Who Won and Lost in New York

More than $54m of Roy Lichtenstein's Pop art sold at Sotheby’s last week, $28m of which was in the last day sale at its York Avenue building. It brought New York auction week to a close with a whaam.

Roy and Dorothy Lichtenstein’s personal collection was among the high points of a tough week in the salerooms, where bids were sometimes thin on the ground for big-ticket items.

Sotheby’s did its best to make sure the Lichtensteins were a success, sending them on tour to Hong Kong as well as guaranteeing all the lots, either directly or with third-parties. His landscape Setting Sun and Sea (1968), which sold for just over $1.7m with fees, more than 600% above its low estimate, led the way.

Other notable works that sold above estimate included pieces by two living female artist's, Louise Lawler and Danielle Mckinney, according to date complied by HENI News.

Here are ten of the best outperformers:

Winners

Among the many works returning to auction Jean-Michel Basquiat stood out with his 1982 acrylic and collage Baby Boom. It sold for $23.41m at Christie’s, delivering a 13% annualized return over its last sale at auction: $1.05m at Phillips in 2005.

A late abstract by Helen Frankenthaler, Cloud Harbor, sold for $4.53m at Christie’s to deliver a 15% annualized return over its last sale in 2006.

Andy Warhol's 1964 silkscreen Flowers sold for $3.83m to deliver a 16% annualized return at Sotheby's. It last sold at auction at at Christie’s in 1996.

Here are works producing a positive annualized return:

Negative returns

The shine came off Jeff Koons' sculpture Baroque Egg with Bow (1994) when it sold for $2.31m, below estimate at Sotheby's and also below its previous auction result of $6.24m at Christies in 2011, therefore realizing a 63% negative return.

A daring semi-nude by John Currin, Tolbrook (2006), which the late collector David Teiger once owned and acquired from Gagosian the year it was painted, had the dubious distinction of being the most disappointing auction returnee. The portrait of a young woman undressing last sold at auction in 2019 at Sotheby’s for $3.62m. Last week, it sold again at Sotheby’s but this time for $889,000, a 75% negative return. Reflecting the fickle taste of collectors, another Currin sold for much less than last time it was offered at auction.

Despite interest in Brazilian Modernism running high among collectors and curators, an eye-catching work by Lygia Pape underperformed. Pape’s fur and neon piece, O olho do guará n° 13 (1984) sold for $81,900 at Phillips, realizing a 69% negative return. In 2012, also at Phillips, it sold it for $266,500.

Here are works that have declined in value: