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

The Modern Institute Glasgow

Tina Kim Gallery contemporary art gallery in New York, United States

Tina Kim Gallery New York

Hauser & Wirth contemporary art gallery in Hong Kong

Hauser & Wirth Gstaad, Hong Kong, London, Los Angeles, Menorca +7

Kukje Gallery contemporary art gallery in Seoul, South Korea

Kukje Gallery Busan, Seoul

Xavier Hufkens contemporary art gallery in St-Georges, Brussels, Belgium

Xavier Hufkens Brussels

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

Karma Los Angeles, New York

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2023 featured artworks

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ERANU...UVAVU!!! by Jesse Wine contemporary artwork works on paper, sculpture

Jesse Wine ERANU...UVAVU!!!, 2023 Ceramic, sand, paint, steel, 2 parts
The Modern Institute Request Price & Availability

All the hours you're sent to by Tony Swain contemporary artwork painting, works on paper

Tony Swain All the hours you're sent to, 2023 Acrylic and pieced newspaper on board
243 x 155 x 3.5 cm The Modern Institute Request Price & Availability

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

Xeroxed!, III by Jack Whitten contemporary artwork painting

Jack Whitten Xeroxed!, III, 1975 Toner and rice paper mounted on stretched canvas
152.4 x 201.9 x 5.1 cm Hauser & Wirth Request Price & Availability

Philodendron Stenolobum (70% chance of rain) by Tania Pérez Córdova contemporary artwork sculpture

Tania Pérez Córdova Philodendron Stenolobum (70% chance of rain), 2022 Iron, epoxy clay, plastic, acrylic, gold plated brass chain, patterns of leaf damage
160 x 137 x 73.5 cm Tina Kim Gallery 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

Headwind by Liao Wen contemporary artwork sculpture

Liao Wen Headwind, 2023 Hand-coloured limewood, stainless steel
103 x 130 x 81 cm
Sold Capsule Shanghai

Heads in Motion XII, Portrait of a Lady I, Heads XIII by Jack Whitten contemporary artwork painting

Jack Whitten Heads in Motion XII, Portrait of a Lady I, Heads XIII, 1964 Acrylic on canvas, triptych
Hauser & Wirth 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.