New York Auctions May 2013

NEW YORK AUCTIONS MAY 2013

IMPRESSIONIST AND MODERN ART POST-WAR AND CONTEMPORARY

TOTAL SALES The following report analyzes the results from the Impressionist & Modern and Post-War & $ 1,200,000,000 Contemporary auctions during the second and $ 1,000,000,000 $ 197,190,150 third week of May in New York. A total of 12 auctions from Sotheby’s, Christie’s and Phillips $ 800,000,000

were analyzed, a total of $1,587,792,150 USD $ 600,000,000 Day Sales in art transactions. All the prices mentioned are $ 90,073,500 $ 911,983,500 in US Dollars and include Buyers Premium. $ 400,000,000 Evening Sales $ 200,000,000 $ 388,545,000

$ 0 IMPRESSIONIST & MODERN POST-WAR & CONTEMPORARY

Despite the recent increase in buyer’s premiums in Christie’s and Sotheby’s, the general outcome of the sales was very good. During the Post-War & Contemporary week the total amount sold was $1,109,173,150 more than double than the Impressionist & Modern art week that achieved $478,618,500. These results confirm the generalized market intuition that the demand is shifting towards Contemporary Art. However most of the Contemporary lots in these auctions were from blue-chip contemporary artists.

The reason behind this shift is the shortage of high quality artworks in the Impressionist & Modern Art sector, where few surprises were achieved. In general, if prices in these two art

sectors keep increasing it is because the demand is growing at a faster rate than the offer, which is almost fixed with some artists. Roy Lichtenstein, Woman with flowered hat

[óLQ [FP NUMBER OF LOTS SOLD

1200 &DWDORJXH5DLVRQQp

1000 800 Day Sales 600 835 Evening Sales 400 496 200 154 0 104 IMPRESSIONIST & POST-WAR & MODERN CONTEMPORARY

Overall Sotheby’s sales were better in the Impressionist & Modern art sector while Christie’s was unbeatable in the Pablo Picasso, Buste d’Homme. Contemporary Art market.

IMPRESSIONIST AND MODERN ART

The Impressionist and Modern Art markets showed strong sales during the very expected spring auctions. The total amount sold was $478,618,500 USD; this figure was better than November’s New York auctions at $401,388,739 but lower to last year’s auctions in May that achieved $524,034,150. In general, the unsold rate was lower than the market’s average and 12.8% of the lots sold where transactions above a million dollars. The evening sales where characterized by a few very high quality pieces which the market

acknowledged with high bids.

Paul Cézanne, Les Pommes

EVENING SALES DAY SALES TOTAL Christie’s $ 158,505,000 $ 31,777,500 $ 190,282,500 (39.8%) Sotheby’s $ 230,040,000 $ 58,296,000 $ 288,336,000 (60.2%) ALL $ 388,545,000 (81.2%) $ 90,073,500 (18.8%) $ 478,618,500 (100%)

AVERAGE PRICE MEDIAN PRICE Average Price Median Price

$ 3,736,010 $ 1,200,000 $ 1,000,000 $ 4,000,000 $ 3,500,000 $ 800,000 $ 3,000,000 $ 600,000 $ 400,000 $ 2,500,000 $ 1,564,375 $ 200,000 $ 2,000,000 $ 797,698 $ 0 $ 1,500,000 $ 181,600 $ 93,750 Nov.12 Feb.13 May.13 $ 1,000,000 $ 133,375 $ 500,000 $ 0 Evening Sales Day Sales All

The median price represents the middle value of a series of numbers. In every sector, the median price is lower than the average, implying that in general the average is biased upwards because of the extremely expensive artworks or “Trophy artworks”. This auction season there were very few very high quality or top- end lots.

Claude Monet, Automne à Jeufosse

PRICE DISTRIBUTION OF LOTS SOLD

The following graphs analyze the distribution of the lots sold in the Modern and Impressionist Auctions. The first chart shows the entire market; while the second and third separate the Evening and Day sales, representing the high end and middle markets respectively. The price ranges with the most transactions could be interpreted as the most liquid art sectors in this art category.

35.0% 31.8%

30.0% 25.3% 25.0% 19.0% 20.0%

15.0% 11.0% 11.3% 10.0%

5.0% 1.5%

0.0% < $50,000 $50,000 - $100,000 - $500,000 - $1,000,000 - > $10,000,000 $100,000 $500,000 $1,000,000 $10,000,000 Amedeo Modigliani, La Juive

DAY SALES EVENING SALES 40% 70% 35% 60% 68 lots were 30% 50% 25% sold above a 40% 20% million and 9 15% 30% surpassed the 20% 10% ten million 5% 10% 0% barrier. 0%

BOUGHT-IN (BI) RATE

From the 767 lots available for sale, only 600 found buyers, making the overall BI rate 22%, a low number compared to the market averages.

