New York Sales Defy the Doom-Mongers

The run-up to the New York May auctions has been eventful. Last week, Christie's website crashed due to a cyberattack, while in the weeks leading up to the sales, the Internet was rife with sensationalist articles predicting an apocalypse for the art market. Such events are not ideal ahead of a week that will set the tone for the next six months in the art world. But results have defied the doom-mongers.

In uncertain times, collectors usually default to more established names so the consensus was that the market for emerging contemporary artists might be at risk. But there was to be no bloodbath, in part helped by conservative estimates negotiated by auction house specialists to ensure a high sell-through rate. Christina Quarles notably came down to just above her primary pricing (the 2019 painting Cut to Ribbons sold for U.S. $762,000)—all sales figures include buyer's premium—after a heady period of inflated secondary market rates, but overall, positivity prevailed.

Two big results confirmed there remains a healthy appetite from collectors to spend big on young artists. Lot 1 at Sotheby's The Now Evening Sale, Justin Caguiat's The Saint Is Never Busy (2019), fetched U.S. $1.1 million after six-and-a-half minutes of bidding between eight paddles. The young abstract painter Lucy Bull saw similar success when her painting 16:10 (2020) hammered at U.S. $1.5 million, sailing past a high estimate of U.S. $700,000.

An imposing large-scale Toyin Ojih Odutola painting, Representatives of State (2016–2017), flew to just under U.S. $2 million. Alongside Odutola's solo show at Kunsthalle Basel opening to coincide with Art Basel next month, the result is sure to consolidate the Nigerian-born artist's position as one of the most important young figurative painters working today.

Sotheby's Contemporary Evening Sale saw competitive bidding on several high-value lots. A 1959 Twombly, which sold for U.S. $7.5 million, saw bidding ping-pong across the room and on the phones. Joan Mitchell's Noon (1969) surpassed expectations, reaching U.S. $22.6 million, while Ground (1989) sold on the cheap. Overall Mitchell's market seems in good health, especially considering none of her four paintings up for sale at Sotheby's could be considered A+ works.

The wonderful Fontana coming from The Rachofsky Collection in Dallas made U.S. $23 million and Bacon's Portrait of George Dyer Crouching (1966) fetched $27.7 million, which despite being under the estimate of U.S. $30 to 50 million is still a healthy price.

Interestingly, a Howardena Pindell painting sold well above its estimate and with a major New York museum show pegged for 2026, her abstract paintings look sure to receive some long overdue attention.

The star attraction for Phillips came in the form of a large 1982 Jean-Michel Basquiat painting, which sold for an impressive U.S. $46.5 million, making up around half of their sale total.

Christie's sold the Rosa de la Cruz collection well, all things considered, and Felix Gonzalez-Torres' iconic Untitled (America #3) (1992) made U.S. $13.6 million. At the Evening sale, a beautiful Lynette Yiadom-Boakye portrait fetched U.S. $3 million and a Kusama 'Infinity Net' painting from 2008 sold for a very strong U.S. $4.4 million.

The Sotheby's Modern Evening Sale produced a stunning new auction record for female Surrealist painter, Leonora Carrington in the form of Les Distractions de Dagobert from 1945, which sold for U.S. $28.5 million amusingly surpassing her husband Max Ernst's top price. A monumental Calder hanging mobile from 1962 wonderfully titled, Blue Moon unsurprisingly made a solid U.S. $14.4 million.

Of course, it's not surprising to see A+ historic works by blue chip artists selling well but the depth of interest witnessed is reassuring. More encouraging still is the continuing hunger for young contemporary artists. While the market has been tempered, people are still willing to spend big on the most sought-after painters. This should be the injection of confidence the art world needs.