Art Auctions Review · year 2022
Art auctions 2022 review: from a $195 million Marilyn to the record-breaking Paul Allen auction; from a successful Ernie Barnes to a disappointing Canova, we present our personal review of the 2022 Art Auctions season, its superstars, successes, bargains and disappointments.
by G. Fernández – theartwolf.com · Image: Georges Seurat, “Les Poseuses Ensemble” – 1888. Sold for $149,240,000 at Christie’s Paul G. Allen Collection Part I auction
The Superstars of the Year
The Paul G. Allen Collection Part I auction
Total in the region of $1.5 billion at Christie’s, November 2022
An immense success that is a milestone in the history of the art market. By far the most valuable art auction ever held, the sale included five paintings that fetched over $100 million each. “Les Poseuses, Ensemble,” the smaller (considerably smaller) version of Georges Seurat‘s famous work in the Barnes Foundation in Philadelphia, led the sale with a staggering $149,240,000. Paul Cézanne’s “La Montagne Sainte-Victoire” fetched $137,790,000. Vincent van Gogh’s “Verger avec cyprès” achieved $117,180,000; Paul Gauguin’s “Maternité II” (1899) was sold for $105,730,000, and Gustav Klimt’s beautiful “Birch Forest” made $104,585,000. Of particular note was the activity of Asian buyers, who possibly acquired at least three of these hundred-million-dollar paintings, including the aforementioned Seurat.
Andy Warhol, “Shot Sage Blue Marilyn” (1964)
Sold for $195,040,000 at Christie’s, May 2022
With its pre-sale estimate “in the region of $200 million”, it is possible that no painting that has come on the market in recent decades has aroused so much pre-auction hype. With a starting price of $100 million, bidding quickly reached $170 million, suggesting that it would exceed its pre-sale estimate. But surprisingly, no higher bid came in despite Jussi Pylkkänen’s best efforts to attract interest from buyers. Counting commissions, the final sale price was $195 million, which is, objectively speaking, a success, as it is an auction record for a 20th-century painting. Nevertheless, and perhaps because of the enormous expectations generated prior to the auction, there was a certain taste of disappointment.
Mercedes Benz 300 SLR Uhlenhaut Coupé (1955)
Sold for €135 million at RM Sotheby’s, May 2022
Leaving aside the debate as to whether a car can be considered a work of art (spoiler: yes), the sale of this spectacular coupé is a game-changer that definitively places automobiles in a league hitherto reserved for the most important examples of what is traditionally considered “fine art”. Mercedes created just two examples of the Uhlenhaut Coupé, a road-legal version of the successful 300 SLR racing car, and -until last month- both were kept in the Mercedes Museum in Stuttgart. Why Mercedes has decided to sell one of these two examples has been the subject of debate, with some specialist websites suggesting that Mercedes may be looking to position the Uhlenhaut Coupé as a top contender for the unofficial title of “greatest car of all time“, which in recent years has seemed to be leaning towards the Ferrari 250 GTO. Such is the importance and exclusivity of the Uhlenhaut Coupé that it seems unlikely that this record will be broken in the short or medium term, although there are candidates that could come “dangerously” close to this figure. Perhaps one of the three surviving Bugatti Atlantic. Perhaps one of the two 250 GTOs that won the Tour de France. Perhaps “The Silver Ghost,” if Rolls Royce decides to put it up for sale. In any case, a historic sale that marks a before and after in the world of auctions.
Andy Warhol, “White Disaster [White Car Crash 19 Times]”
Sold for $85,350,500 at Sotheby’s, November 2022
A monumental work (367.7 x 210.5 cm.) from Warhol’s “Death and Disaster” series, this work had been auctioned for $660,000 in 1987, which was then a record for a work by the artist. For reference, six months before that sale, ‘200 One Hundred Dollar Bills’ sold for $385,000, and was resold in 2009 for $43.8 million. $85.4 million is a decent but in my opinion somewhat disappointing result considering the importance of the work and the results obtained in previous years for other examples in this series (“Silver Car Crash“, sold for $105.4 million -a record for Warhol at auction- in November 2013; and “Green Car Crash“, sold for $71.7 million in 2007, then also a record for Warhol).
Jean-Michel Basquiat, “Untitled (Devil)” (1982)
Sold for $85,000,000 at Phillips, May 2022
With a pre-sale estimate of around $70 million, “Untitled (Devil)” (in my opinion one of the artist’s five or six best paintings, and the best Basquiat to come to auction in at least the last five years) fetched $85 million, a very reasonable price for a painting that sold just six years ago for $57.6 million, and which -as soon as the number of Basquiats in the market is reduced- could easily fetch $100 million. In any case, the painting is particularly noteworthy for being the big star of Phillips’ contemporary art auction, the most successful in the auction house’s history.
