Hirst Auction Yields $199M

Expectations low as auction houses try variety of tactics

(NEWSER) - After a 7-year boom, art auction houses are struggling as collectors hit hard by the recession close their wallets. Sotheby’s predicts it will pull in $179 million to $256 million at spring sales, compared to $742 million a year ago. As the spring events approach, auctioneers are employing an array of strategies to restore the market, the Wall Street Journal reports. More»

$61.3M result fails to reach low estimate

(NEWSER) - The art market failed to recover from its recent slump last night, as Sotheby's held a disappointing New York sale that saw works by Picasso and Giacometti go unsold. The small auction of 36 lots brought in just $61.3 million—well below the low estimate of $81.5 million. But a black-and-white grid painting by Piet Mondrian beat expectations, selling for three times its low estimate at $9.2 million. More»

Top lot in Nov. auction withdrawn as seller panics

(NEWSER) - A painting from Picasso's Cubist period that was one of the highlights of the fall auction season has been pulled "for private reasons," Sotheby's New York office said yesterday. The withdrawal of Arlequin, a 1909 work which was estimated at more than $30 million, had been rumored for weeks as art prices began heading south, reports the New York Times. More»

Unprecedented one-man auction exceeds high estimate

(NEWSER) - Damien Hirst won the biggest gamble of his career at Sotheby's last night—as lot after lot of the artist's work beat high estimates, totaling $127.2 million in sales. While the markets tumbled in New York, bidders in the London saleroom bought up dozens of brand-new Hirsts, from taxidermied animals to abstract paintings, in an auction that could have far-reaching implications for the art world. More»

Pablo Picasso makes 2 appearances

(NEWSER) - Following the record-breaking sale of Edvard Munch's The Scream , the Guardian takes a look at the other biggest sales of art at auction. The top five:

1. Edvard Munch, The Scream, $119.9 million.
2. Pablo Picasso, Nude, Green Leaves, and Bust, $106.5 million.
3. Alberto Giacometti, L'homme qui Marche I, $105.2 million.
4. Pablo Picasso, Boy With a Pipe, $104.2 million.
5. Gustav Klimt, Portrait of Adele Bloch-Bauer II, $87.9 million.