FAB Market Insights

With interest rate uncertainty, strife in the Middle East and elsewhere, and the US election nearly upon us, many collectors and art world insiders were holding their breath in anticipation of the market performance in the busy month of October. In London and Paris there were major auctions, art fairs and exhibitions, and as I write The Art Show in New York is taking place. The good news is that we can all gently exhale – while the art market certainly isn’t what it was 2 years ago, it’s still alive and relatively well.

I attended Frieze Masters and Frieze London early in the month, both with less frenzy than recent years and the collectors I spoke to were pleased that the need to make instant decisions has passed. Most dealers were pleased (or maybe relieved) that they sold well, although mainly in the first two days. I visited the fairs with two established collector clients, and then with a 22 year old starting on his collecting journey - it was fascinating comparing the different visions and attitudes.

Frieze on Saturday afternoon was packed.

I also attended the London auctions, which were no more than ‘solid’ not surprising given the few star attractions. Both Sotheby’s and Christies had good results in Paris, with Sotheby’s selling 100% of the Surrealist sale in its new Paris headquarters. Some prices are listed below, and please contact us for detailed results.

The first iteration of Art Basel Paris in the magnificent setting of the Grand Palais took place. Galleries reported strong sales and attendance despite being very close in date to Frieze.

There were also two significant exhibitions in Paris. The Fondation Louis Vuitton opened a major retrospective of Tom Wesselmann, the Pop artist. The show intends to place the artist at the forefront of the Pop scene, helped by the significant holdings in Wesselmann of the Arnault family (owners of LMVH). And the Centre Pompidou showcased a massive survey of Surrealism, a must see for all lovers of the style.

There is much talk about Paris gaining market share from London, heighted by October events. This change is usually blamed on Brexit due to the increased documentation and regulations, but as Christie’s chairman Guillaume Cerutti pointed out recently, London was retracting before Brexit and the two cities are complimentary rather than competitors. Being a Brit with a French wife, I have mixed personal feelings, but I admit there are many who will now forego a week in London in October in favor of Paris.

Some reported sales at Frieze and Art Basel Paris

At Frieze Masters, Hauser & Wirth reported the fair’s headlining sale with Arshile Gorky’s The Opaque (1947) for $8.5 million. The gallery also sold an Édouard Manet painting for 4.5 million euros and a Francis Picabia work for $4 million. David Zwirner’s sales at Frieze London were led by a painting by Lisa Yuskavage for $2.2 million. They also sold a couple of paintings by Yayoi Kusama for $670,000 and $720,000.

One of the first galleries to report a sold-out booth at Frieze London was Stephen Friedman who sold 12 large-scale works by Caroline Walker and Clare Woods to collectors in the UK, Europe, the US, and Asia. They sold for between $45,000 and $230,000. We, Fine Art Brokers, have a large work by Walker, being offered on behalf of a collector.

Just three days later, Art Basel Paris brought together 195 galleries to the Grand Palais. The attendance across the week totaled more than 65,000, well above last year’s figure of 38,000. The top sales included a Louis Bourgeois, Spider I (1995), at Hauser and Wirth for $20 million, Julie Mehretu's Insel (2013) at White cube for $9.5 million and a Mike Kelley at Gladstone for $2 million. Pace sold out its entire booth just after mid-day on opening day: the presentation, titled “Mystic Sugar,” was curated by Polish artist Paulina Olowska and included works by Kiki Smith, Lucas Samaras, Louise Nevelson, and Olowska herself.

London and Paris Auctions:

In Paris on October 18th during the bidding on Salvador Dalí’s Rose méditative at Sotheby’s the Surrealist work estimated €700,000 and eventually hammered at €3.9 million after 10 bidders. But highlight of the auctions was when a Kay Sage painting, Other Answers, estimated at €300,000, sold for €1 million. Also, a small Miró painting—Femmes, from 1932, estimated at €700,000—made €1.9 million. Surrealism continues to shine in the market, especially works by female surrealist painters.

At Christies, the biggest sale of the night was Lucian Freud’s Ria, Naked Portrait ,2006–07, which sold for £11.81 million ($15.44 million), slightly above its low estimate of £10 million ($13 million).