Major auction were organized by Sotheby’s in New York during the last week. A highly-anticipated event, the November sales series is a major highlight in the art market. They mirror the trends in the market and the evolution of artists' quotes.

 

Dive into the dynamics of this key art market event with us, from remarkable sales to global analysis!

 

Sotheby's evening auction of the collection of Emily Fisher Landau.

The Emily Fisher Landau Collection: An Era Defined 

Among the major events of the New York’s fall auction season, the white-glove sale of Emily Fisher Landau’s collection, was organized by Sotheby’s on November 8th. The sale reached a hammer total of $351.6 million ($406.422.100 with fees). Notice the pre-sale estimate, which ranged from $344.5 million to $430.1 million (excluding fees). 

 

It became the most valuable sale devoted to a female collector, Emily Fisher Landau, patron of the Whitney Museum of American Art, in history. All 31 lots were guaranteed by a third party. However, the strong energy in the room was confirmed by Agnes Martin's record and strong interest in three works by Ed Ruscha, who has a career retrospective at the Museum of Modern Art. 

 

After 4 minutes of bidding, Pablo Picasso's 1932 portrait of Marie-Thérèse Walter, Femme à la montre, sold for $121 million ($139.363.500 with fees), meeting its undisclosed pre-sale target of over $120 million. It became the second most valuable work by Picasso ever sold at auction. 

Pablo Picasso, Femme à la montre, 1932.

Oil on canvas, 130 x 97 cm.

Sold for $139.363.500

 

Agnes Martin (1912 - 2004)'s Grey Stone II achieved a new auction record for the artist after a bidding war that lasted for more than seven minutes! It fetched an astounding $18.7 million, exceeding its high estimate by more than double. The French art dealer and collector Phillipe Ségalot bought the painting. Among Martin's five works with gold leaf, this is the sole piece to have ever been auctioned. There are only two other works in this series that are similarly sized, and they can be found in museum collections at MoMA & San Francisco Museum of Modern Art.

Agnes Martin, Grey Stone II, 1961.

Oil, gold leaf and pencil on canvas, 182.9 x 182.9 cm.

Estimate: $6.000.000 - $8.000.000

Sold for $18.718.500

 

Meanwhile, a record was set for Mark Tansey (b. 1949) with Triumph Over Mastery II, sold for $11.824.500, surpassing his previous record of $7.5 million for Source of the Lou (Sotheby’s New York, May 2018). Mark Tansey's work, known for its monochromatic paintings and highly composed subject, demonstrates his profound understanding of art history and his ability to create his own visual language.

Mark Tansey, Triumph Over Mastery II, 1987.

Oil on canvas, 246.7 x 173 cm.

Estimate: $8.000.000 - $12.000.000

Sold for $11.824.500

 

Piet Mondrian (1872-1944)’s Composition (unfinished) sold for $9.166.500, within an estimation of $8.000.000 - $12.000.000. Mondrian's contribution to abstraction made him a seminal figure and influenced artists and movements like the Bauhaus and later Minimalism. The artist auction record was established in November of the previous year by Sotheby's, New York, with Composition No. II (1930) which reached $51.000.000!

Piet Mondrian, Composition (unfinished), 1938.

Charcoal on canvas, 115 x 115 cm.

Estimate: $8.000.000 - $12.000.000

Sold for $9.166.500

 

On November 9th, the day auction of The Emily Fisher Landau Collection totalized  $18.322.776. Out of the 82 lots that were offered, only two remain unsold.

 

We highlight a drawing of Andy Warhol (1928 - 1987)’s iconic Campbell’s soup can, that more than double its low estimate to reach $215.900. Meanwhile, another drawing by the artists, depicting Marilyn Monroe, went for $209.500. Through the blending of avant-garde and commercial aesthetics, Andy Warhol emerged as the key figure in the development of Pop Art. He is known for his depictions of mass-produced items and celebrities, exemplified by his iconic 1962 Campbell Soup Cans and Marilyn Diptych series.

Andy Warhol, Campbell's Tomato Soup, 1983.

Graphite on paper, 81.3 x 61 cm.

Estimate: $80.000 - $120.000

Sold for: $215.900

Andy Warhol, Marilyn Monroe, 1980.

Graphite on paper, 81.3 x 61 cm.

