The atmosphere at Christie’s auctions was tense due to a recent cyberattack on the auction house, raising concerns about compromised financial data and a slumping market. The auctioneer, Georgina Hilton, managed to keep the audience focused on the art being auctioned rather than the cyberattack. Despite potential challenges, the auctions proceeded smoothly, with a depth of bidding not seen at Sotheby’s recent contemporary art sales.
However, Christie’s final results fell short of expectations, with a total of $115 million from 57 lots offered on Tuesday, compared to Sotheby’s $267 million from 52 lots the night before. The lower than expected results were partially due to hasty withdrawals of artworks, including a Brice Marden painting with a high estimate of $50 million. Withdrawals can indicate cold feet from potential buyers and impact the overall success of the auction.
The withdrawals had an impact on the evening sales, with the Rosa de la Cruz collection making $34.4 million and the 21st-century evening sale achieving $80 million, below their estimated values. Despite these challenges, some registered bidders were able to participate through a secure link to Christie’s LIVE digital platform. The auction house worked in advance to secure guaranteed bids and financial guarantees to ensure the success of the auctions.
Highlights of the evening sales included works by Ana Mendieta and Felix Gonzalez-Torres, with Mendieta’s pieces breaking auction benchmarks and Gonzalez-Torres’ lightbulb installation selling for $13.6 million, above its high estimate. The Pola Museum of Art in Japan purchased the piece, setting a new high for the artist. The sale at Christie’s also included works from the collection of Cuban American collector Rosa de la Cruz, who quietly sold some pieces before her death.
Phillips had its own sale of modern and contemporary art on the same evening, generating $86 million. The star of Phillips’ auction was an untitled painting by Jean-Michel Basquiat, which fetched $46.5 million, exceeding the expected price range. The painting was sold by a trust associated with anthropologist and art collector Francesco Pellizzi, who passed away the previous year. Overall, the art auctions at Christie’s and Phillips highlighted the resilience of the art market despite challenges like cyberattacks and market uncertainties.
