Sotheby’s has drastically reduced lots in sales planned mid-season this year, but a live auction in New York on February 26 still generated $19.88 million, including fees.
There are 101 batches of sales this year, of which 21 batches are not sold, with six withdrawals, and 73.3% sold. In contrast, there were 276 batches of Contemporary Planning Sales in March last year, 45 times not sold, 22 withdrawals, with a sales rate of 75.7%. The auction incurred a $25.7 million fee.
Although the total batch volume fell by 64%, the sales difference was 22.7%, due to more than half of its overestimated projects (52%), with high expenses. The auction house also said bids came from more than 40 countries, an increase of 11% compared to last year.
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when Artnews Asked whether difficulties in numerous materials have declined, and Sotheby’s recent layoffs, Assistant Vice President and Head of Sales Haleigh Stoddard thought it was a “frustrating misunderstanding” even when the end result was achieved.
“Although the sales were small, which was intentional, we wanted it to be a higher editorial choice,” she said. “It’s really our goal to limit our numbers this season, and I think we’ve managed to do it with higher quality and higher value works, above $300,000, $400,000.”
“Our buyers responded well and we only listened to positive messages from participants in today’s auctions. From our perspective, it was positive. In fact, we will continue to focus on the low volume, high value ratios for the rest of the year. This is something we are very interested in further exploring mid-season sales.”
“This is something we always want to pay attention to.”
Notably, the sale took place in the ongoing split of the art market after devastating fires in Los Angeles, several geopolitical clashes, concerns about new tariffs and growing economic uncertainty under the second Trump administration.
Works by blue chip artists are not for sale, including Diane Arbus, Josef Albers, Damien Hirst, Kaws, Robert Rauschenberg, Andy Warhol and Claes Oldenburg. However, the results of several works by female artists are strong, including Louise Bourgeois, Olga de Amaral, Annie Morris and Firelei Báez.
(Unless otherwise stated, all prices mentioned below include buyer’s premiums and other fees.)
The highest batch for sale in New York on Tuesday was untitled oil on canvas paintings performed by Joan Mitchell in 1985. It costs $3.95 million, and is estimated to be between $3 million and $5 million. Stoddard said it was an “incredible price” for mid-season sales, highlighting Mitchell’s soft (1991) also performed well early, with the Lot #9 selling for $571,500 and estimated at $200,000 to $300,000.
George’s Apartment Artist and Muse (2015). Courtesy by Sotheby’s.
Two additional lots of guaranteed and irrevocable bids for seven numbers: George Apartments Artist and Muse (2015), sold for $1.88 million, estimated at $1 million to $1.5 million; and Jean Dubuffett’s 8.5-foot-high, 16.5-foot-wide acrylic sculpture echecàl’être (In 1971), the price was $1.54 million, estimated at $800,000 to $1.2 million.
A bidding war for Louise’s bourgeoisie Are you on track? (2008) raised the price to $920,750, more than triple the overestimation of $300,000. Stoddard said three bidders competed for a unique 5-foot by 6-foot piece, competing for more than four minutes. “The auction room was a real excitement,” she said.
Wool and horsehair sculptures by Olga de Amaral Hojarasca Barbas de Piedra (1973). Courtesy by Sotheby’s.
Competition between the five bidders of Olga de Amaral’s wool and Horsehair sculptures Hojarasca Barbas de Piedra (1973) also resulted in a $444,500 selling price, exceeding its $120,000 overvalued. The result was after a recent performance by Colombian textile and visual artist at Foodation Cartier in Paris and incorporated her work into last year’s Venice Biennale and in a large exhibition of female fiber artists at the Smithsonian American Art Gallery.
“We knew it would be good, and I think it was another example of the market’s response to exhibitions and exhibitions and it caused excitement among the artists,” Stoddard said. “I think there’s a lot of excitement around her and it’s important not only in the history of art in Latin America, but in international art history.”
Other works by female artists are Annie Morris Copper pile 3, cadmium red (2023). This 5-foot-tall soft bronze and steel sculpture is for sale for $228,600 and is estimated to be $70,000 to $100,000. The first batch sold was Fireei Báez’s acrylic and ink on paper Resistance mode (2015), also sold for $114,300, estimated at $40,000 to $60,000.
It is also worth noting at the end of the sale: the unit of concept artist Mel Bochner Wait and wait (2014) sold for $57,150, and is estimated to be between $10,000 and $15,000. The concept artist recently passed away on February 12 at the age of 84.
