A definitive shift in the auction market was obvious in the results of the May sales season in New York that ended on Thursday night. All three major players experienced contractions in sales across categories, and aggregate sales last week, which totaled over a billion dollars, were more than 50% down from the same period last year, and closer to the numbers from 2010-2011 (unadjusted for inflation).The regular day and evening sales of Modern and contemporary art at Christie’s, Sotheby’s, and Phillips (which only added pre-contemporary 20th century to its May season this year) fell by slightly less — an average of 45% — compared to May 2015, and the most profound contrast was apparent in Christie’s special themed sales. That house’s blockbuster 2015 curated sale “Looking Forward to the Past” brought in over $700 million and was a major driver of revenue for the season and the year, whereas this year, Loic Gouzer’s “Bound to Fail” brought in only $78 million — though it was considered a success in placing challenging works by the likes of David Hammons, Bruce Nauman and Maurizio Cattelan.Even discounting recent market jitters, the numbers weren’t altogether surprising, given the generally lower quality of the consignments on offer and the resulting lower estimates. The dearth of high quality works may have something to do with the hyperactivity of the market in the last few years: With so many top artworks having recently changed hands, owners can be expected to hold on to their newfound treasures for a while. But a general unwillingness to part with such art may also reflect growing — and possibly self-fulfilling — anxiety about a market contraction, along with the increasing popularity of private sales, which protect transactions from market volatility and are accounting for an ever larger share of business for each of the three auction houses.Interestingly, this sale season seems to have minimized, at least for the moment, Christie’s considerable lead in revenue over Sotheby’s in both the Imp/Mod and Contemporary categories. That gap — which widened to a chasm in the aftermath of star auctioneer Tobias Meyer’s departure from Sotheby’s in late 2013 and subsequent management shakeups there — was all but closed in last week’s results. It may be that the corporate overhaul at Sotheby’s and its acquisition of Art Agency Partners, with its brain trust and extensive art-world connections, is starting to make a difference.Source: Blouin Art Sales Index
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