and works. The auctions feature sought-after names like Basquiat and Warhol, as well as rising artists like Gibson and Mitchell. The impact of the cyberattack on Christie’s has added an element of uncertainty to the sales, but analysts and experts are closely watching the outcomes to assess the state of the art market. The upcoming auctions will test collector demand and market strength in a challenging economic environment.