Estimate: $80.000 - $120.000

Sold for: $209.550

 

Robert Rauschenberg’s Untitled (Salvage) reached $215.900, surpassing its estimate of $80.000 - $120.000. Robert Rauschenberg (1925 - 2008) was a prominent member of the American Post-War avant-garde.

Robert Rauschenberg, Untitled (Salvage), 1985.

Acrylic and silkscreen ink on canvas, 81.3 by 97.8 cm.

Estimate: $80.000 - $120.000

Sold for: $215.900

 

 

Modern Evening Auction

On November 13rd, Sotheby’s Modern Evening Auction reached $223.335.300 ($190.3 million HP). Out of the original 41 lots, a total of eight were withdrawn, accounting for almost 20 percent of the sale's initial size. Because of the withdrawals, the low presale estimate plummeted to $179.4 million, approximately $20 million below the lower end of the overall expectation range. The sell-through rate, excluding withdrawals, stood at 93.9% (or 74% including withdrawals). Let’s notice that a total of 15 lots were guaranteed by either the auction house or a third-party.

Sotheby’s Modern Evening Auction, New York.

 

Monet's Peupliers au bord de l'Epte, temps couvert (1891) sold for $26.5 million ($30.783.000 with fees), making it the highest priced lot of the evening. Sotheby's expected a sale price of $30 million to $40 million. The painting was last seen publicly at the traveling museum exhibition “Paul Durand-Ruel and the Modern Art Market”, which visited the National Gallery, London, the Philadelphia Museum of Art, and the Musee D'Orsay from 2014 to 2015.

Claude Monet, Peupliers au bord de l’Epte, temps couvert, 1891.

Oil on canvas, 91.5 x 81.5 cm.

Estimate: $30.000.000 - $40.000.000

Sold for $30.783.000

 

After a bidding war lasting eight minutes and involving six participants, Claude Monet's Le Moulin de Limetz from 1888 fetched a staggering $25.612.500, surpassing the low estimate by more than double. It was bought by Bertha and Potter Palmer in 1892 and stayed in the family for over 130 years. The painting was part of the “Monet and Chicago” exhibition at the Art Institute of Chicago from 2020 to 2021.

Claude Monet, Le Moulin de Limetz, 1888.

Oil on canvas, 92 x 72.9 cm.

Estimate: $12.000.000 - $18.000.000

Sold for $25.612.500

 

The intense demand for a stunning 1968 green-and-blue colorblock work on paper by Mark Rothko led to a sale for $23.889.000, more than double its high estimate of $10 million.

Mark Rothko, Untitled, 1968.

Oil on paper laid down on canvas, 100 x 66.4 cm.

Estimate: $7.000.000 - $10.000.000

Sold for $23.889.000

 

On a less positive note, the expected star lot of the auction, Picasso's Compotier et guitare (1932), which had a guarantee and an undisclosed estimated value, likely around $25 million, appeared significantly less substantial. Bidding opened at $18.5 million and the hammer fell soon after at $21 million ($23.463.500 BP). The painting was last sold at auction at Sotheby’s in New York in May 2000 for $9.9 million.

Pablo Picasso, Compotier et guitare, 1932.

Oil on canvas, 97.1 x 130.1 cm.

Sold for $23.463.500

 

Buste de Femme by Picasso sold to a phone bidder for a disappointing $12 million ($13.622.500 BP), below the estimated $18 million to $25 million. The 1909 painting featured a Cubist-style portrayal of his then lover, Fernande Olivier.

Pablo Picasso, Buste de femme, 1909.

Gouache on paper mounted on board, 63.7 x 49 cm.

Estimate: $18.000.000 - $25.000.000

Sold for $13.622.500

 

The Art Institute of Chicago's Joseph Winterbotham collection featured the highly acclaimed masterpiece La Patience by Balthus, which fetched $14.697.000.

Balthus, La Patience, 1943.

Oil on canvas, 161.5 x 164.2 cm.

Estimate: $12.000.000 - $18.000.000

Sold for $14.697.000

 

This Giacometti sculpture, part of a series of nine standing female nudes called the Femmes de Venise, was sold for a somewhat disappointing $12.650.000.

Alberto Giacometti, Femme de Venise VIII, conceived in 1956, cast in 1973.

