Performing below their low estimates, the auction houses bet on a “flight to quality” but found little interest from bidders on top lots.
By the art world’s own accounting, the spring auction season fell short of even its lowest target. Reaching for a combined estimate from $1.2 billion to $1.6 billion, the three major auction houses fell short at $1 billion when excluding the hefty buyer fees that inflate their totals.
Christie’s, Sotheby’s and Phillips all underperformed their own estimates, which the companies had previously said were conservative predictions based on a market that has continued to decline over the last three years. Analysts placed the blame largely on an uncertain global economy and the changing tastes of collectors.
Art stars flopped or sold below expectations in auctions that were stressful to watch. A $70 million Giacometti sculpture went unsold despite four minutes of coaxing from a desperate auctioneer. A $30 million Warhol painting was yanked mid-sale when the consignors realized nobody would pay its asking price. A radiant Mondrian painting with a pre-sale estimate of about $50 million scooted to the finish line when a single bidder, presumably its guarantor, paid $47.6 million, including fees.
“We saw estimates not reflecting where the market was, but reflecting what the auction house’s agreement was with the consignor,” said Natasha Degen, the chairwoman of art market studies at the Fashion Institute of Technology. “Maybe this isn’t the time when people want to acquire record-breaking trophy work.”
Bonnie Brennan, the chief executive of Christie’s, said she hoped for a stronger auction season in the fall. “Our market is one that thrives on stability,” she said. “We are just in a time of great uncertainty.”
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