Art Market Review · year 2020

Art auctions 2020 Review: from a $86 million triptych by Francis Bacon to an unsold Rothko we present our personal review of the 2020 Art Auctions season, its superstars, successes, bargains and disappointments.

by G. Fernández – theartwolf.com

The Superstars of the Year

Francis Bacon: Triptych Inspired by the Oresteia of Aeschylus
Painted in 1981
Sold for $86.4 million at Sotheby’s New York, June 2020
One of the best and most famous late triptychs by Francis Bacon, the work belonged to the Astrup Fearnley Museum of Modern Art, but it was deaccessioned in order to allow the Museum to diversify its collections. The painting was the star of Sotheby’s live global auction event that achieved a total of $363.2 million.

Wu Bin: ‘Ten Views of a Lingbi Rock‘
1610
Sold for RMB 512.9 million / $76.6 million at Poly Auction, Beijing
Wu Bin is one of the most important landscape painters from the Ming Dynasty, and his works rarely appear on the art market. According to several sources, the estimate was in the region of of RMB 100 million (US$15 million), so the work could also be part of our “Successes of the year” section (see below)

Roy Lichtenstein: ‘Nude with Joyous Painting‘
Painted in 1994.
Sold for $46.2 million at Christie’s New York
While several paintings from Roy Lichtenstein’s early career (1961-1965) have sold for similar or even higher prices (including his $95 million “Nurse” in 2015), this was an important sale, since late works by the artist are usually not that sought-after.

Ren Renfa: ‘Five Drunken Princes Returning on Horseback’
Yuan dynasty
Sold for HK$306,5 million / US$39,5 million at Sotheby’s Hong Kong
Pre-sale estimate of HK$120 million / US$15,5 million
The almost $40 million price made this scroll the most valuable work sold at auction in Asia in 2020, until it was beaten by the aforementioned work by Wu Bin.

The successes

Katsushika Hokusai: “The Great Wave“
Second half of the 15th century or early 16th century
Sold for $1,110,000 at Christie’s New York
Pre-sale estimate of $150,000 to 250,000
“The Great Wave” is Hokusai’s most famous composition, and an icon of Japanese art. This was one of the few examples of this print sold in recent years.

A Rare and Large Pair of Huanghuali Square-Corner Display Cabinets, Wanligui
17th century
Sold for HK$57,218,000 / US$7,383,000 at Sotheby’s Hong Kong, October 2020
Pre-sale estimate of HK$ 4,000,000 to 6,000,000 / $516,000 to 950,000
According to Sotheby’s, thistype of cabinets with multiple open shelves, known as Wanligui, is highly unusual. The cabinets are in a remarkable state of preservation.

The Timurid Quran manuscript
15th century
Sold for GBP 7,016,250 / $9,920,000 at Christie’s London
Pre-sale estimate of GBP 600,000 to 800,000 / $846,000 to 1,128,000
Despite some doubts about its provenance, this impressive example of Islamic art was sold for 12 times its pre-sale estimate.

Attributed to Zhang Ruitu: Landscapes and Calligraphy
Early 17th century
Sold for $3,210,000 at Christie’s New York, October 2020
Pre-sale estimate of $100,000 to 150,000
Despite the doubts on the attribution, this beautiful album of fourteen double leaves sold for over 20 times its highest pre-sale estimate.

Matthew Wong: The Realm of Appearances
Painted in 2018
Sold for $1,820,000 at Sotheby’s New York, June 2020
Pre-sale estimate of $60,000 to 80,000
The recent suicide of the artist could be the tragic reason behind this market success.

The Hirth Mamluk carpet
Second half of the 15th century or early 16th century
Sold for GBP 1,854,200 / $2,620,000 at Sotheby’s London
Pre-sale estimate of GBP 400,000 to 600,000 / $566,000 to 850,000
An important Mamluk carpet, which was part of the collection of Otto Bernheimer.

The bargains

Paolo Uccello (?): “Battle on the banks of a river”
Painted c.1468
Sold for £2,4 million / $3,4 million at Sotheby’s London, December 2020
Wait, what? A battle scene by Paolo Uccello with a pre-sale estimate of less than £1M? As you can guess, this is a problematic painting, and, albeit Sotheby’s did a remarkable effort in the auction catalogue, the attribution is still quite unconvincing. However, it is still a very beautiful work, and if somewhere in the future the attribution is proved, then this panel would easily turn into a $100 million painting.

Paul Cézanne: “La Montagne Sainte-Victoire vue des Lauves”
Painted in 1904
Sold for £2,65 million / $3,7 million at Christie’s London, February2020
Yes, you can argue that it is unfinished (Christie’s called it “radical”, which sounds much better). But getting an example of Cézanne’s supreme “Montagne Sainte-Victoire” series (arguably his greatest achievement, even over his “Card Players”) for less than $5 million is a once-in-a-lifetime opportunity.

The disappointments

Mark Rothko: ‘Untitled (Black on Maroon)’
Painted in 1958
Unsold at Sotheby’s New York, October 2020
Pre-sale estimate of $25-35 million
A large and dark painting by Rothko, described by Sotheby’s as “illuminated by an enigmatic and mesmeric inner radiance”. The work had been sold for $27 million in 2013, but this time, despite being the most valuable painting in the sale, it did not find a buyer.