New York Art Market: Excess Works and Lofty Estimates

Latest Advisory Perspective New York
26 May 2023

A tremendous amount of work was sold at Christie's and Sotheby's auctions this month, but the houses will need to recalibrate their overly ambitious estimates, argues Ocula Advisor Rory Mitchell.

2023 featured exhibitors

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Victoria Miro contemporary art gallery in Wharf Road, London, United Kingdom

Victoria Miro London, Venice

The Modern Institute contemporary art gallery in Osborne Street, Glasgow, United Kingdom

The Modern Institute Glasgow

Karma contemporary art gallery in 188 E 2nd Street, New York, United States

Karma Los Angeles, New York

SILVERLENS contemporary art gallery in Manila, Philippines

SILVERLENS Manila, New York

Kukje Gallery contemporary art gallery in Seoul, South Korea

Kukje Gallery Busan, Seoul

Pace Gallery contemporary art gallery in 540 West 25th Street, New York, United States

Pace Gallery East Hampton, Geneva, Hong Kong, London, Los Angeles +4

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2023 featured artworks

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A Square by Min Ha Park contemporary artwork painting

Min Ha Park A Square, 2023 Vinyl paint, oil, wax and MIRAVAL® on canvas
25.5 x 20.5 cm
Sold Whistle

Open by Jane Dickson contemporary artwork painting, works on paper, drawing

Jane Dickson Open, 2022 Oil stick on linen
72 x 36 inches Karma Request Price & Availability

A Square by Min Ha Park contemporary artwork painting, works on paper

Min Ha Park A Square, 2023 Vinyl paint, spray paint, oil and wax on canvas
25.5 x 20.5 cm
Sold Whistle

The Apollonian Sword by Jack Whitten contemporary artwork sculpture

Jack Whitten The Apollonian Sword, 2014 Marble, metal, lead, charred black mulberry wood
184 x 56 x 46 cm Hauser & Wirth Request Price & Availability

Underpass, Midnight by Min Ha Park contemporary artwork painting

Min Ha Park Underpass, Midnight, 2023 Acrylic, vinyl paint, oil, wax and MIRAVAL® on canvas
140 x 158 cm Whistle Request Price & Availability

Throw up by Liao Wen contemporary artwork sculpture

Liao Wen Throw up, 2023 Hand-coloured limewood, epoxy resin, jesmonite, stainless steel, steel
48 x 32.5 x 16 cm
Sold Capsule Shanghai

Drop by Buoy 2 by Minouk Lim contemporary artwork sculpture, mixed media

Minouk Lim Drop by Buoy 2, 2022 Epoxy resin, polyurethane resin, buoy, cuttlebone, kalopanax thorn, feather, shell, beads
23 x 23 x 23 cm Tina Kim Gallery Request Price & Availability

Untitled by Kwon Young-Woo contemporary artwork painting, works on paper

Kwon Young-Woo Untitled, 1987 Gouache, Chinese ink on Korean paper
92 x 74 cm Tina Kim Gallery Request Price & Availability

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Ocula Magazine

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Photolog Frieze New York 2023: In Photos By Charles Roussel, 19 May 2023 Frieze New York brings together works by emerging and established artists presented by over 60 of the world's leading galleries. Ocula photographer Charles Roussel captures the colour, the excitement and the buzz of the opening day.

Feature New York Lowdown: Must-See Exhibitions Spring 2023 By Elaine YJ Zheng, New York, 17 May 2023 Ocula Magazine shares must-see exhibitions across New York's galleries, institutions, and non-profit spaces.

News Frieze New York 2023: 5 Directors Preview Their Booths By Ocula News, New York, 10 May 2023 Founders and directors at David Lewis, dépendance, Stephen Friedman, Michael Rosenfeld, and Societé introduce highlights of their booths ahead of the fair, which takes place from 17 to 21 May.

Photolog Frieze New York 2022: In Photos By Charles Roussel, 19 May 2022 Held at the Shed in Manhattan's Hudson Yards, this year marks Frieze New York's tenth anniversary, with around 65 dealers returning to the city this week. Take a look at Ocula's highlights from the ground.

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Ocula Advisory

Advisory Perspective New York Art Market: Excess Works and Lofty Estimates 26 May 2023 A tremendous amount of work was sold at Christie's and Sotheby's auctions this month, but the houses will need to recalibrate their overly ambitious estimates, argues Ocula Advisor Rory Mitchell.

Advisory Perspective Frieze New York 2023: 8 Advisory Selections 11 May 2023 The fair returns to The Shed from 17 to 21 May, with over 65 galleries presenting work from around the world.

Advisory Perspective Frieze New York 2022: Advisory Selections 19 May 2022 This year marks Frieze New York's tenth anniversary, with around 65 dealers returning to the city this week.

Advisory Perspective Advisory Highlights at Frieze New York 30 April 2021 Ocula Advisory's Rory Mitchell selects ten highlights from the tenth edition of Frieze New York.

About Frieze New York

The 11th edition will bring together world-leading galleries from 27 countries at The Shed, alongside a program that celebrates New York's pivotal non-profits and institutions

Frieze New York will see over 60 galleries from 27 countries, and will showcase some of the most celebrated artists working today as well as the most exciting new names. Showcasing both established and emerging galleries from around the world, the participants represent a snapshot of the art world's ecosystem.