Beyond the headlines lies a deeper story. Concerns over Patrick Drahi’s mounting debt across his business empire have created a sense of insecurity among collectors, leading to a redistribution of high-profile lots and benefiting competitors like Christie’s and Phillips.
For collectors, investors understanding the nuances of these international and Brazilian auction results is essential to navigating today’s dynamic market. Dive into our exclusive analysis to uncover the trends, insights, and opportunities shaping the art world right now.
CHRISTIE’S
According to Art Basel and UBS’s 2024 Survey of Global Collecting, public auction sales at Christie’s totaled $2.1B in the first half of this year – down 22% the same period last year – marking the second consecutive year of declining first-half sales.
Christie’s however saw some uplifts in 2024, including in its sale of Asian art as well as total online sales, which recorded a 3% year-on-year increase in global share of bids since 2023.
The Fall Marquee Week in New York, part of a global four-city series, ran from 19-22 November, achieving $689M across eight 20th and 21st Century Art sales. Though slightly below last year’s results due to a reduced number of lots, with half of the sales featuring works created before 1980, the auction still contributed to a strong November performance, underscoring the continued strength of the market.
Mica: The Collection Of Mica Ertegun Part I
19 November
The Collection of Mica Ertegun achieved an outstanding total of $183M, with a 100% sell-through rate by lot and value. The final results surpassed expectations, reaching $132% of the low estimate, including hammer price and premium.
René Magritte’s L’empire des lumières, 1954 sold for a staggering $121.2M at Christie’s New York, surpassing its high estimate of $95M. The sale shattered Magritte’s previous auction record of $74.4M for another L’empire des lumières, 1961, at Sotheby’s London in 2022.
This standout piece drew intense bidding, ultimately going to a buyer represented by Alex Rotter, Chairman of 20th and 21st Century Art department at Christies.
Rene Magritte
L’empire des lumières, 1954
Oil on canvas
146 x 114 cm
Estimate: Estimate on request
Sold for $121.160.000
Still Life on a Glass Table, 1971, created after Hockney’s painful breakup with Peter Schlesinger, is celebrated for its emotional depth and technical precision, selling for $19M.
David Hockney
Still Life on a Glass Table, 1971
Acrylic on canvas
182 x 274 cm
Estimate: $15.000.000 – $20.000.000
Sold for $19.040.000
This sculpture of biomorphic fluidity by Henry Moore, created around 1931 and paving the way for many of the stylistic developments that would come to define his work, stood out in sales, exceeding the maximum estimate and being purchased for $1.6M.
Henry Moore
Reclining Figure, c.1931
Lead
42.6 cm
Estimate: $500.000 – $700.000
Sold for $1.623.000
21th Century Evening Sale
21 November
Christie’s wrapped up its week with the 21st Century Evening Sale on November 21, totaling $106.5M , with 100% of lots sold, 100% by value, and 142% of the low estimate, setting 11 records, many for women and artists of color.
Striking oilstick on paper from 1982 by Jean-Michel Basquiat, which captures the raw energy and chaos that define his iconic style, sold for $22.9M, setting a new auction record for a work on paper by the artist.
Jean-Michel Basquiat
Untitled, 1982
Oilstick on paper
161 x 111 cm
Estimate $20.000.000 – $30.000.000
Sold for 22.950.000
David Hockney‘s Four Empty Vases, 1996 was created during a difficult time in Hockney’s life, reflecting his exploration of color, form, and perspective. Inspired by a Vermeer exhibition, it marks his return to still life painting after two decades. The artwork was sold for $8.5M, well above its estimate.
David Hockney
Four Empty Vases, 1996
Oil on canvas
90 x 121 cm
Estimate 3.500.000 – $5.500.000
Sold for $8.575.000
Yayoi Kusama’s iconic pumpkin sculpture from 2022, one of the largest and most recognizable representations of the pumpkin, was first exhibited as part of the Out of Bounds: Contemporary Art in the Seascape exhibition in 1994 on Naoshima Island. It was sold for $6.8M.
Yayoi Kusama
Pumpkin, 2022
Fiberglass reinforced plastic and urethane paint, in three parts
245 x 260 x 260 cm
Estimate $6.000.000 – $8.000.000
Sold for $6.826.000
Hilary Pecis, Wine at J’s, 2020 with a vibrant palette recalling Hockney and Matisse, and a precision reminiscent of Cézanne, sold for $1.2M , far surpassing its highest estimate.
