NEW YORK, NY.- The salesroom at Christies was packed Tuesday evening, as spectators rubbernecked to see if buyers would compete for multimillion-dollar artworks at an auction house still hobbled by a cyberattack.
But the audiences chatter about hackers soon dissipated, as auctioneer Georgina Hilton entered the spotlight. Could she succeed despite the headwinds of a slumping market and concerns about whether a cyberattack might have compromised the financial data of Christies clientele?
The atmosphere of the evenings two auctions one from the estate of the Cuban American collector Rosa de la Cruz, who died in February, and the other being Christies seasonal 21st-century evening art sale indicated that the answer was yes. There were only four withdrawals before the evening sales, as Christies salespeople worked hard to assure buyers and sellers that business would continue without a glitch.
But the numbers painted a more complicated picture.
There was a depth of bidding not seen the night before at the contemporary art sales at Sothebys, where out of its 52 lots, most sold on just a few bids. Still, Sothebys managed to outdo its rival with a total of $267 million Monday more than double Christies final result of $115 million, from a total of 57 lots, offered Tuesday.
What happened at Christies was the result of hasty withdrawals in the hours before the sale; the auction house withdrew four artworks, including a Brice Marden painting with a high estimate of $50 million. The seller had a guarantee from Christies for a minimum price. The auction house declined to comment on the withdrawal, but experts said that the move sometimes signals cold feet on the part of a buyer when there is a perceived lack of interest from potential bidders.
The withdrawals across both sales left their mark. The Rosa de la Cruz collection made $34.4 million, with premium fees and near its high estimate of $37 million. The 21st-century evening sale achieved $80 million, far below its estimate between $104 million to $155 million.
Despite the cyberattack on the company, which took its website offline, some registered bidders were able to participate through a secure link that allowed them to access the auction houses digital platform, Christies LIVE.
Even with one hand tied behind their back in terms of technological challenges, Christies managed to pull off a really respectable sale in a difficult environment, said Thomas C. Danziger, a lawyer who represented clients participating in the evening sales.
Of 57 artworks spread between the auctions, two artworks did not sell. But the auction house worked hard in advance to secure guaranteed bids from collectors and investors. The company also provided its own financial guarantees in order to secure consignments. Together, these negotiations assured that all the works in the de la Cruz collection would sell, even if nobody were to place a bid.
We are making good progress in the resolution of the technology security incident, Guillaume Cerutti, the CEO of Christies, told The New York Times halfway through the auctions Tuesday evening. Delivering the sales today in Geneva and in New York, with good participation not only in the room and on the phone but also through secure online bidding, is very positive, he added.
Two highlights of the evening sales at Christies included works by Ana Mendieta and Felix Gonzalez-Torres. Mendieta, the Cuban American artist who died in 1985, saw her auction benchmark broken twice within less than an hour, culminating with the sale of Untitled (Sandwoman Series) for $567,025.
The audience also oohed and aahed when the auction house dramatically lowered the salesroom lights to present a string of 42 lightbulbs by Gonzalez-Torres. That work, Untitled (America #3), which he created in 1992, sold for $13.6 million, above its $12 million high estimate, a new high for the artist who died in 1996 at the age of 38. The artwork was bought by the Pola Museum of Art in Hakone, Japan.
She was a great and significant collector of her generation, art adviser Allan Schwartzman said of de la Cruz. The family quietly sold a number of works from the collection before her death. Some of the artists whom de la Cruz favored including Rudolf Stingel, Christopher Wool and Dan Colen have seen their sales stumble in recent years. But Meredith Darrow, who advised de la Cruz and her husband, Carlos, on their acquisitions between 2010-19, noted before the sale that they bought these works very early and absolutely stand to be successful financially.
Earlier Tuesday evening, Phillips had its own sale of modern and contemporary art, generating $86 million and delivering the star of the auction houses three sales: Untitled (ELMAR), a 1982 painting by Jean-Michel Basquiat, which fetched $46.5 million with fees. It was sold by a trust affiliated with anthropologist and art collector Francesco Pellizzi, who died last year.
The work, which carried a financial guarantee, exceeded the low end of the expected $40 million to $60 million range.
This article originally appeared in
The New York Times.