Monkdogz Artblog

So the latest trendy phrases are “good works are selling for fair market price” and “people are in observational mode”.  Both heard at the contemporary art auctions this week. 

Artinfo labeled Sotheby’s sales “solid but uninspiring”, with just over $47million in sales resulting in 81% of lots offered and 78% of the pre-sales dollar estimates.  48 lots were offered compared to 83 lots a year ago and $362million and the lowest result Sotheby’s achieved in a contemporary art sale since 2003.  

However an Alexander Calder sculpture sold for $3.5 million which was more than double its estimate.  

Bloomberg spotted Actor Owen Wilson billionaire Eli Broad and former Hollywood agent Michale Orvitz at the sale.  Larry Gagosian was also there and successfully bid for Jeff Koons’ “Baroque Egg with Bow (Turquoise/Magenta)” at $5,458,500.

Christie’s on the other hand did better and according to Artinfo “charged to a sizzling $93,734,500 tally, reassuringly nestled between pre-sale expectations of $71.5 million and $104.5 million” achieving a “sizzling” 91% of lots offered and 94% of pre-sales estimates.  54 lots were offered compared to 57 at last year’s May sales which brought in $348.2 million. This sale was the lowest contemporary result since November 2004 for Christies.

The highest bid went for the David Hockney portrait of Betty Freeman called “Beverly Hills Housewife,” which sold for an artist record $7.9 million. 

Bloomberg spotted Hedge-fund manager Steven Cohen and tennis great John McEnroe at the event.  Larry Gagosian was also there and bid successfully with a record price for Roy Lichtenstein’s “Frolic”

The New York Times suggested that Christies did better because of their strategy of conservative estimates and a wider variety of artists appealing to a wider range of collectors.  They suggest that the winning of Betty Freeman’s estate which included an excellent contemporary art collection was also key.

Phillips did the worst with Artinfo suggesting that it “limp(ed) to the finish line” with only 72% of lots offered, sold and 57% of pre-sale estimate value.

Anecdotal feedback from the Affordable Art Fair also suggested similar results with only half the number of sales compared to last year.  

N.B.  I’m sure everybody already knows that estimates do not reflect commissions, which are 25 percent of the hammer price up to $50,000, 20 percent of the price from $50,001 to $1 million, and 12 percent above $1 million for all three companies.  

Sébastien and I wondered down to Tribeca tonight.  It’s a lovely atmospheric part of New York with many of the old warehouses still around, converted into residential lofts and apartments.  It is also home to the New York Academy of Art as well as the famous Tribeca Film Festival.

Tonight we popped into a gallery on North Moore Street to see an artist friend of ours Karin Perez who is part of a group show titled “Collide” at the Ico Gallery.  Perez is an Israeli who recently moved back to her homeland after living in Paris for a time.  

Perez was exhibiting several mixed media pieces and one painting.  Her motif is of the modern urban landscape with a strong focus on architectural design. Her paintings depict the powerful majesty of steel and concrete structures and the relationship to the human being; on one hand being impressed and glorifying in it and on the other being intimidated and experiencing of loneliness. Her limited use of colors; white, grey, black, yellow and red further emphasize the starkness yet beauty of this landscape.

Painting is her preferred medium.  Her paintings are simple but pack a dynamic punch.  I understand her wanting to paint.  However she also started creating mixed media, photo and paint collages at a time when she was moving and without a studio space to paint.  These are very popular with many collectors.  The fusion of forms and lines from one image to another is smooth and collectively create a unique whole identity all of its own.  

Perez like many artists has to contend with the age old problem of what sells vs what she would most like to create.  Sometimes the two synchronize and other times it doesn’t.  Do you do what it takes to finance your art and your life or do you take a firm line on what you have to create?  Or can you find a balance between the two, enjoy both, have your cake and eat it?  I think Karin Perez is finding the ability to the latter, has been to her advantage.

The show is open until May 29^th.