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Major Works Fail to Sell at Christie's

Dismal auction season continues as Bacon fails to find buyer

By Jason Farago, Newser Staff

Posted Nov 13, 2008 9:16 AM CST

(Newser) – The art world bust continued last night at the Christie's contemporary auction in New York, where almost a third of the 75 works on the block went unsold. Not a single collector bid for the highlight of the sale, a self-portrait by Francis Bacon estimated to sell for around $40 million, Bloomberg reports. And in a sign of the times, a collection of 16 drawings put up by the CEO of bankrupt Lehman Brothers sold for just $13.5 million, below the low estimate.

Christie's attempted to boost sales by convincing collectors to accept lower minimum prices; as a result, a once-unthinkable 52% of the lots sold went for below the low estimates. The auction house also failed to sell 12 works for which it provided a guarantee to the consignors, meaning Christie's will shell out millions. As one auctioneer said after the sale, "The market is adjusting down."

A Francis Bacon self-portrait from 1964, which failed to sell at Christie's last night. (AP Photo/Christie's)

An auctioneer takes bids on Andy Warhol's 'Liz' during the post-war and contemporary art auction at Christie's in New York, in this Nov. 13, 2007 file photo. (AP Photo/Seth Wenig, File)

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Major Works Fail to Sell at Christie's

Dismal auction season continues as Bacon fails to find buyer

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Lichtenstein Painting Fetches $43M

It's a record for the late pop artist

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Major Works Fail to Sell at Christie's

Dismal auction season continues as Bacon fails to find buyer

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OTHER STORIES ON OUR RADAR

art market • contemporary art • art • Christie's • Francis Bacon • Lehman Brothers • art auction • Richard Fuld

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Lichtenstein Painting Fetches $43M

It's a record for the late pop artist

Warhol Self-Portrait Fetches Record $38.4M

Private bidder prevails after 'longest lot in history'

Rebounding Art World Expects Huge Spring Prices

A dozen works are priced near $20 million each at auctions

Andy Warhol Self-Portrait Fetches $17M

It goes for twice as much as expected

Dennis Hopper's Wife Yanks Art From Auction

Battle rages over late actor's estate

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Newser By Users

Community

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What is Newser?