Hilary Pecis
Wine at J’s, 2020
Acrylic on canvas
193 x 162 cm
Estimate $400.000 – $600.000
Sold for $ 1.260.000
Sarah Sze‘s Long Ending, 2019 sold for $1.07M, surpassing its estimate. This, along with recent exhibitions at the Guggenheim and Nasher Sculpture Center and her representation of the U.S. at the 55th Venice Biennale, underscores her prominence in contemporary art.
Sarah Sze
Long Ending, 2019
Oil, acrylic, acrylic polymers, ink, aluminum, archival paper, tape, Dibond and wood
101 x 127 cm
Estimate $200.000 – $300.000
Sold for $1.071.000
Firelei Báez’s Josephine Judas GOAT, 2017 sold for $567.000 exemplifies Báez‘s innovative approach to portraiture and her commitment to reimagining diasporic histories through a subversive, Afrofuturist lens.
Firelei Báez
Josephine Judas GOAT, 2017
Oil on canvas
213 x 152 cm
Estimate: $100.000 – $150.000
Sold for $567.000
20th Century Evening Sale
19 November
On November 19th, the 20th Century Evening Sale achieved a remarkable total of $302M, with 77% of lots sold and 88% sold by value. The sale exceeded expectations, reaching $114% of the low estimate, including hammer price and premium.
Ed Ruscha‘s Standard Station, Ten-Cent Western Being Torn in Half, 1964 was auctioned for $68.2M at Christie’s New York on November 19, surpassing its estimate. The oil on canvas, auctioned three times before, broke the artist’s previous record set by Hurting the Word Radio #2, 1964, which sold for $52.4M.
Ed Ruscha
Standard Station, Ten-Cent Western Being Torn in Half, 1964
Oil on canvas
165 x 308 cm
Estimate on request
Sold for $68.260.000
Alberto Giacometti Femme qui marche (II), 1932-1936, one of his earliest explorations of the iconic and enduring subject of the standing female nude, influenced by Cycladic sculpture, sold for $26.6M. Acquired from the Beyeler Gallery in 1985, the bronze far exceeded expectations.
Alberto giacometti
Femme qui marche (II), 1932-1936
Bronze with dark brown patina
146 cm
Estimate $20.000.000 – $30.000.000
Sold for $26.630.000
René Magritte’s iconic surrealist work L’empire des lumières, 1956 set a record for a gouache on paper by the artist, selling for $18.8M.
Rene Magritte
L’empire des lumières, 1956
Gouache on paper
36 x 46 cm
Estimate on request
Sold for $18.810.000
Joan Mitchell’s City Landscape, 1955 it is part of a series of works entitled City Landscape, of which a similar one is at the Art Institute of Chicago. The painting achieved $17.08M, a testament to Mitchell’s enduring influence in the world of modern art.
Joan Mitchell
City Landscape, 1955
Oil on canvas
163 x 186 cm
Estimate $15.000.000 – $20.000.000
Sold for $17.085.000
Willem de Kooning’s artwork from 1982 is a powerful abstract expressionist work, demonstrating the artist’s masterful brushwork and dynamic composition. It fetched $13.2M, showcasing the enduring appeal of de Kooning’s revolutionary approach to painting.
Willem de Kooning
Untitled, 1982
Oil on canvas
152 x 137 cm
Estimate $8.000.000 – $12.000.000
Sold for $13.290.000
François-Xavier Lalanne‘s striking surrealist llamas surpassed expectations, selling for an impressive $7.7M. A significant sale given that his last auction appearance was in 2003 when he was sold by Christies NY for $86.040 euros.
