Heritage solidifies its middle market position exceeding $6.8M in Modern and Contemporary Art auctions
- DALLAS, Texas
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- May 25, 2016
A record-setting season of fresh-to-market Modern & Contemporary Art surpassed $6.86 million and set a house record during Heritage Auctions’ spring offering, including its first auction dedicated to Prints & Multiples.
“Once again, we proved Heritage’s distinct competitive advantages in the middle market,” said Frank Hettig, Director of Modern & Contemporary Art. “Last spring our auction reached $3.8 million and unlike other houses where sales have dramatically reduced in size, we have grown selling more six-figure works than ever before.”
The New York sale held May 2 was 78 percent sold by value and set a record for the highest number of six-figures lots selling at a Heritage art auction. In the afternoon session, bidders focused on international artworks such as Composition by Fernand Léger, a classic 1925 watercolor that soared past its $150,000 low estimate selling for $250,000. In addition, Woman in the Kitchen, 1981 by Fernando Botero pleasantly surpassed expectations to sell for $225,000.
The much-anticipated evening session saw Post-War American Contemporary artists take center stage as Helen Frankenthaler’s Tantric, 1977, quickly sold for $610,000. The cover lot, Willem de Kooning’s 1968 East Hampton II sold near the high estimate for $802,000. Ice Bucket, 1986 by Jeff Koons – direct from the collection of lifelong arts patron Anita Reiner – sold for $370,000. USA-1, 1984, an iconic, oil on burlap by Keith Haring, saw fierce competition that pushed the auction price to $162,500; and Untitled (four works), 1999 by urban artist KAWS sold for $131,250.
The May 24 sale in Dallas – Heritage Auctions’ first dedicated offering of Modern & Contemporary Prints & Multiples – was 80 percent sold by value. Three unique screenprint variations of Andy Warhol’s famous Dollar Signs from 1982 claimed top lot honors: $ (9) Black sold for $106,250; $ (9) White sold for $96,875, both against $80,000 pre-sale estimates. $ (Quadrant), 1982 exceeded its $80,000 high estimate to sell for $87,500. The cover lot, Medusa Head, 1986, by Keith Haring finished at $52,500 setting a world record price for the print at auction.
Heritage Auctions’ spring Modern & Contemporary Art Top Lots by Value - record number of six figure lots:
Willem de Kooning, East Hampton II, 1968: Realized $802,000
Helen Frankenthaler, Tantric, 1977: Realized $610,000
Jeff Koons, Ice Bucket, 1986: Realized $340,000
Milton Avery, Bather, 1961: Realized $292,000.
Fernand Léger, Composition, 1925: Realized $250,000
Fernando Botero, Woman in the Kitchen, 1981: Realized $225,000
Andy Warhol, Ethel Scull, 1963: Realized $200,000
Keith Haring, USA-1, 1984: Realized $162,500
KAWS, Untitled (four works), 1999: Realized $131,250
Sigmar Polke, Untitled, 1997: Realized $130,000
Robert Motherwell, Pierrot's Hat, 1943: Realized $112,500
Andy Warhol, $ (9) Black, 1982: Realized $106,250
Charles Bell, Study for Ta-Daa, 1985: Realized $100,000
Keith Haring, Untitled, 1981: Realized $100,000
Bernard Buffet, Delphinium bleus, 1965: Realized $100,000