Bronze, 122 cm (height).

Estimate: $12.000.000 - $18.000.000

Sold for $12.650.000

 

 

Modern Day Auction

The Modern Day Auction on November 14th amassed $62.571.575. Out of the 347 lots available, 86 remained unsold, resulting in a 75% sell-through rate.

 

The top-selling item of the auction was a 1938 still-life by Picasso, which went for $1.875.000. Nature morte, verre et trois fruits exemplify the artist's revolutionary Cubist visual style.

Pablo Picasso, Nature morte, verre et compotier aux fruits, 1938.

Oil on canvas, 34 x 46 cm.

Estimate: $1.500.000 - $2.000.000

Sold for $1.875.000

 

André Derain’s Bords de Seine à Chatou fetched $1.754.000. Executed during the height of Fauvism, this landscape painting depicts André Derain's birthplace of Chatou. It captures the movement's characteristic use of color and dynamism, heavily influenced by Paul Cézanne. Bords de Seine à Chatou has been on loan from the Collection of William S. Paley to The Museum of Modern Art, New York since 1990. It has been exhibited in renowned museums such as the Tate, the Musée de l’Orangerie, the Los Angeles County Museum of Art, and the Baltimore Museum of Art.

André Derain, Bords de Seine à Chatou, circa 1904-06.

Oil on canvas, 73.7 x 123.8 cm.

Estimate: $1.500.000 - $2.000.000

Sold for $1.754.000

 

La Fête au cirque, by Chagall, a colorful and dreamlike painting reached $1.633.000. Throughout his life, Chagall found inspiration in the circus, and some of his most significant works are fantastic depictions of its pageantry.

Marc Chagall, La Fête au cirque, 1983.

Oil and tempera on canvas, 80.6 x 60 cm.

Estimate: $1.500.000 - $2.500.000

Sold for $1.633.000

 

Wifredo Lam’s Sans titre (Femme fleurie), created in 1955, went for $1.512.000. It portrays the seductive figure of a “Femme cheval”, the avatar of female power largely considered the cornerstone motif in the artist’s work. The “Femme cheval”, as a formal archetype, represents Africanized forms, modernist hybridization, and anatomical disjuncture. This depiction portrays the followers of Lucumí, an Afro-Cuban religion, who are believed to transform into the caballo (horse) and serve as vessels for the deities or orishas during ritual possession.

Wifredo Lam, Sans titre (Femme fleurie), 1955.

Oil on canvas, 91.1 x 72 cm.

Estimate: $1.200.000 - $1.800.000

Sold for $1.512.000

 

The total value of Impressionist & Modern Latin American Art reached $12.475.560. Out of the 84 lots in this category, 11 went unsold, resulting in a sell rate of 86.9%.

 

A new auction record was established for Brazilian artist Chico da Silva (1910 - 1985) with his artwork Serpente da serra luminosa (1966). Despite an estimated value of $60.000 to $80.000, the painting fetched an astonishing $330.200. Until then, his works had never exceeded the $10.000 mark!  In contrast to the prevailing trend of geometric abstraction and Concrete art in Brazilian art, da Silva embraced the country's indigenous heritage through a distinctive aesthetic vocabulary. Da Silva's work, Serpente da serra luminosa, was showcased among seventeen other pieces at the 1966 Venice Biennale, where he represented his country.

Chico da Silva, Serpente da serra luminosa, circa 1966.

Gouache on paper mounted on Masonite, 119.4 x 203.2 cm.

Estimate: $60.000 - $80.000

Sold for $330.200

 

Exceeding its low estimate by a factor of 10, a 1927 painting by Brazilian artist Emiliano di Cavalcanti fetched $317.500. In November 2017, at Sotheby’s New York, Reclining Nude With Fish and Fruit (1956) was sold for $1.575.000 setting is current auction record.

Emiliano di Cavalcanti, Sem título, circa 1928.

Watercolor, gouache, pastel, charcoal, pencil and colored pencil on paper laid down on board, 50.8 x 38.1 cm.

Estimate: $30.000 - $40.000

Sold for $317.500

 

Brazilian artist Hélio Oiticica’s Metaesquema 251 (1957) sold for $63.500. His auction record was set in November 2017, with P31 Parangolé, capa 24, Escrerbuto (1972), sold for $615.000, at Phillips New York.

