Bonhams Post-War & Contemporary Art And Sotheby's Contemporary Curated Highlights

Written by, Sheena Carrington

The upcoming week heralds the commencement of the first round of 2024 marquee auctions in London, which we are keenly observing. Just yesterday, two auctions concluded – Bonhams Los Angeles, Post War & Contemporary and Sotheby's New York, Contemporary Curated. Despite both sales falling 15 to 20% below the low estimate, several noteworthy transactions transpired, featuring both expected contenders and a few unexpected surprises.Banksy Breaks Records

Banksy Sets Records With Rare Works At Bonhams

At Bonhams, 66 lots were presented, of which 50 were sold, achieving a 75% sell-through rate. Among the highlights was Ernie Barnes' The Leap (1972), an acrylic on canvas, which emerged as the star lot, hammering at $280,000, albeit below the $300,000 low estimate. Performing more impressively, were two works by the art worlds favourite maverick, Banksy. A signed Rude Copper screenprint fetched the low estimate of $70,000, realising $89,400 with fees. This signed version, extremely rare in the market, marked a resale, with the initial sale in 2015 at Bonhams London for ￡26,000 (GBP), achieving ￡33,280 (GBP) with fees.

Banksy's Lenin On Roller Blade (2003), a distinctive spray paint on canvas, provided further evidence of the enduring strength in the artist's market. With a provenance tracing back to Santa's Ghetto, this same piece first sold on the public market in 2009 at Bonhams New York hammering at $20,000 and realising $24,400 with fees. During this sale, the work hammered squarely within estimates at $110,000(USD) and realising $140,200 (USD). Over a 15 year holding period, demonstrates a $90,000 increase in profit at the hammer. This impressive sale not only set a new auction record for the work but also distinguished itself as one of only four pieces to surpass $100,000 at the sale.

Sotheby's Standouts: Basquiat and Kusama

Sotheby's Contemporary Curated sale featured an extensive 254 lots boasting an 81% sell-through rate, with 208 lots sold. The star lot of the sale was Jean-Michel Basquiat's Untitled (1982), a unique work on paper, which hammered at $1.5 million, nearly twice the high estimate, and realised $1.8 million with fees. Yayoi Kusama's Infinity-Nets (ENNO) (2011) closely followed, hammering at the low estimate of $1.2 million and realising $1.5 million with fees.

Warhol's Mixed Performance

Andy Warhol's offerings produced mixed results, with six works presented, three of which were withdrawn presale, including a rare screenprint of former Formula One race care driver, Rikky Von Open. Warhol's sketch of Mao Zedong performed most favourably of the works on offer, achieving the low estimate of $80,000 and realising $101,600 with fees. However, appropriation artists, Elaine Sturtevant demonstrated the demand for his icon prints, with Warhol Black Marilyn (2004) an appropriation of Warhol's Marilyn (F. & S. II.24) hammering at $190,000, slightly above the high estimate of $180,000.

Other Blue Chip Highlights: Wesselmann, Hirst and Haring

Tom Wesselmann's Little Great American Nude No.28 (1965) climbed past the high estimate with fees, realising $342,900. Damien Hirst's Ergonovine (2004) sat within estimates at $600,000 and realised $762,000 with fees demonstrating the continued popularity of his Spots series, and Keith Haring's Drawings For Paris Review (1982) hammered at $85,000 and realised $107,950 with fees.

Surprise Performances: Ruscha and Wool

Although Ed Ruscha's market saw a slight decline in 2023, his piece Sickness, created on paper in 1984—a pivotal period in his career—surpassed the low estimate with fees, achieving a price of $241,300. Similarly, Christopher Wool, another prominent artist known for his textual-based creations, saw positive results from this sale despite a slight market correction. Two prints were offered by Wool, both meeting expectations. Particularly impressive was Archival material associated with the 1989 Whitney Biennial Cover, which hammered at $110,000, 2.75 times the modestly priced $40,000 high estimate, ultimately realising $139,700 with fees—a noteworthy achievement for Wool's market.

Looking Ahead

The end of March will conclude the Q1 auction calendar with Christie's, Sotheby's and Phillips hosting the first round of marquee sales in London from the March 4th to the 9th. Additionally, a series of online auctions throughout the month present an enticing selection of works on canvas, prints, and works on paper. Stay tuned as we provide insights into these sales and market performances.

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