Auction Block: Contemporary art steals the show

Montefiore's Auction in Tel Aviv managed to sell only 60% of its lots, but still brought $1.18m.

By MEIR RONNEN
November 26, 2007 08:18
2 minute read.
REUVEN RUBIN art 88 224

REUVEN RUBIN art 88 224. (photo credit: )

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later

They are ecstatic at Sotheby's. Its highest sale total ever was chalked up this month when its evening sale of Contemporary Art in New York brought $315,907,000, 98.2% by value and 91.6% by lot. Francis Bacon's Second Version of Study for Bullfight No. 1, 1969, which at $45,961,000 sold to an American dealer, was the top lot of a two-week series of sales in New York and his Self Portrait, from the same year, brought $33,081,000 from an anonymous buyer. A new record for a living artist at auction was set when Jeff Koons' pop sculpture Hanging Heart brought $23.6 million. Thirteen artist records were set that evening, including for Koons, Ellsworth Kelly, John Chamberlain, Fang Lijun, Zhang Xiaogang (now on view at the Israel Museum's Chinese show), Anish Kapoor, Ad Reinhardt, Yei Pei Ming, Richard Serra, Josef Albers, Sol LeWitt, Walter de Maria and Matthew Barney. Six lots sold for over $10 million; 16 for over $5 million; and 55 for over $1 million. Even Sotheby's day sale broke the $100 million mark with an extraordinary $102.4 million This brought the two-day total of Contemporary Art at Sotheby's to $418,317,000. CHRISTIE'S SALES of post-war and contemporary art did even better and were offered over three consecutive days. The combined total was a massive: $464,490,950. The Stone Collection totaled $46,412,300, and was 94% sold by value and set 12 new world auction records for post-war and contemporary artists, including John Chamberlain and Wayne Thiebaud. The Evening Sale realized $325,006,000, the highest total of the season for Post-War and Contemporary and the second highest result for a sale in this category at Christie's. It was 94% sold by value and buyers were 51% American, 26% European, and 23% others. Sixteen world auction records were set, 95% of the lots were sold within or above their pre-sale estimate and 51 lots sold above the one million mark. Mark Rothko's Untitled (Red Blue Orange) was the highest selling lot of the sale at $34.2 million. Christie's concluded its Autumn Sales of Impressionist & Modern and Post-War & Contemporary Art in New York with a grand total of $937,463,050, the most monumental figure ever in art auction history. Part of the current season's success may be optical: the dollar has seriously declined. But there is little doubt that more and more people are making large sums of money, and are willing to splurge on the biggest names in 20th and 21st century art. MONTEFIORE'S AUCTION in Tel Aviv last week managed to sell only 60% of its lots, but still brought $1.18m. Top lot was Reuven Rubin's kitchy Peace Offering, an oil from 1955 that went for $161,000. The only other lot to top $100,000 was Jean-Pierre Cassigneul's undated oil, Woman with a Large Hat, which made $111,550. All prices include commissions paid.

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

Sarah Silverman
August 26, 2014
Jewish women take home gold at 2014 Emmys

By JTA