Hélio Oiticica, Metaesquema 251, 1957.

Gouache on incised board, 42.2 x 49.2 cm.

Estimate: $60.000 - $80.000

Sold for $63.500

 

Portrait of Florence Horn (1940) by Brazilian artist Cândido Portinari, failed to reach its low estimate of $50.000. Instead, he was sold for $44.450. In Brazil in 1939, Cândido Portinari and Florence Horn, an American journalist from Fortune Magazine, crossed paths for the first time. Portinari and Horn forged a lasting friendship filled with intellectual collaboration. His auction record was set in 2013 by Christie’s New York, with Meninos soltando pipas (1941) sold for $1.443.750.

Cândido Portinari, Portrait of Florence Horn, 1940.

Oil on canvas, 56 by 46 cm.

Estimate: $50.000 - $70.000

Sold for $44.450

 

 

The Now Evening Auction

On November 15th, Sotheby’s The Now Evening Auction, focusing on art created from the past 20 years, brought $55.2 million ($46.7 million HP). This result fell within the initial estimated range of $43.7 million to $60.6 million. Out of the 19 lots initially planned for auction, the house guaranteed 13, while third-parties guaranteed 10. Mark Bradford's 2006 canvas Tina was withdrawn, and the rest were sold!

Sotheby’s The Now Evening Auction, New York.

 

The painting Shift, a significant work by the Young British Artist Jenny Saville (b. 1970), was sold for $9.2 million ($10.9 million BP) at an auction. The bidding lasted for less than two minutes and it just exceeded the lower end of its estimated price range of $9 million to $12 million.

Jenny Saville, Shift, 1996-97.

Oil on canvas, 330.2 x 330.2 cm.

Estimate: $9.000.000 - $12.000.000

Sold for $10.905.300

 

Julie Mehretu (b. 1970)'s painting, Walkers With the Dawn and Morning (2008), sold for $10.7 million, established a new record for the African-born artist at auction. The work represents Mehretu’s overall practice. It combines her unique style of mark making, which includes architectural drawing, bright-colored vectors, and calligraphic sweeps. This work is perhaps the most literal visual expression of her theory of institutionalized racism through architecture. This result shattered the previous record for the artist, an untitled 2001 diptych, which sold for $9.3 million at Sothebys Hong Kong last month. 

Julie Mehretu, Walkers With the Dawn and Morning, 2008.

Ink and acrylic on canvas, 242.9 x 361 cm.

Estimate: $7.000.000 - $10.000.000

Sold for $10.737.500

 

Despite expectations of selling for up to $12 million, Kerry James Marshall (b. 1955)'s Plunge only hammered at its low estimate of $9 million ($10.3 million BP). The artwork was part of the artist's significant 2013 solo exhibition “In the Tower: Kerry James Marshall” at the National Gallery of Art, Washington, D.C.

Kerry James Marshall, Plunge, 1992.

Acrylic and paper collage on canvas, 220.9 x 276.8 cm.

Estimate: $9.000.000 - $12.000.000

Sold for $10.272.500

 

Another notable artwork featured in The Now sale was Jadé Fadojutimi (b. 1993)'s Teeter towards me (2019). The painting sold for over $1.8 million, exceeding its estimated value by double, due to interest from seven bidders. Fadojutimi has mounted a solo show at the Institute of Contemporary Art, Miami (2021), and additional exhibitions at the Hepworth Wakefield (2022) and the Fondazione Sandretto Re Rebaudengo, Torino (2023). She was also recently awarded a Luma Foundation residency in Arles, France. Jadé Fadojutimi is represented by Gagosian.

Jadé Fadojutimi, Teeter towards me, 2019.

Oil on canvas, in two parts, 180.2 x 300.4 cm.

Estimate: $600.000 - $800.000

Sold for $1.814.500

 

Six bidders pushed the Iraqi artist Mohammed Sami (b. 1984)’s The Praying Room (2021) to a hammer price of $750.000 ($952.500 with fees), more than quadrupling the work’s $150.000 high expectation and breaking the auction ceiling set for the artist just last month at Sotheby’s London.

Mohammed Sami, The Praying Room, 2021.

