Lévy Gorvy Dayan is introducing a fresh approach to the sale of high-value art through its newly developed platform, LGD Hammer. Co-founder Brett Gorvy emphasizes that while this initiative is not a complete overhaul of the art market, it represents a significant evolution in how art transactions are conducted.
The decision to create LGD Hammer comes in response to recent shifts in the art market landscape. With private sales experiencing a slowdown, collectors are seeking more time to reflect and negotiate, leading to prolonged deal timelines. "There's no urgency," noted Gorvy, highlighting that even highly sought-after pieces can linger as potential buyers deliberate.
In contrast, traditional auctions create a sense of immediacy, compelling bidders to act quickly. This dynamic has become increasingly relevant as the market recalibrates following recent years of volatility. Auction houses have successfully utilized lower estimates to stimulate sales, resulting in higher sell-through rates and renewed competition among sellers.
LGD Hammer aims to replicate this urgency within a gallery context. Instead of showcasing multiple works in a bustling auction, the platform will feature a single artwork at a designated time for a select group of buyers. Dominique Lévy, co-founder of the New York gallery, will take on the role of auctioneer, leveraging her extensive experience from Christie's to facilitate the sale.
The inaugural piece to be presented is Willem de Kooning's Milkmaid (1984), with an estimated value between $10 million and $15 million. This choice reflects the current market trends, as collectors increasingly gravitate towards artists with established legacies and robust institutional backing. De Kooning's work has demonstrated resilience across various regions, with consistent demand from Asia.
The presentation of Milkmaid will resemble an exhibition rather than a conventional auction lot. The artwork will be displayed in a dedicated setting at the gallery's Upper East Side location, available for viewing by appointment from May 2 until the sale on May 16. "We're not in 2021, when people were buying things unseen," Gorvy remarked.
The sale itself is scheduled for May 16, with bidding conducted via phone while participants can follow the event online, observing both the artwork and the auctioneer in real time, all while maintaining bidder anonymity.
Gorvy is careful to position LGD Hammer not as a direct competitor to platforms like Fair Warning, which also focuses on single works for bidding. Instead, LGD Hammer emphasizes the importance of the gallery experience, allowing potential buyers to engage with the artwork in a thoughtful manner before entering the competitive bidding phase.
As buyers become more discerning, they seek the opportunity to view art in person and appreciate its context, fostering a sense of comfort with their investment. LGD Hammer is poised to harness this competitive spirit while offering a more contemplative approach to art acquisition.
