Spring auctions in New York City set to break records

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the essentials in brief

• The auction houses in New York City expect new records.
• Many records were already broken at the autumn auctions.
• «Shot Sage Blue Marilyn» could be the most expensive artwork sold of the 20th century

Trust in the art market is unbroken – and even stronger than before the pandemic. This is what the major auction houses in New York City are announcing before the start of the spring auctions. Even one of the highest records could fall – thanks to a well-known image.

Everything should start with the biggest bang: Right at the start of this year’s spring auctions in New York City on Monday (May 9), a picture could become the most expensive work of art from the 20th century ever auctioned.

“One of the greatest paintings of all time”

The 1964 Shot Sage Blue Marilyn could bring in around $200 million, according to auction house Christie’s. It is a portrait of actress Marilyn Monroe (1926-1962) made by US artist Andy Warhol (1928-1987).

The work, which was created on the basis of a photo, is “one of the greatest paintings of all time”. The actress is shown against a turquoise background with yellow hair, red lips and turquoise eyeshadow. It is “the most important picture of the 20th century that is being auctioned off in this generation”.

That’s what Alex Rotter, responsible for 20th and 21st century art at Christie’s, says.

«Andy Warhol’s Marilyn is the absolute pinnacle of American pop. It’s the promise of the American dream, and it embodies optimism, fragility, fame and iconography all at once.”

The Warhol picture will probably not beat the record of the painting “Salvator Mundi” by Leonardo da Vinci. It sold at auction in 2017 for $450.3 million, making it the most expensive work of art ever sold at auction. If it really fetches around $200 million, it should eclipse Pablo Picasso’s The Women of Algiers.

This was auctioned for $179.4 million in 2015, making it the most expensive 20th-century work of art ever auctioned. The Thomas and Doris Ammann Foundation in Zurich intends to use all proceeds from the auction for charitable purposes. They created this and many other works in the selection for the spring auction.

More records this year?

The possible top record should only be the beginning in New York City. For around two weeks, the top dogs Christie’s and Sotheby’s, but also smaller auction houses, want to tumble further records.

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Christie’s raves in advance of his “best season yet”. Sotheby’s is offering the second part of the Macklowe collection, the first part of which broke records last year. With works by Gerhard Richter, Mark Rothko, Sigmar Polke and Willem de Kooning, among others.

In addition, Sotheby’s is expecting a lot from the painting “Femme nue couchée” by Spanish artist Pablo Picasso (1881-1973) from 1932. It could bring in more than 60 million dollars. And from a Venice painting by the French painter Claude Monet (1840-1926), estimated at around 50 million dollars.

“We look forward to another billion-dollar sales week,” said Brooke Lampley, manager at Sotheby’s, at a preview of the offering. “It will be one of the largest auction series in our history.”

Record already broken at fall auctions in New York City

The demand from sellers and buyers in New York City is very high. The median appraised value for the artworks on offer is $6.2 million. 21 works would be estimated at more than 10 million dollars.

At the past autumn auctions, the auction house set a record with 1.3 billion dollars. And we hope to be able to surpass it this time. The preliminary estimates are the highest since 2015. “This is a real sign of the continued confidence in the art market on the way out of the pandemic.”