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Fall Art auctions in New York broke all records, helped by a rise in global wealth and fears of inflation.
Christie’s, Sotheby’s and Philips fall auctions totaled $2.65 billion over the two weeks, breaking the 2014 fall sales record of $2.59 billion, according to Pi-eX, an art data and analytics company.
That’s a record total of 32 works sold for more than $20 million and 54 works sold for more than $10 million. The final total for Christie’s was $1.14 billion, Sotheby’s was $1.34 billion and Phillips was over $170 million. “Art market sentiment is at an all-time high right now,” said Evan Beard, head of specialty segments at Bank of America, “due to low interest rates, the stock market’s wealth effect, inflationary monetary policy and the new crypto wealth that has to be parked somewhere” .
The sale of two major collections: the Cox Collection at Christie’s and the Macklowe Collection at Sotheby’s were packed with artists and works sought after by connoisseurs and wealthy bidders. Sales from the Cox Collection, owned by Dallas oil tycoon Edwin L. Cox, totaled no less than $332 million. It included Vincent van Gogh’s 1889 masterpiece, “Wooden Huts Among the Olive Trees,” which sold for nearly $71.4 million, double its estimate.
The Macklowe collection, from the divorce of developer Harry Macklowe, brought in $676 million. It was led by Mark Rothko’s “No. 7“ which went for $82.5 million. It also included a Jackson Pollock that went for $61.2 million and a towering Cy Twombly piece that brought $58.9 million.
NFTs (non-fungible tokens) also made an appearance at the fall sales. Digital artist Mike Winkelmann’s “NFT-powered” known as Beeple, fetched $29 million at Christie’s, the second-highest sale for NFTs. The sculpture consists of a 3D digital lightbox showing an astronaut walking through ever-changing landscapes. The buyer was Ryan Zurrer, a Swiss crypto venture capitalist, who congratulated Beeple on Twitter for the “visionary innovation, incredible new energy and hilarious positive vibes you’ve brought to both crypto and art.”
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Featured photo : © Christie’s