François-Xavier Lalanne
Important Pair of ‘Chameaux’, 1974
Wool, leather, patinated aluminum, painted metal, foam rubber, wood
Closed each: 115 x 236 x 103 cm
Open each: 115 x 236 x 145 cm
Estimate: $4.000.000 – $6.000.000
Sold for $7.770.000
SOTHEBY’S
The art world entered the November auction season with heightened attention on Sotheby’s financial challenges, as Patrick Drahi’s significant debt fueled collector insecurity and prompted a redistribution of lots to competitors like Christie’s and Phillips. However The investment by an Abu Dhabi sovereign fund helped Sotheby’s reduce part of its debt burden. The funds provided much-needed liquidity, allowing the company to refinance loans incurred by Patrick Drahi during his 2019 acquisition of Sotheby’s. This partnership not only eased financial pressures but also reinforced confidence among creditors and collectors, while potentially opening new opportunities in the growing Middle Eastern art market. Despite this challenge, Sotheby’s remains at the forefront, outperforming its rivals and proving its remarkable competitiveness.
Modern Evening Auction
18 November
The Modern Evening Sale of 31 lots concluded with a subdued result, achieving $92.9M. The total fell short of the pre-sale estimate of $92.3M to $135M, hindered by the last-minute withdrawal of two lots. With seven of the 31 lots failing to sell, the sale faced a challenging buy-in rate of $25.6%.
Leonora Carrington shone in the art world with her 1951 work La Grande Dame (The Cat Woman), which sold for a staggering $11.3M dollars at auction.
This figure considerably exceeded the initial estimate, which was between $5 – $7 million, making the piece the most expensive surrealist sculpture ever auctioned. In addition, the amount achieved became the second highest ever recorded for a work by the artist at auction, after les Distraction de Dagobert sold last year for $28.5M both purchased By Eduardo Costanini Founder of MALBA .
Temple of the Word, 1954 also made history when it sold for $4.5M, making it the third most valuable painting by the artist ever sold at auction.
Leonora Carrington
La Grande Dame (The Cat Woman), 1951
Oil on wood
201 cm
Estimate: $5.000.000 – $7.000.000
Sold for $11.380.000
Leonora Carrington
Temple of the Word, 1954
Oil and gold leaf on canvas
100 x 80 cm
Estimate: $3.000.000 – $5.000.000
Sold for $4.560.000
Alberto Giacometti‘s Buste (tête tranchante) (Diego) from 1953 is part of the Heads with Knife Blades series, where the artist explores human perception through textured, almost visceral forms was sold for $13.2M.
This sculpture comes from the prestigious Harry Frank Guggenheim Foundation, evoking memories of Grande Tête Mince from the collection of Mrs. Sydney F. Brody, which sold for $53.3M at Christie’s New York in 2010.
Alberto Giacometti
Buste (tête tranchante) (Diego), 1953
Bronze
33 cm
Estimate: $10.000.000 – $15.000.000
Sold for $13.250.000
The stained glass masterpiece, Danner Memorial Window, created by Louis Comfort Tiffany and designed by Agnes Fairchild Northrop, was sold for an impressive $12.4M, approximately 78% exceeding its estimate twofold.
Tiffany Studios
The Danner Memorial Window, 1913
Designed by Agnes Northrop
Leaded glass, selectively plated on the front and reverse, lead came, copper foil
487 x 325 cm
Estimate: $5.000.000 – $7.000.000
Sold for $12.480.000
Paul Signac’s Antibes. La Pointe de Bacon, 1917, an oil on canvas, also exceeded expectations. The painting, which was estimated to fetch between $5M and $7M, ultimately sold for an impressive $9.9M.
Tiffany Studios
The Danner Memorial Window, 1913
Designed by Agnes Northrop
Leaded glass, selectively plated on the front and reverse, lead came, copper foil
487 x 325 cm
Estimate: $6.000.000 – $8.000.000
Sold for $9.950.000
Another highlight among surrealist female artists was Remedios Varo‘s Los Caminos Tortuosos, 1958, which fetched $2.04M at auction, setting a new record for works on paper by the artist. .
Remedios Varo
Los caminos tortuosos, 1958
Gouache on card
47 x 27 cm
Estimate: $1.200.000 – $1.800.000
Sold for $2.040.000
A Legacy of Beauty: The Collection of Sydell Miller Evening Auction
18 November
The Sydell Miller sale achieved $215.9M from 25 lots, landing within the pre-sale estimate range of $170M to $205M, without fees. Seven of the lots were supported by third-party guarantees.
Claude Monet’s Nymphéas, 1914–17 led Sotheby’s fall auctions selling for $65.5M after a 17-minute bidding war. This marks one of the highest auction prices for Monet’s later water lily series.
