The Art Market Post-Pollock
The article critiques the narrative of a thriving art market following spring's marquee auctions, using Christie's $181.2 million sale of Jackson Pollock's "Number 7A" (1948) as a misleading headline. Despite a $1.1 billion evening sale, roughly 30% of lots sold below low estimate or went unsold, including high-profile works like Agnes Gund's Twombly. Similar patterns emerged at Phillips and Sotheby's evening sales, where over a third of lots performed at or below estimate. The author argues that auction houses engineer low estimates to ensure sell-through rates, but the resulting hammer prices often fall short of gallery prices for comparable works, while buyer's premiums and consignor fees create disappointment for sellers.