The high-end art market is still on fire

The art-market billionaires are coming out of lockdown. Chris Carter reports

Basquiat’s 1983 skull painting In This Case
(Image credit: © Christie’s)

The fashion for all things Jean-Michel Basquiat continues. Last week, the late American artist’s 1983 skull painting In This Case (pictured) sold for $93.1m at Christie’s in New York. Granted, it wasn’t the $110.5m high-water mark for the artist, set by Japanese billionaire Yusaku Maezawa in 2017 for another of Basquiat’s skulls from 1982, Untitled. But it did, at least, provide a reassuring “first glimpse of the demand for high-end art as the world begins to emerge from the pandemic”, says Katya Kazakina for Artnet News. In all, Christie’s inaugural 21st Century evening sale brought in $210.5m, with the Basquiat accounting for close to half of that. But the theme of the evening was “a shift in taste [that] was unmistakable”.

Rather than the established artists making the usual headlines (Basquiat aside), the “fireworks erupted as buyers from all over the world chased after a new generation of stars”. Jonas Wood’s Two Tables with Floral Pattern (2013), for example, sold for $6.5m, well above its $4m high estimate. Nina Chanel Abney’s Untitled (XXXXXX) (2015) fetched more than three times its high estimate at almost $1m, and Lynette Yiadom-Boakye’s Diplomacy III (2009) made nearly $2m. In fact, ten new artist records were set that evening (including one for a $17m digital non-fungible token (NFT), naturally). By contrast, “the sales that came in under their estimates tended to be the more established names”, says Tess Thackara in The Art Newspaper. Works by Martin Kippenberger, Gerhard Richter and Christopher Wool missed their low estimates (although Kippenberger’s lot set an artist’s record for a sculpture).

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Chris Carter
Wealth Editor, MoneyWeek

Chris Carter spent three glorious years reading English literature on the beautiful Welsh coast at Aberystwyth University. Graduating in 2005, he left for the University of York to specialise in Renaissance literature for his MA, before returning to his native Twickenham, in southwest London. He joined a Richmond-based recruitment company, where he worked with several clients, including the Queen’s bank, Coutts, as well as the super luxury, Dorchester-owned Coworth Park country house hotel, near Ascot in Berkshire.

Then, in 2011, Chris joined MoneyWeek. Initially working as part of the website production team, Chris soon rose to the lofty heights of wealth editor, overseeing MoneyWeek’s Spending It lifestyle section. Chris travels the globe in pursuit of his work, soaking up the local culture and sampling the very finest in cuisine, hotels and resorts for the magazine’s discerning readership. He also enjoys writing his fortnightly page on collectables, delving into the fascinating world of auctions and art, classic cars, coins, watches, wine and whisky investing.

You can follow Chris on Instagram.