Auction Preview — Analytical Insights — Christie’s NEW YORK: Post-War and Contemporary Art Evening Sale — May 17, 2018 | BLOUIN ARTINFO
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Auction Preview — Analytical Insights — Christie’s NEW YORK: Post-War and Contemporary Art Evening Sale — May 17, 2018

OVERVIEW
Christie’s Post-War and Contemporary Art Evening Sale on May 17 in New York will feature an array of paintings, prints, drawings and watercolors, statues and figures, and sculpture by leading artists of the late 20th century, mid-20th century and 21st century. This sale offers an exceptional selection of works by some of the most important and sought-after artists. The auction boasts a masterpiece from Francis Bacon titled “Study For Portrait” painted in 1977. The sale also features outstanding works by Andy Warhol, Christopher Wool, Nicolas de Stael, Clyfford Still, Joan Mitchell and Jean-Michel Basquiat.

Warhol’s “Double Elvis (Ferus Type)” depicts the hip-swinging musician Elvis Presley holding a revolver, as he appeared in the 1960 Western “Flaming Star.”The painting is a unique variation from a group of portraits of single and multiplied Elvises created especially for Warhol’s second solo exhibition at the Ferus Gallery in Los Angeles — the center of America’s entertainment industry. “Double Elvis” originally belonged to a long, continuous canvas of Elvises that was later cut and stretched into multiple paintings.

The total sale realized Post-War and Contemporary Art Evening Sale at Christie’s New York last year was $448 million (including buyer’s premium) with 73 lots. This year, the auction is expected to realize a sale of over $400 million and there are 65 works of 41 artists on offer. Blouin Artinfo takes this opportunity to present numerical insights of this upcoming auction.

1. Past Auctions at a glance:

The sale in the last eight years has undergone ups and downs. The highest this sale saw was $744 million in 2014 and the lowest being $138 million in 2010. The status of bought-ins over the past eight years is also shown in the above graph.

Performance of Top Artists (in this sale) in the Past 3 years

Andy Warhol was the top artist of 2017 sale, realizing a total sale of $57 million with 4 lots. Jean-Michel Basquiat was on top in 2016 with a total sale of $60 million. The sale performance of the top artists who have featured in this auction in the past 3 years, is shown in the graph above.

2. Upcoming Auction on May 17, 2018
2.1 # of Lots on Offer in various estimated low-price bands (in USD).

Most (43) of the artworks in this sale are offered in the estimated price band of more than $1 million. There are about 17 lots (10 artists) in this auction that are expected to sell in the price range of $100K to $1 million.

3. Top Artists on Offer by Estimated Sales

The graph above shows the top artists featuring in this auction, their number of lots on offer and expected sales (estimated low and high). Richard Diebenkorn has the most artworks (13) in this sale followed by Christopher Wool (3).

4. Top Artworks on Offer by Estimated Sales
Other than the top lot of this sale, “Double Elvis [Ferus Type]” by Andy Warhol’s is expected to sell for over $30 million. There also are high-value lots by important artists such as Francis Bacon, Mark Rothko, Richard Diebenkorn, and Clyfford Still, to name a few. The top lots on offer by estimated price (high and low) are presented in the graph below.  These are the lots with estimates provided on the auction house website.

Richard Diebenkorn’s “Ocean Park #126” is expected to be one of the top-selling artworks of this auction, estimated to sell for between $16 million and $20 million.

5. Andy Warhol’s “Double Elvis [Ferus Type]”

Double Elvis [Ferus Type]
Size: 207.6 x 121.9 cm
Medium: silkscreen ink and spray paint on linen
Painted in 1963

This masterpiece of Andy Warhol “Double Elvis [Ferus Type]”was sold earlier at Sotheby’s Contemporary Art Evening Auction in New York on May 9, 2012, for $37 million. It is expected to fetch over $30 million and be the highest-selling work in this auction.

6. Sale of Similar Sized Artworks of the Top Artists
Francis Bacon: Sale Price
ofsimilar sized artworks in the Past 5 years (across all auctions)
“Study For Portrait” by Francis Bacon is the expected top lot on offer. The prices at which similar sized artworks (198 x 148 cm) of Francis Bacon sold in the past 5 years (2012 to 2017) are shown here.

Study For Portrait
signed, titled and dated 'Study for Portrait 1977 Francis Bacon' (on the reverse)
Size: 198.2 x 147.7cm
Medium: oil and dry transfer lettering on canvas
Painted in 1977

At one end of the spectrum, artworks of similar size (198 x 148 cm) have sold for as high as $142 million, and at the other end, there are others that have sold for as low as $4 million.

Mark Rothko: Sale Price of similar sized artworks in the Past 5 years
“No. 7 (Dark Over Light)” by Mark Rothko is the expected top lot on offer. The prices at which similar sized artworks (229 x 149 cm) of Mark Rothko sold in the past 5 years (2012 to 2017) are shown here.

No. 7 (Dark Over Light)
signed and dated 'Mark Rothko 1954' (on the reverse)
Medium: oil on canvas
Size: 228.8 x 148.8 cm

In the past, the artworks of similar size (229 x 149 cm) of Mark Rothko have sold in the price range $17 million to $46 million.
To view the top lots of this auction, click here
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