Acrylic on linen, 230 x 285.5 cm.

Estimate: $100.000 - $150.000

Sold for $952.500

 

Finally, a 2022 painting by Brazilian abstractionist Marina Perez Simão (b. 1980) was sold to an online buyer for a staggering $422.000, tripling its high estimate of $120.000 and the artist’s previous auction record of $115.594 - set on October 13, during Phillips London’s 20th Century & Contemporary Art Evening. Pace Gallery and Mendes Wood represent Simão, who has held solo exhibitions in London, Paris, São Paulo, and New York.

Marina Perez Simão, Untitled, 2022.

Oil on canvas, 199 x 169.9 cm.
Estimate: $80.000 - $120.000

Sold for $422.000

 

 

The Contemporary Evening Auction

The Contemporary Evening Auction on November 15th resulted in a hammer total of $214.7 million ($250.5 million BP). It falls modestly within its estimated range of $202 million - $289.2 million. Out of the 46 items available for purchase, 43 were successfully sold, resulting in a sell-through rate of 93.5%. Out of the works, Sotheby's guaranteed a minimum price for 32 (56.5%), while a third-party guaranteed 26 lots.

Jean-Michel Basquiat (1960 - 1988)'s Self Portrait as a Heel (Part Two), 1982, fetched $42 million including fees, in line with its estimated value of $40 million.

Jean-Michel Basquiat, Self-Portrait as a Heel (Part Two), 1982.

Acrylic and oilstick on canvas, 243.8 x 156.2 cm.
Estimate: $40.000.000 - $60.000.000

Sold for $42.000.000

 

 

The Contemporary day Auction

On November 16th, Sotheby’s Contemporary Auction Day realized $83.042.860, with a sell-through rate of 83.7%. A total of 319 lots were offered.

 

The bestseller of the sale was a work by Joan Mitchell which reached $3.811.000. Created in 1960, during a crucial moment in the artist's career, the artwork exemplifies Mitchell's distinctive style of Abstract Expressionism at its height.

Joan Mitchell, Untitled, 1960.

Oil on canvas, 100 x 100 cm.

Estimate: $2.800.000 - $3.500.000

Sold for $3.811.000

 

Cecily Brown (b. 1969)'s One Touch of Venus was the lot with the highest estimation. Unfortunately, the lot did not reach the expected price and settled at $2.960.000. One Touch of Venus is a stunning example of Brown’s dance between abstraction and figuration, reality and fantasy, mystery and seduction.

Cecily Brown, One Touch of Venus, 1999.

Oil on canvas, 153 x 190.5 cm.

Estimate: $3.000.000 - $4.000.000

Sold for $2.960.000

 

Lee Bontecou's 1958 artwork was sold for $2.722.000, exceeding its estimated value. This work embodies Bontecou's exploration of the organic and mechanical, abstraction and figuration, reality and fantasy. With an exceptional provenance, the piece has been in Richard and Kathy Feld's collection since 1987, as they were friends of the artist.

Lee Bontecou, Untitled, circa 1958.

Welded steel, canvas and wire, 52.1 x 51.4 x 22.9 cm.

Estimate: $1.200.000 - $1.800.000

Sold for $2.722.000

 

Head (After Picasso) from 1985, an exceptional and conceptually profound work from the latter part of Andy Warhol’s career, reached $2.359.000.

Andy Warhol, Head (After Picasso), 1985.

Acrylic on canvas, 127 x 127 cm.

Estimate: $1.000.000 - $1.500.000

Sold for $2.359.000

 

Joan Mitchell’s Pastel fetched a staggering $825.500, tripling its low estimate.

Joan Mitchell, Pastel, 1991.

Pastel on paper, 57.8 x 38.7 cm.

Estimate: $250.000 - $350.000

Sold for $825.500

 

Punta del Hidalgo signed by Salvo, who achieved excellent results during this last weeks, reached $241.300, more than three time its low estimate.

Salvo, Punta del Hidalgo, 1997.

Oil on canvas, 60 x 89.5 cm.

Estimate: $70.000 - $100.000

Sold for $241.300

 

Sentadita te pensaba by Spanish artist Cristina BanBan (b. 1987) went for $139.700, more than doubling the low estimate. Represented by Perrotin, she is known for her striking portraits of Rubenesque figures. Her paintings depict unique interpretations of the naked form, influenced by Neoclassical physiques.

