The contemporary art sales in New York started with a loud vote of confidence in the market. 31 of the 79 lots came from the collection of the late Michael Crichton, author of Jurassic Park fame. The most spectacular result of the evening was his favourite piece, Jasper Johns' 'Flag', purchased directly from the artist over 30 years ago. It sold for US $ 28.642 million on estimates of 10 to 15 million US dollars. Four bidders vied for the privilege to wave the most expensive flag ever - victorious in just two minutes was a New York art dealer Michael Altman.
Bidding throughout the evening was fast paced and even frenetic, with only 5 works failing to sell on the night. Three more artists' auction records were set for Mark Tansey, Christopher Wool and Lee Bontecou. Auctioneer Christopher Burge was in top form, and the results he achieved should be encouraging to fellow auctioneers Tobias Meyer of Sothebys and Simon de Pury of Phillips de Pury with their evening sales on Wednesday and Thursday.
The strength of the bidding was clearly demonstrated by Andy Warhol's 'Mao' with an estimate of US $ 700,000 to US $ 900,000. Bidding started at US $ 480,000, quickly reaching US $ 750,000, when an obviously determined collector placed a US $ 1.5 million bid. The contest continued with the work fetching US $ 2.378 million.
After the sale, Roger McIlroy, formerly of Christies Australia and now of Nevill Keating McIlroy Ltd, commented: 'What a spectacular sale, who would have thought that we had a stock market crisis just a year ago.'
The 31 Crichton lots achieved US $ 93.323 million and sold a 100 % by lot and also by value. The 48 lots of various vendors sold for US $ 138.583 million, totalling US $ 231.907 million.
About The Author
Brigitte Banziger and David Hulme are the principals of Banziger Hulme Fine Art Consultants, established since 2003. With their combined experience of over 40 years, they provide private collectors as well as companies and public institutions with independent expert art valuations.
In addition to their appraisals for insurance, family law, deceased estates and market values, they assist clients with transparent advice when buying or selling an individual artwork or an entire collection, for some of Australia’s most significant private collectors.
David Hulme is an approved valuer for the Australian Government’s Cultural Gifts Program, and both Brigitte and David are members of the Art Consulting Association of Australia, where David served as President from 2015 to 2019.
David Hulme is a regular art market critic and commentator on the Australian art market and has been interviewed by numerous media, including the 'Australian Financial Review', 'The Australian' and 'The Sydney Morning Herald'. He has also been interviewed on Network 10’s 'The Project', on the ABC’s Radio National Breakfast show with Hamish MacDonald, the ABC’s 'The Business' program amongst many others.
