Auction buzz

The art world is buzzing with news from the auctioneers. Both Sotheby's and Christie's held their spring Post-War and Contemporary Auctions this week, and things went a little bit better for Christie's.

From the New York Times: (read full article)

One night collectors seemed resistant to part with their cash; the next evening they were clamoring to bid. Such was the auction whiplash that occurred over a 24-hour period. Unlike Sotheby’s sale on Tuesday, where bidding was thin and buyers reluctant, Christie’s auction of postwar and contemporary art on Wednesday showed a different face altogether. It was a buoyant hour and a half during which record prices were set for recognized artists like David Hockney.

The sale totaled $93.7 million, just under its high $104.5 million estimate. Of the 54 works up for sale, only 5 failed to find buyers.


(image - David Hockney's Beverly Hills Housewife brought in $7.9 million for Christie's)

YSL Auction

Now that I've given you all a little bit of an overview of the art world - don't worry I'll keep writing and keeping you informed - I wanted to note that one of the biggest sales of my lifetime has just happened in Paris. Christie's held a three day, six auction sale for the estate of the late Yves Saint Laurent. All the proceeds are going to his partner's foundation for research into AIDS. Well, the sale went phenomenally well selling over 96% of all items for $477 million. Yes, you read the right - almost half a billion dollars for an art, decorative art, and furniture sale. Incredible right.

So while all the world is worried about finance there are people who have the money to spend $28 million on a "Dragons" chair. The sale may well save Christie's this year (no such luck for Sotheby's yet) and will hopefully show the world that we're not in a permanent downward spiral.