The evening sale of the 21st century at Christie’s in New York confirms the resilience of the contemporary market, even in a competitive context filled with closely scheduled auctions.
How did Christie’s 21st-century evening sale conclude?
The auction house totaled 123.6 million dollars, nearly reaching the maximum estimate of 126 million and marking an increase of 16% compared to last year’s session.
However, the result seems modest when compared to the 706 million dollars achieved the previous evening by Sotheby’s. In the room at Rockefeller Center, the atmosphere seemed at times less vibrant.
That said, Christie’s managed the event with considerable skill: calibrated expectations, targeted use of third-party guarantees, and lowered reserves when necessary to stimulate bids. The approach worked operationally, albeit at the expense of some suspense.
“Yes, it was a bit dull, but the participation in the bids was deep and solid,” commented art consultant Aileen Agopian. Ultimately, all but one of the 45 lots were sold, indicating a still substantial and widespread demand.
What auction records were set during the evening?
The only unsold item was a 2022 painting by Cecily Brown, estimated between 4 and 6 million dollars. Conversely, new records were set for Firelei Báez, with 1.1 million dollars, just hours after Phillips set a previous record, and for Olga de Amaral, with 3.1 million dollars.
Final prices include commissions, while estimates do not.
In this competitive context, the results for Báez and de Amaral indicate a growing interest in artists still consolidating in the international market. Additionally, they confirm how evening auctions continue to serve as a platform for visibility and validation for mid-career artists.
Why did Christopher Wool’s “RIOT” lead the sale?
The highlight of the evening was Christopher Wool with Untitled (RIOT), 1990, in the blue version, sold for 19.8 million dollars including fees. The work gave the impression of a return to another market phase when these textual works dominated international auctions.
According to the Artnet Price Database, Wool’s annual auction sales total has dropped dramatically: 114.3 million dollars in 2015 compared to 18.6 million in 2023. Another Untitled (RIOT), of the same size but in the artist’s characteristic black, has held his auction record for a decade, at 29.9 million dollars.
The blue version was purchased by consultant Cecile Le Paire, present in the room, who preferred not to comment.
Overall, the sale of RIOT confirms the resilience of Wool’s historic masterpieces, despite the overall downsizing of his market compared to the peak a decade ago.
What characterized the collection of Stefan Edlis and Gael Neeson?
The sale opened with 19 lots from the collection of Stefan Edlis, who passed away in 2019, and his wife Gael Neeson. With a combined estimate of 30 million dollars, the group totaled 49.2 million, marking one of the evening’s most solid moments. Additional works from the same provenance will be offered in the day sale on Thursday, and about 30 pieces will be reserved for the December design auctions.
The two collectors are known for the consistency and quality of their choices. In 2018, they donated 44 iconic works, valued at a total of 500 million dollars, to the Art Institute of Chicago, in the largest single bequest in the museum’s history. However, the remaining works available were still numerous and of museum quality.
Neeson decided to sell the Chicago apartment and, concurrently, the collection through Christie’s. The entire consignment includes more than 150 lots, estimated at around 50 million dollars, to be auctioned over the next 18 months. This was stated by Sara Friedlander, recently appointed chairman for postwar and contemporary art for the Americas at Christie’s.
What were the standout results of the Edlis-Neeson collection?
The main lot of the group was The Last Supper (1986) by Andy Warhol, sold for 8.13 million dollars against a pre-auction estimate of 6 to 8 million. The painting How Do You Do (2004) by Ed Ruscha achieved 6.78 million dollars, just below the maximum estimate of 7 million.
Most of the collection’s works were covered by irrevocable bids, thus destined for sale. However, in many cases, there was lively competition among multiple bidders. This represents a marked change from previous seasons when such lots more often went directly to the guarantor without significant bidding.
Additionally, among the notable sales is A Clear Unspoken Granted Magic (2017) by Amy Sherald, currently on display in a solo exhibition at the Baltimore Museum of Art, sold for 4.1 million dollars. The work exceeded the high estimate, set at 3 million, achieving the second-highest auction result for the artist.
Which other lots surprised with their bidding dynamics?
Another significant moment was the entry of Untitled Film Still #13 (1978) by Cindy Sherman, contested by seven bidders until it reached 2.27 million dollars. The result is over three times the high estimate of 700,000 dollars. The image, among the most famous of the series, depicts the artist grabbing a book in a library. Edlis had purchased it from Phillips in 2000 for 167,500 dollars.
Similarly, Great American Nude #41 (1962) by Tom Wesselmann, a large work on paper, attracted seven bidders, bringing the final price to 1.2 million dollars, well above the estimate of 500,000-700,000 dollars. These outcomes confirm the growing appeal for historical works that are still relatively accessible, in contrast to multimillion-dollar blockbusters.
The Edlis-Neeson couple lived surrounded by artist-designed furniture, including a lamp by Alberto Giacometti and a console by Diego Giacometti. The market proved extremely receptive to these pieces as well, confirming the collector interest in designer art.
How did Diego Giacometti’s design perform at auction?
In particular, the competition for the “Berceau” Low Table, Modèle aux Renards coffee table by Diego Giacometti, dated 1974, lasted over seven minutes. The piece was sold for 4.53 million dollars, nearly double the maximum estimate of 2.5 million. The result confirms the increasingly solid positioning of historical designer art within major evening auctions.
That said, not all lots benefited from such competitive momentum. When Christie’s anticipated limited demand, it preferred to adjust the reserves downward, ensuring the sale, albeit with reduced margins.
What happened to the lots with weaker demand?
An emblematic case is Lake Place (2012) by John Currin, estimated between 2.5 and 3.5 million dollars. At the opening of the lot, only one bidder was present, and the group portrait was hammered at 1 million dollars, equivalent to 1.27 million with commissions. The decision to lower the minimum threshold still allowed the auction house to close the deal.
These strategies reflect a selective market, where collectors are ready to compete for masterpieces but become more cautious when faced with works perceived as less rare or less central to the artists’ production.
How does the tight auction schedule impact the market climate?
Dealers and advisors have noted some fatigue due to the tight auction schedule this week. After the Lauder sale the previous evening, everyone was back at the Breuer Building at 9 a.m. for the day sales, described by attendees as very solid. The sessions continued throughout the day, culminating in Phillips’ evening auction at 5 p.m.
By 7 p.m., the specialist audience moved to Christie’s, and midway through the sale, several people left the room to attend another auction organized by Loïc Gouzer, focused on a single painting. Additionally, the sequence of events makes it challenging to maintain consistent attention and capital availability over a few days.
Tomorrow, the circuit moves back to Christie’s for the day sales and then returns to the Breuer Building for Sotheby’s evening auction dedicated to Impressionism and Modern art. In this context, the resilience of the 21st-century sale is significant: while lacking spectacular excesses, it demonstrates the auction house’s ability to orchestrate solid results in an extremely crowded schedule.
As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for several international crypto-related magazines and CMO at Eidoo. She is now the co-founder and editor-in-chief of The Cryptonomist and Econique.
She is also a marketing teacher at Digital Coach in Milan and she published a book about NFTs for the Italian publishing house Mondadori, while she is also helping artists and company to entering in the sector. As advisor, Amelia is also involved in metaverse-related project such as The Nemesis and OVER.
