$140 Million Picasso Props Up New York Auctions

Pablo Picasso, Femme à la montre (1932). Oil on canvas, 130 by 97 cm. Courtesy Sotheby's.

By Sam Gaskin – 9 November 2023, New York

Sotheby’s boasted the ‘Top Lot Sold at Auction this Year’ in a press release that blasted ’*NEWSFLASH*’ three times today.

Pablo Picasso‘s Femme à la montre (1932) fetched U.S. $139.4 million at auction (including fees), against the reported estimate of over $120 million (not including fees). The priciest Picasso at auction remains Les femmes d’Alger (ca. 1955), which sold for $179.4 million in 2015.

The portrait was purchased by American collector Emily Fisher Landau in 1968, who died last year aged 102. Works from her collection were sold in a dedicated auction in New York on 8 November.

Agnes Martin’s Grey Stone II (1961). Oil, gold leaf, and pencil on canvas. 182.9 x 182.9 cm. Courtesy Sotheby’s.

Another standout was Agnes Martin‘s Grey Stone II (1961), which sold for $18.7 million against an estimate of $6–8 million.

Several other important works from the collection fell within estimates, including Ed Ruscha‘s Securing the Last Letter (Boss) (1964) for $39.4 million and Jasper Johns’ Flags (1986) for $41 million.

Works that underperformed include an untitled Mark Rothko painting that sold for $22.2 million against an estimate of $30–40 million, and Richard Prince‘s My First Girl (1989) which sold for $2 million against an estimate of $2.5–3 million.

Jenna Gribbon, Regarding Me Regarding You and Me (2020). Oil on linen, 182.9 x 121.9 cm. Courtesy Christie’s.

The Sotheby’s sale follows a disappointing 21st Century art sale at Christie’s on Tuesday night that brought in $88.4 million (not including fees), falling short of its $99 million presale low estimate.

While most lots fell short of their low estimates, Jadé Fadojutimi, Jenna Gribbon, Jia Aili, Ilana Savdie, and Lalanne all set new records at auction.

Jenna Gribbon’s nude Regarding Me Regarding You and Me (2020) sold for $478,800, more than triple its high estimate, while Jia Aili’s Combustion (2016) brought in $4.8 million, Jadé Fadojutimi’s A Thistle Throb (2021) achieved $1.7 million, and Lalanne’s Mouton de laine sold for $1.5 million (1992).

Jia Aili, Combustion (2016). Acrylic on canvas. 216 x 497.2 cm. Courtesy Christie’s.

Many of the big New York auctions are yet to come, including Christie’s 20th Century Evening Sale on 9 November and their Post-War & Contemporary Art Day Sale on 10 November.

Sotheby’s Modern Evening Auction takes place on 13 November ahead of their Now Evening Auction and Contemporary Evening Auction on 15 November.

Rounding out the big three, Phillips’ Triton Collection Foundation takes place on 14 November before their 20th Century & Contemporary Art sales on 15 November. —[O]

Main image: Pablo Picasso, Femme à la montre (1932). Oil on canvas, 130 by 97 cm. Courtesy Sotheby's.

Sam Gaskin Sam Gaskin has covered contemporary art for over a decade, mostly from Shanghai, China.