"After several sleepy and disappointing auction seasons in recent years, the market seems to have finally woken up. Following lively, if mixed, sales at Christie's on Monday and a rousing Sotheby's marathon on Tuesday-led by a Gustav Klimt portrait from the collection of the recently deceased cosmetics heir Leonard Lauder that reached the second‐highest price ever paid for an artwork at auction-all eyes moved to the day sales on Wednesday."
"The most outsized results, compared to their estimates, were Dorothea Rockburne's 1973 drawing Drawing Which Makes Itself (B) and Elizabeth Murray's 1982 pastel work Black Tree, both of which more than quintupled their high estimate of $7,000. The works sold for $44,450 and $44,490 respectively. Four other works more than tripled their high estimates, including Joel Shapiro's untitled charcoal work from 1981 (high estimate: $7,000, sale price: $21,590),"
Auction activity rebounded after several slow seasons with energized sales at Christie's and Sotheby's. A Gustav Klimt portrait from Leonard Lauder's collection achieved the second-highest auction price ever, energizing the market. Sotheby's day sale of 30 Lauder works produced $3.84 million against an estimate range of $2.22–$3.29 million, with a focus on sculpture and three-dimensional pieces. Several works dramatically outperformed estimates: Dorothea Rockburne and Elizabeth Murray pieces more than quintupled a $7,000 high estimate, while other works by Joel Shapiro, Lyonel Feininger, George Segal, Mary Bauermeister, and Beverly Pepper more than tripled expectations. Claes Oldenburg's Typewriter Eraser sold for $444,500.
Read at ARTnews.com
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