May 2007 New York Contemporary Art Auction Results in a Nutshell

As in all the previous years, this year’s contemporary art auction results in New York have been met with both a buzz and mixed feelings.

In In the News by Martina Gahn 2007-06-01

On May 16, Sotheby’s wowed the crowd with a record-breaking $254,874,000 in total sales. One of the sale’s many star lots, Rothko’s White Center (Yellow, Pink and Lavender on Rose) – a work that David Rockefeller had bought for $10,000 in 1961 – sold for $72,800,000, a record for any contemporary work of art at auction.

The following day, Christie’s topped what Sotheby’s with an historic $384,654,400, with about 95% of the lots being sold under the hammer. New records were also set: Warhol’s Green Car Crash (Green Burning Car I), estimated to sell at between $25,000,000 – 35,000,000, sold for a whopping $71,720,000.

The astronomical numbers have stirred concerns for the overvaluing and undervaluing of contemporary art, foreboding a market crash that everyone in the industry is bracing themselves for. Let’s see what the London Contemporary art sales, taking place later this month, will have in store for us.

Martina Gahn

Martina Gahn. Hailing from Long Island, NY, Martina Gahn has been in a love-hate relationship with Tokyo since 2002. Having dabbled as a mixer of drinks, instructor of the English language and editor of verbosity, she is now working on a book about railway gropers. She has an affinity for spoonerisms, shoes, Deleuze, and Weezer, and in her free time likes to walk her pugs Hil & Loh through the various business districts of Tokyo. Martina, who loves all things Art (from the Greeks to the hedge funds), hopes to relay what lies beyond the sex, lies, and youtube links of the art industry. If you have any art news or gossip that you would like to see Martina nitpick on TABlog, email her at martina [at] tokyoartbeat [dot] com. » See other writings

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