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A beautiful painting by Francis Bacon and an extraordinary canvas by Mark Rothko, left unsold at Christie’s London on 11th February, have caused some confusion in the art world, asserting the economic decline of the 2009 market. The contemporary art sector is facing a serious crisis and the London auction “Contemporary Art – Evening Sale” is just another piece of evidence.
With a catalogue featuring many works of refined artistic quality, the sale totalled 8,392,750 pounds.
31 lots were presented in a rather empty room: 23 sold pieces and 8 unsold. Unfortunately, the works that had a millionaire valuation were left in the unsold category. For instance, the above-mentioned “Man in Blue VI” by Francis Bacon (estimate 4-6 million pounds) and “Green, Blue, Green on Blue” by Mark Rothko (estimate 2.5 – 3.5 million pounds). Unsold also two works by Bridget Riley, one by Michelangelo Pistoletto (estimate 120-180 thousand pounds), an Anish Kapoor (estimate 500-700 thousand pounds), a Robert Indiana (estimate 400-600 thousand pounds) and a Richard Prince (estimate 240-280 thousand pounds).
A discrete result was achieved by Jeff Koons with his work “Monkeys (Ladder)”, which from an initial valuation of 1.4-2 million was sold for 1,385,250 pounds, but also a work by Takashi Murakami sold for 397.250 pounds (estimate 300-500 thousand).
If Christie’s “Contemporary Art – Evening Sale” did not bring satisfactions for the great contemporary artists, we can say that informal art had a better outcome. For instance: “T 1955-9” by Hans Hartung, from a valuation of 120-160 thousand pounds, was sold for 181,250; “Miss Araignèe” by Jean Dubuffett was sold for 713,250 pounds (estimate 400-600 thousand).
A good result was achieved by the Italian artists. Lucio Fontana’s “Concetto Spaziale”, from an estimate of 200-300 thousand pounds, was sold for 289,250, while “Combustione Plastica” by Alberto Burri was sold for 361,250, against an estimate of 300-400 thousand pounds.
To see the complete auction CONTEMPORARY ART - EVENING SALE, click here.
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JEFF KOONS
MONKEYS (LADDER)
Estimate: 1.400.000 – 2.000.000 GBP
Price Realized: 1.385.250
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TAKASHI MURAKAMI
FLOWER BALL (BROWN)
Estimate: 300.000 – 500.000 GBP
Price Realized: 397.250
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HANS HARTUNG
T 1955-9
Estimate: 120.000 – 160.000 GBP
Price Realized: 181.250 GBP
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JEAN DUBUFFET
MISS ARAIGNÈE
Estimate: 400.000 – 600.000 GBP
Price Realized: 713.250 GBP
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LUCIO FONTANA
CONCETTO SPAZIALE
Estimate: 200.000 – 300.000 GBP
Price Realized: 289.250 GBP
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ALBERTO BURRI
COMBUSTIONE PLASTICA
Estimate: 800.000 – 1.200.000 GBP
Price Realized: 825.250 GBP
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FRANCIS BACON
MAN IN BLUE VI
Estimate: 4.000.000 – 6.000.000 GBP
UNSOLD
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MARK ROTHKO
GREEN, BLUE, GREEN ON BLUE”
Estimate: 2.500.000 – 3.500.000 GBP
UNSOLD
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