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Art Market & You : NEW YORK AUCTION RECORDS 2018

Through Art Market & You, Art From Us provides you Analysis, Opinion and Factual Reports regarding the current on-goings of the Global Art Market. In this article, we discuss the New York Auction Records 2018.

The Fall auctions have just begun in New York and after a slightly disappointing first day at the Modern & Impressionist sale, things seem to be looking up.

A number of new artist records have been set over the last 2 days of auction. Here’s looking at the highlights.

New York Auction Record : Willem de Kooning

Willem de Kooning’s Woman as Landscape (1955) set a new record at auction for the Dutch Abstract Expressionist. De Kooning’s previous record was made by Untitled XXV (1977) in 2016 when it sold for $66.3 million. The recent Christie’s sale raked in $68.9 million for the artist’s work.

Edward Hopper

American Realist Edward Hopper also hit a new high in the auction room. His painting Chop Suey (1929) sold for a handsome $91.875 million. The pre-sale of the painting, which sold at Christie’s, was $70-100 million. The artist’s previous record was held by East Wind Over Weehawken (1934) which sold for $40.4 million in 2013.

Rene Magritte

Belgian Surrealist Rene Magritte’s Le Principe du Plaisir (1937) sold for a record $26.8 million. The sale which took place at Sotehby’s came as a pleasant surprise considering that Christie’s was left holding on to 2 unsold Magrittes just the previous evening.

Oskar Kokoschka

Austrian artist¬†Oskar Kokoschka’s painting Joseph De Montesquiou-Fezensac¬†(1910) realized $20.4 and exceeded the artist’s previous record by around 5 times, this New York auction season.

Ludwig Meidner

Ludwig Meidner’s double sided canvas Apokalyptische Landschaft (1912) sold for  $14.1 million, far ahead of the previous $3.1 million record.

While things seem to be looking up for certain artists, we can’t help but wonder whether this effect will be sufficient to uplift the art market in its entirety.

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