Cristina BanBan, Sentadita te pensaba, 2020.

Oil on canvas, 154.9 x 201 cm.

Estimate: $60.000 - $80.000

Sold for $139.700

 

Manoucher Yektai (1922 - 2019)’s Untitled (Flower Vase) sold for $120.650, four time its low estimate. The Iranian-American artist is known as a founding member of the New York School. He captured everyday beauty in works that blend influences from American Abstract Expressionism, French Nabis and his own Persian heritage.

Manoucher Yektai, Untitled (Flower Vase), 1968.

Oil on canvas, 45.7 x 40.6 cm.

Estimate: $30.000 - $40.000

Sold for $120.650

 

The total value of works by Latin American artist reached $9.405.620. Among the 34 lots, only three remained unsold. We will spotlight the auction results for some Brazilian artists.

Two works by Beatriz Milhazes (b. 1960) were offered. The first one, titled Queimadinho (2014-2015), reached a satisfying $762.000. The second one, Feijão Fradinho (2014), a paper collage, fell below its estimated price and sold for $76.200.

Beatriz Milhazes, Queimadinho, 2014-2015.

Acrylic on linen, 180.3 x 160 cm.

Estimate: $600.000 - $800.000

Sold for $762.000

 

Beatríz Milhazes, Feijа̃o Fradinho, 2014.

Acrylic, paper and printed paper collage on paper, 94 x 64.1 cm.

Estimate: $80.000 - $120.000

Sold for $76.200

 

A 2021 painting by Marina Perez Simão (b. 1980) successfully reached $165.100, two time its high estimate price.

Marina Perez Simão, Untitled, 2021.

Oil on canvas, 60 x 50.2 cm.

Estimate: $60.000 - $80.000

Sold for $165.100

 

Among the two Hélio Oiticica (1937 - 1980)’s works offered, Grupo Frente 24 (1955) remained unsold. However, Metaesquema 58 fetched a correct $127.000.

Hélio Oiticica, Metaesquema 58, 1957-58.

Gouache on board, 45 x 53.8 cm.

Estimate: $120.000 - $180.000

Sold for $127.000

 

Hélio Oiticica, Grupo Frente 24, 1955.

Gouache on board, 30.2 x 31.1 cm (overall).

Estimate: $100.000 - $150.000

 

A unique lot featured two paintings by Lucas Arruda, Duomo (2009) and Sem titulo (série Chiesa) from 2010. The final amount was $114.300, in line with the estimate.

Lucas Arruda, Duomo, 2009 and Sem titulo (série Chiesa), 2010.

Oil and wax on canvas, 30 by 40 cm (each).

Estimate: $100.000 - $150.000

Sold for $114.300

 

 

The interest in Ultra-Contemporary artists continues to grow, with many seeing a sharp rise in auction prices in recent years. The artworks produced by the youngest artists were in high demand among bidders. Notably, a new auction record was set for Mohammed Sami, selling for $422.000 (three times its high estimate). This phenomenon is particularly noticeable among Ultra-Contemporary women artists. The Brazilian artist Marina Perez Simão established a new record. Furthermore, Jadé Fadojutimi, one of the star of this season, surpassed her auction record twice during the New York Sales, initially at Sotheby's and then at Phillips in less than a week.

 

At these most recent sales, it was evident that the demand for abstract art continues to be robust.  A 1968 artwork by Mark Rothko fetched a staggering $23.889.000, making it the priciest auctioned work on paper by the artist. Additionally, we observe the establishment of a new auction record for Agnes Martin.

 

Other artists like Julie Mehretu and Mark Tansey also set records during these sales.

 

Let’s take note that Picasso’s iconic Femme à la montre (1932) fetched the highest price at auction this year, during the Emily Fisher Landau sale at Sotheby’s, once again demonstrating the market’s appreciation for top-tier pieces.

 

Looking at auction sales as a whole, the results were mixed, with some auctions failing to reach their estimated prices. For example, Sotheby's modern art sale fell below expectations, totaling $190 million instead of the estimated $200 million. Phillips’s Triton Collection sale achieved $69.9 million, missing the projected $72.7 million.

 

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