New York offers a very good indicator of where the world’s great fortunes are headed. And the first signs suggest that, despite the uncertainty surrounding the crisis in Iran, the wealthy are eager to spend their money, especially on art. This is the conclusion of the Sotheby’s auction held this Thursday, which marks the start of the biggest week of art in the financial capital of the United States. Mark Rothko’s painting “Brown and Blacks in Reds” sold for $85.8 million (with fees), very close to the Latvian-born American painter’s record of $86.9 million. This abstract painting from 1957 had a pre-sale estimate of between $70 and $100 million.
The optimism—one might even say euphoria—felt this Thursday in the crowded aisles of the TEFAF New York art fair—open to guests and the press with invitations, and to the general public starting Friday—points in the same direction. “You can feel the excitement for this week of art that has just begun. In a world with so much negativity, art has become a positive, healing experience. Investors are eager to bring beauty into their lives,” said Leanne Wood, director of TEFAF New York, in one of the few moments when potential buyers left her alone.
Analysts in this market where finance and fine arts intertwine were closely watching what would happen Thursday at Sotheby’s auction house. And the figures fueled the optimism that had already prevailed in the sector in recent weeks. Adding to this atmosphere is the fact that collections from recently deceased millionaires are coming onto the market.
The Rothko painting sold Thursday at Sotheby’s is among the 11 works from the collection of Robert Mnuchin—first an investment banker, and later a collector and gallery owner, as well as the father of the Treasury Secretary during Donald Trump’s first administration—who passed away five months ago. The auction exceeded expectations, fetching $166 million, when it was projected to reach $130 million. Another Rothko, No. 1, in shades of yellow and orange, stood out in the sale, going for $20.8 million, as did an untitled Willem de Kooning, which reached $12.4 million, according to Sotheby’s.
Surnames like Mnuchin or Newhouse
The major auctions in New York are closely linked to the surnames of the wealthiest families. In addition to the Mnuchin collection, next week will see the highlight of the season go under the hammer: the collection of Samuel Irving Newhouse, owner of Condé Nast, publisher of magazines such as Vogue, The New Yorker, and Vanity Fair, who died in 2017 at the age of 89. Among the 16 pieces from his sensational collection that Christie’s will auction on May 18 are Jackson Pollock’s Number 7 and Constantin Brancusi’s gilded bust Danaïde, each valued at up to $100 million. It is estimated that the Condé Nast owner’s collection could fetch around $450 million.
Even before the Sotheby’s auction took place, the atmosphere at TEFAF was palpable: collectors with deep pockets were showing up. This year, 88 galleries from 15 countries showcased works by artists such as David Hockney, Georges Braque, Giorgio de Chirico, Willem de Kooning, Leonora Carrington, and Jean-Michel Basquiat at this fair of modern and contemporary art, design, jewelry, and antiques. Stacie Khandros, director of the New York-based Stacie Khandros Gallery, summed up the eagerness to buy: “This year we see that buyers are coming with very clear ideas, with very serious questions.” Among her most sought-after pieces was an untitled Basquiat from 1982, depicting a human figure drawn with childlike strokes in vibrant reds, blues, and yellows. The price? Khandros hesitated, finally answering: “Let’s say between four and five million.”
Leon Tovar, a gallery owner based in New York with a branch in Bogotá, also emphasized the positive vibes he was getting from the first few hours of the fair. “An empire can fall, but the art of that empire cannot collapse. Art is the only thing that never reaches zero value,” he stated confidently. When asked if, in times of uncertainty, millionaires prefer to buy art over other assets, Tovar offered an original answer: the pieces have the advantage of being a physical asset that is easy to transport. Which begs the question: In case they have to run for it and take only what they can carry?
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