Man Ray, “Le Violon d’Ingres” (1924)
Sold for $12,412,500 at Christie’s, May 2022
The highest price ever paid for a photograph at auction, crushing the $4.3 million (about $5.5 million at today’s exchange rate) paid 11 years ago for Andreas Gursky’s “Rhein II”. As is often the case with photographs, there are several copies of this image on the market, including a smaller one sold last year by Christie’s for $475,000. But the print in the Jacobs collection is truly an “original photographic copy,” having been made at virtually the same time as its corresponding negative.
The successes / surprises
Ernie Barnes, “The Sugar Shack” (1976)
Pre-sale estimate: $150,000 – $200,000
Sold for $15.3 million at Christie’s New York, May 2022
Carrying a pre-sale estimate of between $150,000 and $250,000, the painting seemed a priori out of place among so many works with multimillion dollar estimates, despite the recent -and fair- increase in the value of the works of this African-American artist. After a vibrant bidding battle, the work was sold for $15,275,000, one hundred times its most conservative pre-sale estimate. The New York Times quoted the buyer of the work, Bill Perkins, as saying that “for certain segments of America, [this painting] is more famous than the ‘Mona Lisa’”.
Andrew Wyeth’s “Day Dream” (1980)
Pre-sale estimate: $2 million to $3 million
Sold for $23.3 million at Christie’s New York, November 2022
One of the most unexpected successes of the ultra-successful Paul Allen Auction, the price is a new auction record for Wyeth, doubling the previous record set more than a decade ago.
Other Post-War & Contemporary paintings that far exceeded their pre-sale expectations at Christie’s New York May 2022 auctions include Richard Humphry’s “The Cause of Thunder” (1965), sold for $69,300 (pre-sale estimate: $1,000 – $1,500); Lynne Drexler’s “Herbert’s Garden” (1960), sold for $1,500,000 (pre-sale estimate: $70,000 – $100,000) and Ann Craven’s “I Wasn’t Sorry” (2003) sold for $680,400 (pre-sale estimate: $70,000 – $100,000).
A Chinese ‘Tianqiuping’ style vase
Pre-sale estimate in the region of €2,000
Sold for €7.7 million at Osenat, Fontainebleau, France, October 2022
One of the biggest surprises on the art market in recent years. The story of this sale did not have a happy ending for everyone, as several sources have published that the specialist who catalogued this vase as an uninteresting piece created in the 20th century was fired by the company.
As is to be expected in a market as prone to surprises as the Chinese art market, this was not the only lot that far exceeded expectations. An album of forty-eight paintings and calligraphies depicting the Taoist alchemy with Zitan covers, China, Early Qing Dynasty (1644-1911) sold for €756,000 at Christie’s Paris, July 2022, 50 times its most ambitious pre-sale estimate (€10,000-€15,000). A pair of Yongzheng lemon-yellow glazed bowls with Yongzheng six-character sold for $200,313 at Bonhams, March 2022, against a pre-sale estimate of $5,000 to $7,000. Sotheby’s New York sold an Iron Red ‘Dragon’ Meiping (Yongzheng / Qianlong period) for $327,600, more than 20 times its most ambitious pre-sale estimate. In December, Christie’s Hong Kong sold Wen Zhengming’s “’Fu Di’ Poems in Running Cursive Script” for HKD 26,85 million, against a pre-sale estimate of HKD 1 million to HKD 1,5 million.
Anonymous, 19th century (?): “Madonna and child”
Pre-sale estimate: £50-80
Sold for £160,000 (hammer price) at TW Gaze, Norfolk, September 2022
Described in the auction catalogue as “a 19th Century oil on canvas depicting mother and child, 78cm x 64cm”, this apparently worthless artwork appears to have been created by an Italian master of the late Renaissance, although the name of its presumed author has not been revealed.
Attributed to Judith Leyster: “Young boy with a bunch of grapes in his hat” (c.1629)
Pre-sale estimate in the region of €1,500 – €1,800
Sold for €230,000 at Vanderkindere, Brussels, April 2022
Judith Jans Leyster (1609-1660) was one of the most original artists of the Dutch Golden Age, and her critical appreciation has increased considerably in recent decades. Although, judging by the pre-sale valuation, the auction house did not seem to hold out much hope that the painting was actually Leyster’s work, at least two potential buyers seemed convinced, driving the final price to more than 100 times its pre-sale estimate.
