Art Market Update
Two high-profile art auctions are coming up next month that may deliver record prices for some artists in the collections. The auctions will also be a chance for collectors to evaluate the health of the art market, especially as it compares to real estate and stocks, which, since the beginning of the year, have been experiencing a ‘correction’ (to put it mildly).
Piet Mondrian at Modern Evening Auction
Next month, Piet Mondrian’s canvas Composition No II (1930) is expected to break the US$50.6 million record for the work by the pioneering Dutch artist.
The painting, which epitomizes the primary color grid style for which he is famous, has an estimated value of more than US$50 million according to Sotheby’s, the auction house handling the sale of the artwork.
Mondrian achieved his current record price more than 7 years ago now, so inflationary pressure since 2105, as well as pent-up demand for such an auction-house rarity, will likely see a new record set on November 14 when it goes under the hammer. The last time this exact painting hit the auction block was in 1983 when it sold for US$2.2 million, which at the time was the highest price ever paid for a work of abstract art. I would argue that a premium is now attached to this painting simply because it used to hold this title. It is, after all, a fascinating part of its history and art history in general. Collectors will definitely consider this fact when evaluating Composition No II’s value and, consequently, how much money they are willing to part with on auction night.
Visionary: The Paul G. Allen Collection
Pegged to be the largest art auction in history, Paul G. Allen’s collection, which is comprised of more than 100 artworks, is expected to fetch nine figures in total.
Allen had the funds to accumulate such a valuable collection because he was one of the founders of Microsoft and was worth approximately US $20 billion at the time of his death in 2018. His estate, headed by his sister Judy Allen, has decided to sell the collection to further the estate’s philanthropic goals. Admirably, the entire auction proceeds will be used to achieve these goals.
The collection includes work from historical, modern, and contemporary artists, including Botticelli, Vincent van Gogh, Gustav Klimt, Andy Warhol, Jasper Johns, David Hockney, and the George Seurat pictured above. Christie’s will run this auction over two nights on November 9-10, 2022.