Earlier this year, on September 26, another Nymphéas piece set a regional record in Asia, fetching $29.9M at Christie’s Hong Kong.
Claude Monet
Nymphéas, c. 1914-17
Oil on canvas
175 x 135 cm
Estimate Upon Request
Sold for $65.500.000
The collection’s second-highest sale was Pablo Picasso’s La Statuaire, 1925, which brought in $24.8M. The artwork had been part of the Sydell Miller collection for 25 years.
Pablo Picasso
La Statuaire, 1925
Oil on canvas
131 x 97 cm
Estimate Upon Request
Sold for $24.800.000
Wassily Kandinsky’s Weisses Oval (White Oval), 1921 achieved $21.6M at auction, a significant leap from its 1971 Sotheby’s sale, where it fetched just $105.000. The dramatic increase highlights the remarkable appreciation of Kandinsky’s work over the decades.
Wassily Kandinsky
Weisses Oval (White Oval), 1921
Oil on canvas
105 x 100 cm
Estimate $15.000.000 – $20.000.000
Sold for $21.610.000
Relief Éponge bleu sans titre (RE 28), 1961, a iconic piece, created with Yves Klein’s signature International Klein Blue (IKB) pigment and textured sponge relief, was sold for $14.23M.
Yves Klein
Relief Éponge bleu sans titre, (RE 28), 1961
Dry pigment and synthetic resin, natural sponges and pebbles on panel
78 x 128 cm
Estimate $8.000.000 – $12.000.000
Sold for $14.227.500
Another standout of the evening was François-Xavier Lalanne’s Troupeau d’Éléphants dans les Arbres, 2001, which far exceeded expectations by selling for $11.6M, well above its $4M – $6M estimate.
François-Xavier Lalanne
Troupeau d’Éléphants dans les Arbres Table, 2001
Gold patinated bronze and glass
Table height: 84 cm
Table diameter: 170 cm
Largest elephant: 50 x 46 x 17 cm
Estimate $4.000.000 – $6.000.000
Sold for $11.600.000
The Now and Contemporary Evening Auction
20 November
The Now and Contemporary evening auctions in New York last night totaled $112.3M, from 35 lots, falling short of the pre-sale estimate range of $102.3M to $150M, estimates excluding fees.
Ed Ruscha’s Georges’ Flag, 1999 achieved $13.6M at auction. The work was last sold at auction in 2005, at Christie’s New York for $1.4M.
Ed Ruscha
Georges’ Flag, 1999
Oil on canvas
96 x 328 cm
Estimate $8.000.000 – $12.000.000
Sold for $13.650.000
Willem de Kooning‘s Untitled XXV, 1982, exemplifies his late-career exploration of abstract expressionism, the artwork was sold for $10.94M, securing the second-highest price of the night.
Willem de Kooning
Untitled XXV, 1982
Oil on canvas
177 x 203 cm
Estimate $9.000.000 – $12.000.000
Sold for $10.940.000
Jean-Michel Basquiat, Red Kings, 1981, a bold reimagining of figuration through his signature synthesis of signs and symbols, sold for an impressive $7.2M.
Jean-Michel Basquiat
Red Kings, 1981
Acrylic on wood and glass
81 x 94 cm
Estimate $6.000.000 – $8.000.000
Sold for $7.200.000
Maurizio Cattelan’s Comedian, is back in the spotlight after causing a stir at Art Basel Miami Beach on its debut in 2019. The work, a banana glued to the wall of the Perrotin Gallery, had already generated intense debate and sold for $120.000 during the art fair.
Now back in the spotlight, Comedian sparked a bidding war at Sotheby’s, where Justin Sun, TRON cryptocurrency founder, purchased it for $6.2M. Sun described the artwork as a cultural phenomenon bridging art, memes, and cryptocurrency, and pledged to personally eat the banana to honor its place in art history and popular culture.
Maurizio Cattelan
Comedian, 2019
Banana and duct tape
20 x 20 x 5 cm
Estimate $1.000.000 – $1.500.000
Sold for $6.240.000
A 1992 study by Roy Lichtenstein for his 1993 painting of the Oval Office was another highlight of the evening. One of seven Lichtenstein works in the sale, it exceeded its $1M – $1.5M estimate, selling for $4.2M after competing bids, including one online.