Bolognese School, 17th century (attributed to Guercino): “Moses”
Pre-sale estimate: €5,000 – €6,000
Sold for €590,000 at Chayette and Cheval, Paris, November 2022
As in the case of the aforementioned work attributed to Judith Leyster, the attribution to Guercino convinced at least two potential buyers. The French auction house relates this painting with Guercino’s “Head of an old man” from the Asmolean Museum.
Anonymous, after Leonardo da Vinci: “Salvator Mundi”
Pre-sale estimate: €10,000 – €15,000
Sold for €1,062,000 at Christie’s Paris, November 2022
Five years after the historic $450 million sale that stunned the art world, another copy of “Salvator Mundi” has come up for auction. On this occasion, it was a work completely unrelated to Leonardo’s workshop, which did not prevent it from fetching a much higher price than expected. Perhaps someone is planning a museum of copies of the “Salvator Mundi”…
More old masters: a set of 11 portraits of the Dukes of Brabant (Italian School, 17th Century) was sold for 176,400 GBP at Sotheby’s London, July 2022 (pre-sale estimate: 6,000 – 8,000 GBP). “The Good Samaritan” (circa 1545), an alabaster relief attributed to the circle of Jacques du Broeucq fetched€403,000 at Sotheby’s Paris, June 2022 (pre-sale estimate: €15,000 – €25,000); and “Alexander and the Family of Dario,” a monumental canvas by Domenico Piola, sold for €1.84 million ($1.92 million) at Christie’s Paris, June 2022, against a pre-sale estimate of between €80,000 and €120,000.
A Roman Marble Portrait Bust of Emperor Antoninus Pius, circa A.D. 140
Pre-sale estimate: £600,000 – £900,000
Sold for £7,717,000 at Sotheby’s London, December 2022
Good provenance? Check. Depicts an important character? Check. Good condition? Check (apart from some restoration in the neck and nose). The work had all the makings of exceeding its pre-sale estimate, and so it did, becoming one of the stars of the ancient art market.
More ancient art: Here we have two oldies AND goldies: a Gold Disk, Late Neolithic/Eneolithic/Early Copper Age, Balaton-Lasinja-Culture (Period I), 4200-4000 B.C., sold for 327,600 GBP at Sotheby’s London, July 2022 (pre-sale estimate: 20,000 – 30,000 GBP), and a Greek gold mask (6th century B.C.) sold for $107,100 at Christie’s New York, April 2022 (estimate: $5,000 to $7,000)
The bargains
Eduardo Paolozzi, “Green Dolphin Street” (1952)
Not sold at Christie’s London, October 2022 (presale estimate: GBP 7,000 – GBP 10,000)
Today, Pop Art is considered to be one of the most sought-after art movements on the art market, as evidenced, for example, by the almost $200 million paid for Warhol’s aforementioned “Shot Sage Blue Marilyn“. But Pop Art as we understand it today (led by figures such as Warhol or Lichtenstein) would not exist without the work of European pioneers such as Richard Hamilton or Eduardo Paolozzi, whose “I was a Rich Man’s Plaything” can dispute the title of being the first “Pop Art” work in history. Created in 1952, “Green Dolphin Street” is a small collage (31.8 x 25.4 cm.) that brings together all the characteristics traditionally associated with Pop Art, almost ten years before Lichtenstein or Warhol began to work in this style. I have not been able to obtain further details as to whether the work failed to find a buyer or was withdrawn from the auction, but whatever the case, to be able to acquire this work for a price of around $10,000 (1,000 times less than any Warhol or Lichtenstein of little or no importance) is incredible. This work could be an excellent -and necessary- prologue to any major collection of Pop Art.
Gentile da Fabriano, “Saint Paul the Hermit”, c.1405-15
Sold for $239,400 at Christie’s New York, October 2022 (presale estimate: $400,000 – $600,000)
Gentile da Fabriano (1385-1427) is one of the essential names for understanding the transition from Gothic to Renaissance, a precursor of the great figures of the Italian Quattrocento. Although it is certainly not one of his most important works, “Saint Paul the Hermit” is an interesting painting with a good provenance (coming from the collection of Ann and Gordon Getty), and its attribution is quite convincing. In the catalogue of the work, Christie’s connects this small (28 x 21.5 cm.) panel with the legendary Sandei Polyptych, stating that “This masterful ‘Saint Paul the Hermit’ is therefore an exceptionally rare surviving work, a fragment from one of just two Venetian altarpieces by Gentile referenced in ancient sources”. The last time this work appeared on the market, in 1994, it fetched £177,500 in a context of huge crisis in the art market, so the price obtained in 2022 is incomprehensibly low.
