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 With a global pool of collectors competing for more than $1.5
billion worth of fine art, the city's top auction houses are
expecting record values for trophy works at sales over the next
two weeks.
Sotheby's has the season's top lot, Alberto Giacometti's
"Chariot," a 1951 bronze sculpture, which could set a record for
the artist.
"Given the $104.3 million achieved at Sotheby’s by Giacometti’s
'Homme qui marche I in 2010,' we believe that 'Chariot' could
sell for in excess of $100 million," said Simon Shaw, Sotheby's
co-head of Impressionist and modern art.
Christie's estimates its postwar and contemporary art auction
will total more than $600 million, the highest pre-sale estimate
ever for any single sale.
Christie's achieved the best total in the history of auctions in
May when it sold $745 million worth of art at its postwar and
contemporary sale.
Nine lots in Christie's carry estimates of about $25 million
or more, with at least three likely to fetch more than $50
million each.
Mark Rothko's 1951 canvas "No. 21 (Red, Brown, Black and
Orange)," with a presale estimate of more than $50 million,
leads Sotheby's postwar and contemporary sales.
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"It's a perfect storm of willing buyers and willing sellers," said
Sara Friedlander, head of Christie's' evening sale.Highlights at
Christie's include two Andy Warhols: "Triple Elvis (Ferus Type)" and
"Four Marlons." The Elvis Presley and Marlon Brando works together
are estimated at more than $130 million.
"Given the current strength of the market, especially for works by
Andy Warhol, it is now the right moment to part from these works,"
said Lothar Dunkel, managing director of WestSpiel, the German
casino operator that is selling never-before auctioned art.
Although it has been eclipsed by contemporary art, Impressionist and
modern offerings still attract big spending.
At Christie's, Edouard Manet's "Le printemps" is estimated to sell
for up to $35 million, which would surpass the artist's record of
$33.2 million.
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