Sotheby’s and Phillips’ Experts Preview Blockbuster November Auctions

There’s been a tremendous surge of interest in postwar Japanese painting, with Takeo Yamaguchi being recognized as a true pioneer of Japanese avant-garde art. He dedicated his career to pursuing methods of painting. Yamaguchi has a tremendous appeal to collectors internationally, and his painting, Work, which broke the record in May (selling for $509,000), is an early piece from his career that wonderfully exemplifies his signature style. In the last ten years, multi-panel works by Günther Förg, like his Untitled, 1994, at our May sale, have drawn significant attention in both our New York and London salesrooms. His reputation has also been underscored with his inclusion in the permanent collections of several renowned museums in Europe.

What specific artists and periods are seeing the greatest demand at auction?

Because of the change in the distribution of wealth, collectors today are much younger and more international than when I started. They like to collect works of their own time—something that is relevant to their daily life and culture. So, we’ve seen contemporary art having taken over the art world, with no other category of art approaching the heights it’s reached. Its rise is illuminated by that of our visual culture and by current tastes—it’s what people want to live with in their homes.

What are your top-end clients collecting now that’s different from several years ago?

We’ve definitely seen a shift in the market this year. Unlike a few years ago, collectors are no longer clamoring for works with the largest price tags. Everyone’s paused for breath and has reevaluated their priorities, in terms of growing their collection. At the moment, there’s a heightened emphasis on quality. There’s also great demand for established blue-chip contemporary artists, as well as those who’ve solidified their place in the secondary market. With Brexit and the U.S. presidential election leading to so much economic uncertainty, there’s a lot less speculative activity. Collectors aren’t quite as willing to take big risks. In the end, the seasoned collectors know what the opportunities are now and are ready to buy the works that are right for them.

Has the market for works by Late Impressionists strengthened?

We added 20th-century art to our auctions of contemporary art just last November, and so far we’ve had a great response from collectors. In that sale, we achieved two auction records, both for 20th-century artists. And in February, Mimmo Rotella’s work achieved a world record price for the artist at auction, fetching £1,082,500—a near 100 percent increase from the previous record price, in October 2013.

What are the trends for contemporary sculpture?

The market for contemporary sculpture has mirrored the larger market for 20th-century and contemporary art, as established artists such as Maurizio Cattelan, Alexander Calder, and Jeff Koons are being scooped up by collectors. In our May sale, Cattelan’s Mini-me sculpture sold for $749,000, nearly double the low estimate, and Koons’s Naked achieved a remarkable $5.7 million.

THE VIEW FROM SOTHEBY’S

Gabriela Palmieri, chairman of contemporary art, Sotheby’s Americas, gives us her take on what to look for at the November sales.

Photo Credit: Courtesy of Sotheby’s

What trends emerged from the May 2016 20th-century and contemporary art auctions that you feel will continue through the fall?

There’s a gravitational pull to blue-chip works and to artists who have had the most consistent market trajectory without great price fluctuation—for example, in the $500,000 to $10 million price range, such names as Alexander Calder, Agnes Martin, and Christopher Wool.

What names are seeing the greatest appreciation at auction?

Minimalist artists, starting with Agnes Martin, whose extraordinary retrospective was held at the Tate Modern in London, at LACMA in Los Angeles, and at the Guggenheim in New York (opened on October 7). Also Robert Mengel and Robert Ryman. Collectors are seeking out artists whose work is important to the history of art and looking at opportunities there.

Do you agree, as one art adviser suggested, that collectors won’t part with masterworks unless they are offered huge sums of money?

I don’t see this as specific or unique to the current market, or to a certain guarantee. Owners of trophy pieces have always wanted the most value for their works.

Will there be more or fewer lots at the November evening sales?

Sotheby’s has secured the brilliant painting collection of Steven and Ann Ames, which will have 27 lots. But I don’t think the size of the sale is as important as it was 10 to 15 years ago when collectors came to auction with long lists. Today, everyone is looking for auction selections to be more curated, meaningful, and context driven. Less is often more. It’s a response to clients’ collecting strategy. They’ve honed their lists and will focus on one to two lots instead of five to ten.