The S.I. Newhouse Auction: 16 Paintings, $177.8 Million
One might expect paintings from the illustrious collection of the late magazine publisher S.I. Newhouse Jr. — by Picasso, de Kooning, Lichtenstein and Bacon, among others — to generate some fireworks in the art market.
Yet even with that provenance, the Thursday evening sale at Christie’s that kicked off the spring 2023 auction season was muted. Most of the 16 lots went for solid if predictable prices at, or just above, their estimates, for a total of $177.8 million. This may well be because the market has cooled in response to recession fears and spending sprees during the pandemic.
But it is also because every item had been guaranteed — essentially presold to buyers who had promised to pay undisclosed minimum prices — adding credence to the increasingly common lament that sales have lost the suspense that used to animate bidding in the room and make auctions exciting.
While they may dampen the sense of spectacle, guarantees are now considered a staple of the auction market, as they enable sellers to hedge their risk should consignments go unsold.
Source: The New York Times