More old masters: Joseph Wright of Derby‘s beautiful and proto-romantic “A moonlit landscape” failed to sell despite its modest lowest estimate of $250,000 (Sotheby’s, June 2022). Also unsold at the same auction, Niccolò Tornioli’s “A concert” is a large and complex Baroque composition, which should have reached at least its very modest lowest estimate of $80,000. In December, Christie’s London sold a very good and signed “Portrait of a gentleman, bust-length, in armour” (1632) by Cornelis Janssens van Ceulen for just £12,600 (presale estimate: £15,000 to £25,000).
Gino Severini, “Étude pour ‘L’Autobus” (1913)
Sold for £693,000 at Sotheby’s London, March 2022
Works from the heyday of Futurism rarely appear at auction, and this small canvas (35.4 x 27 cm) was a great opportunity for a serious collector of modern art to acquire a modest but vibrant and attractive work by one of the movement’s great representatives.
The Antiquities and Ancient Art market is also a place for sales that can be considered “bargains”, pieces that in some cases can be bought for the cost of a laptop. For example, at Christie’s Antiquities Auction in London, July 2022, a Greek pottery figural feeder flask (2nd century B.C.), small but beautifully geometrically decorated, sold for just 882 GBP, and at the same sale several interesting Luristan and Scythian artworks sold for well under 1,000 GBP. At Sotheby’s Ancient Sculpture and Works of Art, July 2022, a quite damaged but still interesting Vinča Terracotta Figure of a Woman (5000-4500 B.C.) sold for 1,512 GBP, less than half its most conservative pre-sale estimate, which also was the case of an equally charming Zoomorphic Figure from the Starčevo Culture, 6200-5600 B.C. (the dangers of the “no reserve” lots…), while at the same sale two beautiful South Arabian alabaster heads (3rd Century B.C./1st Century A.D., estimate: 15,000-25,000 GBP and 12,000-18,000 GBP) failed to sell. Representing a man and a woman, they would have made a good couple, and their non-sale is a surprise considering that similar pieces had been sold in previous years for prices well above their expected price. In December, Christie’s sold an Egyptian scarab swivel ring -which could be the most original wedding ring ever- for just 504 GBP against a presale estimate of 2,500 to 3,500 GBP.
The disappointments
Willem de Kooning, “Untitled III” (1978)
Unsold at Christie’s New York, November 2022 (pre-sale estimate in excess of $35 million)
For some reason, in recent years the art market has been very attracted to de Kooning’s late abstractions (1970s and 1980s), which I personally have always found dull and uninteresting, in contrast to his excellent works of the 1950s. But in November something seemed to change in the market, and while the smaller but vibrant “Collage” (1950) fetched $33.6 million (well above expectations), this monumental but uninteresting painting found no buyer.
Antonio Canova, “Maddalena Giacente”
Unsold at Christie’s London, July 2022 (pre-sale estimate: £5 million to £8 million)
Canova. Oh, Canova. At a time when auction houses absolutely overuse the term “masterpiece,” to see a work that certainly deserves to be called a masterpiece coming up for auction is unusual. See that work carrying a pre-sale estimate of less than $10 million, very strange. And seeing it failing to find a buyer, totally incomprehensible. Canova is, of course, one of the most important sculptors in the history of Western art, and the greatest genius of neoclassical art alongside Jacques-Louis David. And “Maddalena Giacente” is a work of remarkable importance, completed by the artist shortly before his death. None of this seemed to matter to collectors, and no one offered the minimum bid for the work.
David Hockney, “Woldgate Woods II, 16 & 17 May, 2006”
Unsold at Sotheby’s London, June 2022 (pre-sale estimate of £10-15 million)
Despite generally good results, it was not all jubilation at Sotheby’s Jubilee Auction: this monumental landscape by David Hockney, which carried a pre-sale estimate of £10-15 million, failed to find a buyer. Another painting in this series, “Woldgate Woods, 24, 25, and 26 October 2006“, sold in 2016 for $11.7 million. At the same sale, “Turf War”, an irreverent portrait of Winston Churchill painted by Banksy in 2003, which had a pre-sale estimate of between £4 million and £6 million, also failed to sell.
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