In a remarkable showcase of the art market's vitality, Jeff Koons' 1988 sculpture Winter Bears was sold for an impressive $7.6 million at Christie's last Thursday. This sale marks the highest price ever achieved for an artwork during a mid-season auction, significantly exceeding its pre-sale estimate of $3.8 million to $5 million.
Winter Bears, a charming four-foot-tall sculpture featuring a pair of cheerful wooden bears, was originally created for Koons' renowned "Banality" exhibition, which utilized historical Rococo techniques. The piece sold at Christie's was the first of an edition of three, accompanied by one artist proof. The second edition resides in the Tate collection, while the third and the artist proof are held in private collections, the latter having previously sold for $4.7 million at Christie's in 2011.
Overall, the mid-season sales at Christie's totaled $34 million across 229 lots, despite three withdrawals and a sell-through rate of about 92 percent. This figure reflects a steady increase from previous years, with last September's sale reaching a record $35 million for 293 lots. Christie's specialist Rachel Ng noted, "More people are viewing our mid-season venue as a prime opportunity to acquire serious art."
In contrast, Sotheby's has adopted a different strategy in its approach to mid-season sales. Following a 101-lot sale in March, Sotheby's has focused on a "low volume, high-value" model. Their recent sale at the Breuer building on Madison Avenue generated $19.4 million from 119 lots, with a sell-through rate of 81 percent.
Highlighting the competitive nature of these auctions, Sotheby's featured Alma Thomas's painting Snoopy Sees Sunrise on Earth, which fetched $3.8 million, the second-highest price for the artist. Other noteworthy sales included Helen Frankenthaler's Mauve Hill, which sold for $998,400, and new auction records for artists Miyoko Ito and Pat Passlof.
Both auction houses witnessed astonishing results, with some artworks selling far beyond their estimates. At Sotheby's, Gerhard Richter's Untitled (5.2.89) achieved $409,600, eight times its high estimate, while Christie's saw a Mary Abbott painting soar to $209,000 from an estimate of $30,000-$50,000.
As the art market continues to evolve, both Christie's and Sotheby's remain at the forefront, showcasing the enduring appeal and value of contemporary art. The recent successes reaffirm that mid-season auctions are becoming increasingly significant for collectors and investors alike.