Roy Lichtenstein
Oval Office (Study), 1992
Tape, cut painted paper, cut printed paper, marker and graphite on board
Image: 74 x 94 cm
Board: 93 x 112 cm
Estimate $1.000.000 – $1.500.000
Sold for $4.200.000
Cy Twombly’s work from 1968, known for its expressive scribbles and emotive gestures was sold for $3.96M. The artist’s auction record is held by New York City, 1968, which sold for $70.3M at Sotheby’s New York in 2015.
Cy Twombly
Untitled, 1968
Oil and wax crayon on paper
76 x 101 cm
Estimate $2.500.000 – $3.500.000
Sold for $3.960.000
Agnes Martin‘s Untitled #12, 1999 fetched $3.12M. The piece, typical of her minimalist approach, showcases her iconic grid patterns that convey a sense of calm and precision.
Agnes Martin
Untitled #12, 1999
Acrylic and graphite on canvas
152 x 152 cm
Estimate $2.000.000 – $3.000.000
Sold for $3.12.000
PHILLIPS
Modern & Contemporary Art Evening Sale
19 November
The Evening Sale on November 20 generated $54.1M, including fees, marking a 23 percent decline from the previous year’s total of $70M. Out of the 33 lots listed, three were withdrawn before the auction, and four did not sell, resulting in an $83% sell-through rate.
Jackson Pollock’s from 1948, a masterpiece by the legendary artist, achieved an impressive $15.34M at auction. Notably, the work is not solely a painting but incorporates significant collage elements within the multicolored drips at its center, slightly diminishing its significance as a purely spontaneous creation by the artist.
Jackson Pollock
Untitled, 1948
Oil, enamel, pebbles and cut-outs on paper mounted on Masonite
78 x 58 cm
Estimate On Request
Sold for $15.335.000
Cy Twombly’s Crimes of Passion I, 1960 sold for $6.11M. It is a work of great vigor, having passed through the collections of notable figures such as British rock icon Eric Clapton.
Cy Twombly
Crimes of Passion I, 1960
Lead pencil, wax crayon and oil on canvas
191 x 200 cm
Estimate $5.000.000 – $7.000.000
Sold for $6.110.000
Elizabeth Peyton’s Kurt (Sunglasses), 1995 far exceeded expectations at auction, selling for $2.36M against its estimate of $600.000 – $800.000. The portrait, depicting Kurt Cobain, highlights Peyton’s intimate and expressive approach to contemporary iconography.
Elizabeth Peyton
Kurt (sunglasses), 1995
Oil on canvas
40 x 30 cm
Estimate $600.000 – $800.000
Sold for $2.359.000
Matthew Wong’s was ranked top 1 among the top 100 ultra-contemporary artists by auction turnover, in 2023 according to Artprice site. The artist whose prices surged during the pandemic, saw one of his works sell for $1.8M, well above its $1M estimate.
Matthew Wong
Untitled, 2017
Oil on canvas
50 x 40 cm
Estimate $1.000.000 – $1.500.000
Sold for $1.754.000
Derek Fordjour’s Twelve Tribes, 2021 achieved an impressive $1.14M at auction, far exceeding its high estimate. The painting reflects on the process, the work and the exclusion of black jockeys in the United States, amid racial tensions and Jim Crow laws.
Derek Fordjour
Twelve Tribes, 2021
Acrylic, charcoal, cardboard and oil pastel on newspaper, mounted on canvas
165 x 271 cm
Estimate $450.000 – $550.000
Sold for $1.143.000
The Chinese artist Li Hei Di’s Unfolding a Flood, 2022 sold for $127.000. The work reflects the artist’s contemporary style, combining bold expressions with intricate symbolism to explore themes of transformation and movement.
Li Hei Di
Unfolding a flood, 2022
Oil on linen
170 x 121 cm
Estimate $40.000 – $60.000
Sold for $127.000
Modern & Contemporary Art Day Sale, Morning Session
20 November
The Morning and Afternoon sessions in the subsequent days yielded mixed outcomes, accumulating $25.09M, which brought Phillips’ total for the week to $79.1M.
