art market minute mar 9
The Gulf region’s art market is navigating a period of significant instability as escalating geopolitical tensions between the U.S., Israel, and Iran threaten the upcoming Art Dubai fair. Long considered a safe haven for global culture and commerce, the United Arab Emirates now faces questions regarding its perceived insulation from regional conflict just weeks before its major international art event.
At Christie's spring auctions in New York, Jackson Pollock's painting "Number 7A" sold for approximately $181 million and Constantin Brancusi's sculpture "Danaïde" fetched around $108 million, both setting records. The works came from the estate of publisher S. I. Newhouse, who died in 2017. Christie's total sales for the evening exceeded $1 billion, while rival Sotheby's had sold several hundred million dollars' worth of art the previous week. Christie's enlisted actress Nicole Kidman to promote the Brancusi piece.
Christie’s spring marquee auctions in New York brought in a combined $489 million with fees across two evening sales: the Leonard & Louise Riggio: Collected Works sale and the 20th Century sale. The Riggio collection, featuring 39 works heavy on Surrealism, modernism, and Minimalism, achieved $272 million with buyer’s premium, led by Piet Mondrian’s Composition With Large Red Plane, Bluish Gray, Yellow, Black and Blue (1922) at $47.56 million and René Magritte’s L’empire des lumières (1949) at $34.9 million. The 20th Century sale included major canvases by Monet, Rothko, and Warhol, but the hammer total of $409 million fell below the $446 million pre-sale low estimate, indicating the auction house did not meet expectations.
Christie’s concluded its Spring auction series in New York with a historic total of $1.79 billion, bolstered by the landmark sale of the Peggy and David Rockefeller Collection. The two-week marathon featured high-profile evening and day sales that attracted over 85,000 visitors and bidders from 52 countries. Significant results included record-breaking prices for artists such as Kazimir Malevich, Constantin Brancusi, and Joan Mitchell, alongside major works by Francis Bacon and Vincent van Gogh.