The First Art Newspaper on the Net   Established in 1996 United States Saturday, June 23, 2018

Spring Art Sales Wrap at Phillips de Pury & Company with Andy Warhol Haul
A portrait of actress Elizabeth Taylor by Andy Warhol is seen at the Phillips de Pury gallery in New York. The piece entitled "Liz #5" was painted by Warhol in 1963. REUTERS/Shannon Stapleton.

By: Chris Michaud

NEW YORK, (REUTERS).- Spring art auctions ended on Thursday with another big Andy Warhol sale when "Liz #5" sold for $27 million at Phillips de Pury's $99 million contemporary art sale.

The pop artist's iconic portrait of the late actress Elizabeth Taylor went a long way toward the total for Phillips, the number-three auction house behind Sotheby's and Christie's, where Warhols also played a huge role this season.

"We're thrilled with the strong results ... (which were) more than double this time last year," said Phillips chairman Simon de Pury, who also served as auctioneer.

Other highlights included Warhol's collaboration with Jean-Michel Basquiat, "Third Eye," which fetched $7 million including commission, more than twice the high estimate and a record for a joint work by the two artists.

Warhol's "Flowers" sold for just over $8.1 million, while "Mao (10) went for $4 million, each clearing the low estimate.

The sale capped two weeks of mixed results, with wobbly Impressionist and modern sales, a strong result at Sotheby's sale of works from dealer Allan Stone's estate and a terrific total Wednesday when Christie's sold more than $300 million in contemporary and post-war art.

Marc Porter, Christie's Americas chairman, said the strong results "illustrate the global demand for works of art created by the broadest spectrum of artists and cultures."

"As the audience grows and prices increase, we expect superb consignments" later this year, Porter said.

Officials at both houses spoke of the difficulty assembling sales this year, largely due to the relative absence of estate sales, which tend to draw higher prices.

With demand outstripping supply as more collectors see art as a real asset and inflation hedge amid volatile financial markets, the houses worked hard to induce scores of clients to sell individual works, enticing them with estimates that in some cases were too aggressive for the market.

The result was a few sales where the total did not achieve even the low estimate.

But the Mei Moses Art Index, which tracks returns on publicly sold art, said that "from a financial returns perspective, the (Impressionist) results were quite strong," particularly when compared to the returns the S&P 500 Total Return index would have provided -- nearly twice as good.

"We are encouraged by what we have seen over these past two weeks, where that classic formula for success -- very high quality works that are fresh to the market -- has been much in evidence," said Sotheby's president and CEO Bill Ruprecht.

Baird Ryan, the former managing partner of the investment firm Art Capital Group who now advises clients privately on acquisitions and sales, was also bullish.

"With the past two weeks, it is clear we now have a healthy, active market that in my view will certainly find new highs in the next two to three years," said Ryan, who attended all the sales at the three auction houses.

Art "has become a great alternative asset class, with a built-in inflation hedge," he said.

© Thomson Reuters 2011. All rights reserved.

Today's News

May 14, 2011

Extensive Survey Exhibition of Danish Artist Henrik Olesen's Work at Kunstmuseum Basel

Sotheby's to Sell One of the Finest Victorian Nude Paintings Ever Produced

Lisson Gallery Presents Major Survey Show of Work by Detained Chinese Artist Ai Weiwei

Kunsthaus Zürich Receives Collection of Works by Joseph Beuys from Baroness Lucrezia De Domizio Durini

St. Bernard Abbey's Historic Art Grotto in North Alabama City Untouched by Tornado

Part of Unfinished Cather Novel Added to University of Nebraska-Lincoln Archives

Spring Art Sales Wrap at Phillips de Pury & Company with Andy Warhol Haul

Cheim & Read Presents an Exhibition of Works in Fabric by Louise Bourgeois

Sotheby's May 2011 African, Oceanic and Pre-Columbian Art Sales Bring $21.8 million

Internationally Renowned Chinese Artist Xu Bing Creates Site-Specific Installation at the British Museum

Bonhams in New York Appoints Amy Corcoran as New England Representative

Saffronart Announces a 24 Hour Auction of Limited Edition Prints and Photographs

Prismatic Glass Facade for World Trade Center Tower Scrapped After It Broke in Tests

Oren Eliav: Two Thousand and Eleven at the Tel Aviv Museum of Art

New York Public Library: Return this Book to a Park Bench

Camden Arts Centre Presents Kerry Tribe: Dead Star Light

Cleveland Museum of Art Acquires Renowned Pre-Columbian Artworks at Auction

Collectors Group Acquires New Works by Ai Weiwei, Helen Pashgian, and Sam Gilliam

Maryland's Taney House Mounts Slavery Exhibit

Replicas of Columbus' Ships to Dock at Beaufort

Most Popular Last Seven Days

1.- Porsche Super Speedster offered for first time in 50 years at RM Sotheby's Porsche 70th Anniversary Auction

2.- Cummer Museum of Art & Gardens opens 'Storytelling: French Art from the Horvitz Collection'

3.- Gauguin: Voyage to Tahiti stars Vincent Cassel as the famed French artist

4.- Stunning colored diamonds expected to dazzle at Heritage Auctions' Summer Fine Jewelry Auction

5.- US designer Kate Spade found dead at 55

6.- Vincent Van Gogh painting sells for over 7 million euros: Artcurial auction house

7.- Sir Stanley Spencer painting discovered hidden under a bed during a drugs raid

8.- Oxford's Bodleian Libraries unveil UK's first major Tolkien exhibition in decades

9.- Major exhibition at the Guggenheim explores decades of work by Alberto Giacometti

10.- World's largest freshwater pearl goes for 320,000 euros

Museums, Exhibits, Artists, Milestones, Digital Art, Architecture, Photography,
Photographers, Special Photos, Special Reports, Featured Stories, Auctions, Art Fairs,
Anecdotes, Art Quiz, Education, Mythology, 3D Images, Last Week, .


Ignacio Villarreal
Editor & Publisher:Jose Villarreal - Consultant: Ignacio Villarreal Jr.
Art Director: Juan José Sepúlveda Ramírez

Royalville Communications, Inc
Founder's Site. The most varied versions
of this beautiful prayer.
to a Mexican poet.

The First Art Newspaper on the Net. The Best Versions Of Ave Maria Song Junco de la Vega Site Ignacio Villarreal Site
Tell a Friend
Dear User, please complete the form below in order to recommend the Artdaily newsletter to someone you know.
Please complete all fields marked *.
Sending Mail
Sending Successful