Change is gathering pace in the global art market. The restrictions wrought by pandemic has forced the market to adapt in all sorts of inventive ways. ONE: A global sale of the 20th Century is a new auction event at Christie’s on July 10. Using streaming technology Christie’s will hold a relay style auction of Impressionist and Modern, Post War and Contemporary art and design across four time zones. The aim is to create an engaging platform for selling major works of art to a global audience. With $20-30 million works like Picasso’s Les femmes d’Alger Version F, Lichtenstein’s monumental Nude with joyous painting and Ed Ruscha’s Annie all available this amounts to a further blurring of the line between digital and live sales. There will be four consecutive sessions in Hong Kong, Paris, London and New York. It will replace New York’s 20th Century evening sale originally scheduled for June 22.
In this brave new topsy turvy world Oliver Barker, an auctioneer at Sotheby’s, will take to the rostrum in London on June 29 to conduct an auction in New York. This digital auction, live streamed in high definition around the world, will allow bidders participate by phone or online, in a sale of Contemporary Art immediately followed by the Impressionist and Modern Art evening sale. These big ticket sales at Sotheby’s were originally scheduled for New York in May. Works can be viewed online from June 8 or by appointment at Sotheby’s Manhattan galleries. Francis Bacon’s 1981 “Triptych inspired by the Oresteia of Aeschylus” is estimated to make at least $60 million. Bacon’s theme of divine punishment is taken from Aeschylus’s most famous trilogy The Oresteia in which Clytemnestra murders her husband Agamemnon in revenge for the sacrifice of their daugher Iphigenia. When Orestes finds out he kills his mother to avenge his fathers death, provoking the avenging Furies who drive Orestes insane as a punishment. At times like this the highest levels of the art market tend to be best insulated against price drops largely because sellers at these stratified levels can afford to hold back. There was a 5% drop in the global art market last year, representing a $3.3 billion drop in sales over the stellar year of 2018. Digital sales by major auction houses so far this year have been highly successful with many lots going over estimate. Expectations are high.
