Blockbuster art week sets record with more than $2.6 billion in sales

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  • According to art data and analytics firm Pi-eX, the Fall Art Auctions in New York set an all-time record with sales of more than $2.6 billion.
  • The rise in global wealth, fears of rising inflation and the continuing collectibles frenzy fueled demand for art and prices.
  • Crypto money was on full display, as crypto “whale” Justin Sun paid $78.4 million for Alberto Giacometti’s Le Nez sculpture.
  • The sale of two large collections – the Cox Collection at Christie’s and the McLough Collection at Sotheby’s – created an array of quality art trophies for wealthy bidders.

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The Fall Art Auction in New York set an all-time record, as a rise in global wealth, rising fears of inflation and the continuing collectibles frenzy boosted demand and prices.

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Sales at Christie’s, Sotheby’s and Philips totaled $2.65 billion during the two weeks, breaking a record drop in sales of $2.59 billion in 2014, according to art data and analytics firm Pi-eX. Collectors battle it out over everything from classic sizzleness and Van Gogh to NFT-related video sculpture.

According to Pi-eX, a record 32 works sold for over $20 million, and 54 works for over $10 million. The total was $1.14 billion for Christie’s, more than $1.34 billion at Sotheby’s and $170 million at Philips.

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Crypto money was on full display. Crypto “Whale” Justin Sun Paid $78.4 Million For Alberto Giacometti’s “Le Nez” Sculpture. A group of crypto investors known as ConstitutionDAO Lost out to billionaire Ken Griffin for an original copy of the US Constitution, which went for $43.2 million.

“The art market sentiment is skyrocketing at the moment,” said Evan Beard, Head of Specialty Segment at Bank of America, “driven by low interest rates, the money effect in the stock market, inflationary monetary policy and new crypto assets that may be parked somewhere in the park.” need to. ,

The sale of two large collections – the Cox Collection at Christie’s and the McLough Collection at Sotheby’s – created an array of quality art trophies for wealthy bidders.

Sales of the Cox Collection, which was owned by the late Dallas Oil tycoon Edwin L. Cox, the total was $332 million. This included Vincent van Gogh’s 1889 masterpiece “Cabanese de Bois Parmi Les Oliviers,” which sold for about $71.4 million—more than double his estimate. Another van Gogh went six times his estimate. The J. Paul Getty Museum in Los Angeles purchased Gustave Callebote’s “Young Man at His Window” for $53 million.

The McLove Collection, a product of developer Harry McLove’s bitter divorce, brought in $676 million. It was led by Mark Rothko’s “Number 7”, which went for $82.5 million. Along with the Giacometti sculpture, which was acquired by Sun, it included a Jackson Pollock that fetched $61.2 million and a massive Cy Twombly piece that fetched $58.9 million.

NFTs, or non-fungible tokens, also made a cameo in declining sales. An “NFT-powered” sculpture known as Beaple, created by digital artist Mike Winkelman, went to Christie’s for $29 million. The sculpture is a 3D, 7-foot-tall digital lightbox composed of four LED screens that depict an astronaut strolling through an ever-changing landscape. The buyer was crypto-focused Swiss venture capitalist Ryan Zurer, who on Twitter praised Beepple for the “visionary innovation, amazing new energy and hilariously positive vibes you’ve brought to both crypto and the arts.”

It became the second highest price paid for an NFT after Beeple’s “Everydays: The First 5,000 Days”, which sold at Christie’s earlier this year for $69 million.

The crypto crowd was not lucky with their attempts to buy a copy of the Constitution. A group of over 17,000 crypto investors and enthusiasts called ConstitutionDAO raised more than $40 million to purchase the first version of the US Constitution. They were bid on by billionaire hedge-funder Ken Griffin, who paid $43.2 million for the piece of history. It will be displayed at the Crystal Bridges Museum of American Art in Arkansas.

On Twitter, Bipple praised the Constitution DAO, saying, “I think this is the start of something bigger.”

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