Tuesday, November 07, 2023
New York's major auction houses are preparing to auction off billions of dollars worth of art and a special car, including a $120 million Picasso, a $40 million Monet, and a $60 million Ferrari, in a bid to capitalise on a crisis-proof market amid global uncertainties.
Sotheby's is hosting autumn sales from November 7-15, and its French-Israeli billionaire owner, Patrick Drahi, is expecting to secure a significant portion of this year's proceeds. Rival auction house Christie's, owned by French billionaire Francois Pinault, plans to put between $720 million and $1 billion worth of lots up for auction in the coming days.
One of the standout pieces in the upcoming sales is "Femme a la montre," or "Woman with a Watch," a Picasso painting depicting Marie-Therese Walter, expected to fetch up to $120 million. This artwork is part of Sotheby's special sale of the collection of Emily Fisher Landau, a New York patron of the arts.
Sotheby's is hoping to net around $400 million for the Landau collection, which also includes works by artists like Jasper Johns, Willem de Kooning, Mark Rothko, and Andy Warhol.
Christie's will also offer notable works, including a 1955 canvas by Rothko titled "Untitled (Yellow, Orange, Yellow, Light Orange)," estimated to sell for around $45 million. A major work by Claude Monet, "Le bassin aux nympheas" (1917-1919), is also part of Christie's offerings. At Sotheby's, Monet's "Peupliers au bord de l'Epte, temps couvert" (1891) is expected to fetch $30-$40 million.
In addition to these artworks, a special 1962 Ferrari 250 GTO will be auctioned by RM Sotheby's for "more than $60 million." This Ferrari is expected to become the most expensive Ferrari 250 GTO ever sold.
Despite global uncertainties, auction houses are enjoying a strong market, driven in part by Chinese demand, and show no signs of slowing down. This season's sales are poised to attract collectors and art enthusiasts worldwide, reinforcing the ongoing strength of the art market.
While the world faces crises and uncertainties, the art market continues to thrive, offering a haven for collectors and investors alike. These upcoming auctions in New York are expected to further demonstrate the resilience and enduring appeal of art and collectables.