DAY SALES EVENING SALES

LOTS LOTS UNSOLD UNSOLD 14% 23%

LOTS LOTS SOLD SOLD 77% 86%

Chaim Soutine, Le Petit Pâtissier

TOP EVENING SALES AND ESTIMATES

1 PAUL CÉZANNE Les Pommes $ 41,605,000 Sotheby's 2 AMEDEO MODIGLIANI L'Amazone $ 25,925,000 Sotheby's 3 CHAIM SOUTINE Le Petit Pâtissier $ 18,043,750 Christie's 4 GEORGES BRAQUE Paysage á la Ciotat $ 15,845,000 Sotheby's 5 AUGUSTE RODIN Le Penseur $ 15,285,000 Sotheby's 6 PABLO PICASSO Sylvette $ 13,605,000 Sotheby's 7 MARC CHAGALL Les Trois Acrobates $ 13,003,750 Christie's 8 EGON SCHIELE Selbstbildnis mit modell $ 11,323,750 Christie's 9 PABLO PICASSO Buste d´Homme $ 9,685,000 Sotheby's 10 PABLO PICASSO Mandoline et Portée de Musique $ 9,195,750 Christie's

Low Estimate SALE PRICE High Estimate

$ 50,000,000 $ 41,605,000 $ 40,000,000 $ 25,925,000 $ 30,000,000 $ 18,043,750 $ 15,845,000 $ 15,285,000 $ 20,000,000 $ 13,605,000 $ 13,003,750 $ 11,323,750 $ 9,685,000 $ 9,195,750 $ 10,000,000

$ 0 1 2 3 4 5 6 7 8 9 10

TOP DAY SALES AND ESTIMATES

1 PIERRE-AUGUSTE RENOIR Route à Berneval $ 1,925,000 Sotheby's 2 CAMILLE PISSARRO La Maison Rondest et son Jardin à $ 1,805,000 Sotheby's 3 PIERRE-AUGUSTE RENOIR Femme Lisant dans une Clairière $ 1,683,750 Christie's 4 ÉDOUARD MANET En-Tête de Lettre (Trois Prunes) $ 1,265,000 Sotheby's 5 PAUL CÉZANNE Carafe et Bol $ 989,000 Sotheby's 6 FERNAND LÉGER Nature Morte en Bleu $ 965,000 Sotheby's 7 PIERRE-AUGUSTE RENOIR L'Allée Couverte $ 965,000 Sotheby's 8 HENRI LE SIDANER Intérieur, Lumière de la Fenêtre $ 905,000 Sotheby's 9 ALBERTO GIACOMETTI Buste de Diego $ 905,000 Sotheby's 10 PIERRE-AUGUSTE RENOIR Baigneuses $ 903,750 Christie's

Low Estimate SALE PRICE High Estimate

$ 2,500,000 $ 1,925,000 $ 1,805,000 $ 2,000,000 $ 1,683,750

$ 1,500,000 $ 1,265,000 $ 989,000 $ 965,000 $ 965,000 $ 905,000 $ 905,000 $ 903,750 $ 1,000,000

$ 500,000

$ 0 1 2 3 4 5 6 7 8 9 10

POST-WAR AND CONTEMPORARY ART

Given the analyzed auction results, it is a fact that the demand in the Post-War and Contemporary art sector is continuing to increase. The art market experienced over a billion dollars in transactions from a particular sector in just a week (premiums included). Christie’s set a new record in the total achieved during a week’s sale at $638,615,900 USD.

In general, more than 55 new records were established and the overall unsold rate was 23%, lower than the market average.

Jean‐Michel Basquiat, Dustheads

EVENING SALES DAY SALES TOTAL Christie’s $ 533,848,500* $ 104,043,650 $ 637,892,150 (57.5%) Sotheby’s $ 299,517,000 $ 83,806,875 $ 383,323,875 (34.5%) Phillips $ 78,618,000 $ 9,339,625 $ 87,957,625 ( 7.9%) ALL $ 911,983,500 (82.2%) $ 197,190,150 (17.7%) $ 1,109,173,650 (100%)

*Total considering 11th hour Auction

AVERAGE PRICE MEDIAN PRICE

$ 5,782,493

$ 6,000,000

$ 5,000,000

$ 4,000,000 $ 2,461,000 $ 3,000,000 $ 1,169,511 $ 2,000,000 $ 236,156 $ 111,750 $ 179,000 $ 1,000,000