Ed Ruscha’s Howl, 1986 sold for $1.4M. The work, from the Silhouette series and created with airbrushing, conveys a hazy atmosphere that reflects Ruscha‘s fascination with old Hollywood films, especially film noir.
Ed Ruscha
Howl, 1986
Acrylic on canvas
198 x 162 cm
Estimate $600.000 – $800.000
Sold for $1.481.750
Dorothea Tanning’s Status Quo, 1965 sold for $266.700, exceeding its estimate. Created in Paris, it was painted just before Tanning‘s first major retrospective, marking a shift from her dream-like surrealism to more abstract forms that still suggest the human figure.
Dorothea Tanning
Status Quo, 1965
Oil on canvas
63 x 81 cm
Estimate $120.000 – $180.000
Sold for $266.700
Wolf Kahn’s Green and Gray on the Connecticut River, 1995 sold for $228.600. The piece captures Kahn‘s signature use of vibrant colors and landscapes, blending realism with abstract expression.
Wolf Kahn
Green and Gray on the Connecticut River, 1995
Oil on canvas
132 x 183 cm
Estimate $100.000 – $150.000
Sold for $228.600
Kurt Seligmann’s Sur les Barricades, 1929 created when the artist was just 29 years old, reveals his surrealist style. The work that made part of the collection of John Githens and Ingeborg ten Haeff, was sold for $177.800.
Kurt Seligmann
Sur les Barricades, 1929
Oil on wood panel
116 x 92 cm
Estimate $60.000 – $80.000
Sold for $177.800
Emmi Whitehorse’s Standing Water, 2001 sold for $166.100, showcasing her abstract depiction of Native American landscapes.
Emmi Whitehorse (Diné)
Standing Water, 2001
Oil on paper mounted to canvas
130 x 200 cm
Estimate $30.000 – $50.000
Sold for $165.100
Mary Bauermeister’s Needless, Needles, 1964–1972 sold for $101.600, highlighting her innovative use of mixed media and optical effects.
Mary Bauermeister
Needless, Needles, 1964–1972.
Ink, glass, offset print, optical lenses and painted wood construction
40 x 47 x 13 cm
Estimate $25.000 – $35.000
Sold for $101.600
Herbert Bayer’s Messages Through Atmosphere, 1942 , formerly in the collection of John Githens and Ingeborg ten Haeff, sold for $63.500, blends modernist abstraction with a sense of cosmic exploration.
Herbert Bayer
Messages Through Atmosphere, 1942
Oil on canvas
100 x 77 cm
Estimate $8.000 – $12.000
Sold for $63.500
Modern & Contemporary Art Day Sale, Afternoon Session
20 November
Cecily Brown’s Young Spartans, 2015 captures dynamic movement through vibrant pastel and watercolor. The work sold for $270.400.
Cecily Brown
Untitled (Young Spartans), 2015
Pastel and watercolor on paper
120 x 88 cm
Estimate $80.000 – $120.000
Sold for $270.400
Raghav Babbar’s Inside Joke, 2021 offers a playful and surreal exploration of color and form. The oil on canvas work, which sold for $254.000, reveals his contemporary take on humor, culture, and identity.
Raghav Babbar
Inside Joke, 2021
Oil on canvas
152 x 121 cm
Estimate $50.000 – $70.000
Sold for $254.000
Francis Alÿs’s The Modernist, 1995–2005 mixed media across nine parts, exploring themes of urbanism, modernity, and societal change. Alÿs has created similar multi-part works in major collections, including The Prophet, 1999-2001 at the Art Institute of Chicago and The Last Clown, 1995–2000 at Tate Modern. The work fetched $165.100 at auction.
Francis Alÿs
The Modernist, 1995–2005
Oil and encaustic on canvas over panel and oil,
tape and pencil on tracing paper, in 9 parts
canvas 25 x 20 cm
Smallest tracing paper element 13 x 12 cm
Largest tracing paper element 34 x 29 cm
Installation dimensions variable
Estimate $50.000 – $70.000
Sold for $165.100
The November 2024 auction season in New York reflected a mixed performance across major auction houses, showcasing both strengths and challenges in the current art market. Below is a summary of key outcomes and trends from Sotheby’s, Christie’s, and Phillips during this pivotal period.
