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325 MILLION USD FOR CHRISTIE'S SALE OF CONTEMPORARY ART
14 November 2019
Category : MARKET


Christie's sale of postwar and contemporary art held on November 12 in New York yielded 325.3 million USD with fees thanks to Ed Ruscha worxd painting « Hurting the word radio # 2 (1964) which soared above estimate to 52.5 million.

Christie's 89 percent sell-through rate was solid though 43 per cent of lots sold beneath their low estimate meaning it lost 9% compared to the 357.6 million sale it realized in November 2018

David Hockney's  Sur la terrasse (1971) only recorded 29.5 million against a low estimate of 25 million while Gerhard Richter's 1967 canvas Vogelfluglinie, among the last of his signature blurred “photo-paintings” produced in the 1960s, made $20.5 million. Andy Warhol's Big Electric Chair only sold for $19 million.

Of the 54 lots to reach the block, 24 were secured by a third-party financial guarantee. Meaning they totaled about $149.2 million, over half the sale's total hammer price.

Among these works was Alma Thomas's Fantastic Sunset (1970) which sold for 2.7 million with fees, well above the artist's record of 740,000 USD established at Sotheby's last May.

Charles White's Banner for Willie J (1976) commemorating the artist's cousin, an innocent bystander slain by thieves during the holdup of a bar went at 1.2 million with premium, a world record.

Joan Mitchell's Plowed Field sold for  $13.3 million while an untitled Franz Kline canvas went within-estimate at $3.4 million and Dana Schutz's painting Shooting in the Air recorded just under $1.1 million.

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