$ 0 Evening Sales Day Sales All Gerhard Richter, Domplatx Mailand

The difference between the median and average prices implies that in general the Evening Sales Day Sales average is biased upwards because of the extremely expensive artworks or “Trophy artworks”. $ 197,190,150 The graph on the right shows that in general $ 184,476,300 there has been an increase in Post-War and $ 140,760,175 Contemporary sales. It is worth noticing that $ 911,983,000 both the past November and actual sales $ 655,079,000 $ 787,402,100 have surpassed a billion dollars. However, it is important to point out that most of these sales are from blue-chip artists. May.12 Nov.12 May.13

PRICE DISTRIBUTION OF LOTS SOLD

The following graphs analyze the distribution of the lots sold in the Post-War and Contemporary Auctions. The first chart shows the entire market; while the second and third separate the Evening and Day sales, representing the high end and middle markets respectively. The price ranges with the most transactions could be interpreted as the most liquid art sectors in this art category.

40.0% 35.2% 35.0%

30.0% 23.9% 25.0% 20.0% 16.4% 13.6% 15.0% 9.1% 10.0% 5.0% 1.7%

0.0% < $50,000 $50,000 - $100,000 - $500,000 - $1,000,000 - > $10,000,000 Jackson Pollock, The Blue Unconscious $100,000 $500,000 $1,000,000 $10,000,000

EVENING SALES DAY SALES 134 artworks 80% 50% were sold 70% 60% 40% above a million 50% 30% 40% and 17 above 30% 20% 20% 10% ten million. 10% 0% 0%

BOUGHT-IN (BI) RATE From the 1324 lots available for sale, only 898 found buyers, making the overall BI rate 24%, a low number compared to the market averages.

EVENING SALES DAY SALES

LOTS UNSOLD LOTS 13% UNSOLD 25%

LOTS LOTS SOLD SOLD 87% 75%

Vik Muniz, Valentine the Fastest from the Sugar Children

TOP EVENING SALES AND ESTIMATES

1 JACKSON POLLOCK Number 19 $ 58,363,750 Christie's 2 ROY LICHTENSTEIN Woman with Flowered Hat $ 56,123,750 Christie's 3 JEAN-MICHEL BASQUIAT Dustheads $ 48,843,750 Christie's 4 BARNETT NEWMAN Onement VI $ 43,845,000 Sotheby's 5 ANDY WARHOL Four Marilyns $38,245,000 Phillips 6 GERHARD RICHTER Domplatz $ 37,125,000 Sotheby's 7 MARK ROTHKO Untitled (Black on Maroon) $ 27,003,750 Christie's 8 PHILIP GUSTON To Fellini $ 25,883,750 Christie's 9 ROY LICHTENSTEIN Nude with yellow flowers $ 23,643,750 Christie's 10 YVES KLEIN Sculpture éponge bleue sans titre $ 22,005,000 Sotheby's

Low Estimate SALE PRICE High Estimate

$ 80,000,000 $ 58,363,750 $ 56,123,750 $ 48,843,750 $ 60,000,000 $ 43,845,000 $ 38,245,000 $ 37,125,000 $ 40,000,000 $ 27,003,750 $ 25,883,750 $ 23,643,750 $ 22,005,000 $ 20,000,000

$ 0 1 2 3 4 5 6 7 8 9 10

TOP DAY SALES AND ESTIMATES

1 ELLSWORTH KELLY Red over yellow $ 3,973,000 Sotheby's 2 ROBERT RYMAN Versions VI $ 3,077,000 Sotheby's 3 WAYNE THIEBAUD Reflected Landscapes $ 2,811,750 Christie's 4 ALEXANDER CALDER Untitled $ 2,629,000 Sotheby's 5 CY TWOMBLY Untitled $ 2,285,000 Sotheby's 6 KENNETH NOLAND Untitled $ 1,971,750 Christie's 7 LOUISE BOURGEOIS Pillar $ 1,683,750 Christie's 8 WAYNE THIEBAUD Sandwich $ 1,563,750 Christie's 9 JEAN-MICHEL BASQUIAT René Ricard $ 1,505,000 Sotheby's 10 SAM FRANCIS White $ 1,443,750 Christie's

Low Estimate SALE PRICE High Estimate

$ 5,000,000 $ 3,973,000 $ 4,000,000 $ 3,077,000 $ 2,811,750 $ 2,629,000 $ 3,000,000 $ 2,285,000 $ 1,971,750 $ 1,683,750 $ 1,563,750 $ 2,000,000 $ 1,505,000 $ 1,443,750

$ 1,000,000

$ 0 1 2 3 4 5 6 7 8 9 10