The upcoming spring auction season is anticipated to be a significant event in the art world, with over 1,700 works of modern and contemporary art expected to be offered with an estimate of $1.2 billion to $1.8 billion. However, a shadow has been cast over the auctions due to a cyberattack at Christie’s, which has impacted the company’s website and raised concerns about the security of confidential data. Analysts are uncertain about the impact of this event on buyers and sellers, as well as the overall sentiment in the market.
Various factors have contributed to a decline in the art market, including conflicts, high inflation rates, and economic volatility. Young artists have seen their secondary markets collapse, and there has been a general lull in Asian buying. As a result, auction houses are being cautious and embracing more conservative estimates. Despite these challenges, there is still optimism in the market, with auction houses like Sotheby’s continuing to assemble evening sales with the current market appetite in mind.
Several artists have been highlighted as ones to watch in the upcoming evening sales at Christie’s, Sotheby’s, and Phillips. Jean-Michel Basquiat’s “Untitled (ELMAR)” is expected to fetch $40-$60 million at Phillips, while Andy Warhol’s “Flowers” is estimated at $20-$30 million at Christie’s. The British-born Mexican painter and author Leonora Carrington’s work “Les Distractions de Dagobert” is expected to sell for $12-$18 million at Sotheby’s, setting a new benchmark for the artist.
Contemporary artist Jeffrey Gibson, who has received significant recognition in recent years, will have two works up for auction at Sotheby’s and Phillips with pricing that aims to attract collectors into a bidding frenzy. The Abstract Expressionist painter Joan Mitchell will also be featured in the evening sales at Sotheby’s and Christie’s, with six works estimated to command more than $53 million. Additionally, a 1983 sculpture by Ana Mendieta, part of the collection of Miami collector Rosa de la Cruz, is expected to fetch between $300,000-$500,000 at Christie’s.
Despite the challenges facing the art market, the upcoming auctions are anticipated to be a significant event in the art world. Collectors will have the opportunity to acquire works by renowned artists like Basquiat, Warhol, Carrington, and many others. The auctions will test the strength of the market and the demand for these artists’ works, offering a glimpse into the current state of the art world and the trends that are shaping it. Overall, the auctions are expected to be an exciting and dynamic event, showcasing the diversity and value of modern and contemporary art.
