Christie's launched its fall marquee auctions with impressive sales

On Monday night, Christie's launched its fall marquee auctions with impressive sales, totaling $690 million with fees from two back-to-back auctions. This amount exceeded the pre-sale low estimate of $534.7 million, though it was slightly below the high estimate of $731.5 million.

The evening began with the Robert and Patricia Ross Weiss sale, showcasing 18 lots from the collection of the late Weis Markets chairman, featuring significant works from major 20th-century movements like Cubism and Abstract Expressionism, including artists such as Pablo Picasso, Henri Matisse, and Mark Rothko. This sale was part of a larger offering from the Weiss collection, with over 60 additional lots to be auctioned throughout the week.

The second auction, a 62-lot 20th-century sale, included more works by Matisse and Picasso, along with pieces by Alexander Calder, David Hockney, and Marc Chagall. Overall, the evening saw a sell-through rate of 97% by value and 96% by lot, with only one lot withdrawn and three failing to sell.

Bidding was competitive, with multiple lots exceeding their high estimates after intense contests among bidders. Notable sales included Matisse's *Figure et bouquet (Tête ocre)*, which fetched $32.3 million, and Chagall's *Le songe du Roi David*, which sold for $26.5 million. The evening's top sale was Rothko's *No. 31 (Yellow Stripe)*, which went for $62.2 million after fees.

While many lots sold within their pre-sale estimates, there were also 21 works that hammered below their estimates, indicating a selective market environment. Industry experts noted that the market is more rational now compared to the peak of 2021, where everything sold for high prices.

Christie’s chairman remarked on the positive atmosphere and the quality of the offerings, suggesting that this auction could signal a recovery in the art market. However, the sentiment remains cautious, with a recognition that the current market dynamics differ significantly from previous years.