The autumn New York art sales limped to a close last night, leaving a market bruised and bloodied but still standing.
Christie's post-war and contemporary auction took in $113.6 million, half a low pre-sale estimate of $227 million, with 68 per cent of the lots on offer finding buyers.
The spotty sale was consistent with Impressionist, modern and contemporary art auctions at Christie's and rival Sotheby's over the past two weeks.
The result was "about as expected going in," said Amy Cappellazzo, international co-head of contemporary and post-war art at Christie's, given the turmoil gripping world financial markets for the past two months.
Despite high points including a nearly $15 million Richter, a $13.5 million Basquiat and new records for Joseph Cornell and Yayoi Kusama, the evening's star lot failed to sell.
Francis Bacon's
Study for Self-Portraithad been estimated to go for $40 million or more, but no bid approached even $30 million. Prices for the Irish art have seen huge price spikes in recent seasons, including a record $86 million.
Five straight lots including three Warhols and a Richter with values as high as $15 million also went unsold.
"The market is continuing, but clearly at a different price level," Christie's president Marc Porter said.
"There's no panic in the market, but there is an adjustment," he told Reuters, contrasting that to the volatility gripping other markets such as oil or real estate.
"While it had declined, you've seen it find a stable level, with a lot of support."
Baird Ryan, managing director of the art-related financial services firm Art Capital Group, agreed with auction officials' contention that the two weeks of sales, while falling about one-third shy of estimates set before the financial crisis, showed there continues to be demand for fine art.
But Mr Ryan noted that other markets had seen a fall-off of about 20 to 40 per cent, "and that's what you're seeing here. There is a correction going on." He said auction houses will have to edit sales to offer "a selected group of works with cautious estimates."
Reuters
