All articles tagged with #art and auctions
Auction sales in the first half of 2025 declined by 6%, reaching their lowest in a decade, driven by economic concerns and a shift in collector demographics, with younger buyers favoring online and lower-priced items, signaling potential structural changes in the art market amid record wealth levels among the wealthy.
Phillips' "20th Century to Now" sale in London concluded the city's summer auctions with lackluster results, bringing in just over £9 million ($11.4 million), in contrast to the more successful auctions held by Christie's and Sotheby's. Several lots failed to reach their reserve prices, including works by Warhol, Banksy, and Kusama. The sale featured a collection from the late Thomas B. Lemann, with some works selling below their estimates. However, the auction ended on a high note with Albert Willem's artwork fetching an astonishing £180,000 ($290,239) against an estimate of £10,000-£15,000.
Christie's 20th/21st Century evening sale in London generated £63.8 million ($81.1 million) in sales, with most lots selling below or near their low estimates. While blue-chip artists like Alberto Burri and Cy Twombly sold below their estimates, works by Edgar Degas, Damien Hirst, and David Hockney exceeded their high estimates. The auction focused on portraiture, and the highest-selling artwork was Signac's landscape painting, which sold for £6.7 million ($8.5 million). Overall, the sales results reflected Christie's strategy of presenting the right works at the right estimates, with some contemporary artists setting new auction records.