In contrast to its competitors, Sotheby’s delivered strong results, standing out with its November auctions. Beginning on November 18, the Evening Sales amassed $309M, a 30% increase over last year’s $223.4M. This impressive outcome was primarily driven by the Sydell Miller collection, which fetched $216M, surpassing the high estimate of $205M.
The Christie’s Fall Marquee Week continued its momentum with the 21st Century Evening Sale, bringing the week’s total to $623.2M. However, this marked a significant decline compared to last year’s $860.8M. The 27% drop was attributed to a reduced number of lots and a more selective market, demonstrating heightened sensitivity to pricing this season.
On Tuesday night, Phillips launched its New York auction week with a Modern and Contemporary Evening Sale featuring around 30 lots, achieving $54.1M, including fees. This result represented a 23% drop from the $70M recorded in the equivalent November sale last year. Interestingly, this year’s low estimate of $60M was consistent with 2023, highlighting the softer demand.
Brazilian Highlights
Despite the positive results recorded last year, this year the presence of Brazilian artists at the fall auctions was more restrained. The current scenario is indeed challenging, largely due to the difficulties faced by the export sector and the limitations of the domestic market. The high rate of repatriation and increasing tax complexity are additional factors hampering the dynamics of the sector, aggravated by the imminent tax reform in Brazil.
The proposed reform, which includes the unification of taxes and the creation of the Goods and Services Tax (IBS), promises to intensify the tax burden on international transactions, directly impacting the competitiveness of Brazilian works in the global market. This challenging fiscal context requires the arts sector to adjust quickly to the new conditions in order to mitigate the adverse effects of this tax restructuring.
One of the most controversial points of the reform is the exclusion of visual arts from the differentiated regime granted to other cultural sectors, such as audiovisual and events, which will benefit from a 60% reduction in tax rates. This decision could lead to a tax increase for artists, galleries, and cultural agents, potentially exceeding 300% in some cases. The current proposal suggests a 26% tax rate for the sector, far higher than those in countries like France (5.5%), the United Kingdom (5%), and Belgium (6%), contrary to international policies aimed at stimulating artistic production.
Even though, brazilian contemporary artists continued their steady rise: Janaina Tschäpe’s ethereal, nature-inspired painting was a standout at Sotheby’s, and Antonio Obá’s poignant work exceeded expectations at Phillips, securing a remarkable result above its estimate.
Sothebys
Contemporary Day Auction
21 November
Janaina Tschãpe, Sky for Mina, 2016, an ethereal and surreal encounter rendered in casein and pastel on linen sold for $120.000.
Janaina Tschäpe
Sky for Mina, 2016
Casein and pastel on linen
198 x 232 cm
Estimate $100.000 – $200.000
Sold for $120,000
Vik Muniz, Woman and Bicycle, after Willem de Kooning, 2012, a masterful reinterpretation of de Kooning in digital chromogenic print was sold for $33.600.
Vik Muniz
Woman and Bicycle, after Willem de Kooning (Pictures of Magazine 2), 2012
digital chromogenic print
160 x 100 cm
Estimate $30.000 – $40.000
Sold for $33.600
Philips
Contemporary Day Auction
21 November
Antonio Obá, Cura, 2020, a powerful oil-on-canvas piece reflecting themes of spirituality and ancestry. Sold for an impressive $76.200, well above its initial estimate.
Antonio Obá
Cura, 2020
Oil on canvas
58 x 49 cm
Estimate $40.000 – $60.000
Sold for $76.200
A collaborative work by Chico da Silva and the Pirambu School, created in 1975, was presented in May at Phillips, but failed to find a buyer at the time. This fall, however, the piece finally found a new home, selling for $19.050.
Chico da Silva and the Pirambu School
Untitled, 1975
Oil on canvas
267 x 146 cm
Estimate
Sold for $19.050
Some notable works remained unsold, including Antonio Dias’s God Dog, 1986, as well as Ernesto Neto’s Glob, 1998. Lucas Arruda, 2011, Chico da Silva’s, a captivating gouache on Masonite, from 1964, and two historical paintings by Emiliano Di Cavalcanti, also did not find buyers this time.
The only Brazilian artists who achieved significant success are those with international representation, aligning with the preferences of collectors residing abroad.