On November 11 at Sotheby’s, Andy Warhol’s monumental masterpiece, “200 One Dollar Bills,” brought a remarkable $43,762,500, soaring past the presale estimate of $8/12 million. Competition was fierce. Auctioneer Tobias Meyer opened the bidding at $6 million and was immediately met with an almost unheard of response †a bid of $12 million, twice his opening bid. Five more bidders raised their paddles before the winning bid was cast by an anonymous purchaser bidding on the telephone.
The Warhol was the top-selling lot in a sale of contemporary art that brought an outstanding total of $134,438,000, far-above presale expectations ($67.9/97.7 million) and with all but two lots finding buyers. The sale was 98.6 percent sold by value and 96.3 percent sold by lot †the highest sold-by-lot total in about 20 years, with only one exception. New auction records were established for Alice Neel, Jean Dubuffet, Juan Muñoz and Germaine Richier; as well as for a sculpture by Willem de Kooning, a neon by Bruce Nauman and a work on paper by Jackson Pollock.
The following day, Sotheby’s achieved $44,062,875 in its day contemporary art sale, in excess of the $42.3 million high estimate. The day sale was 85.3 percent sold by lot and 90.8 percent by value.
In addition to “200 One Dollar Bills,” several other works by Andy Warhol achieved strong prices. A “Self-Portrait” from 1965 that the artist gave to Cathy Naso, a young receptionist at The Factory, sold for $6,130,500, more than tripling the presale estimate of $1/1.5 million. More than seven bidders fought for the painting, which had been kept in a closet for 42 years, giving the colors a stunning quality and freshness.
“I think I am dreaming,” said Naso, who attended the auction but chose to keep a low profile. “I’m simply overwhelmed, both by the amazing price and also by all the attention this painting received. After all these years in the closet, the painting has now come out and has traveled to London, to Hong Kong and has been seen all over the world. Andy has made me famous for 15 minutes and I’ve come to realize that 15 minutes of fame is more than enough.”
An untitled 1962 drawing of a roll of dollar bills, also by Warhol, that came from the collection of Leonard Newman, eventually sold for $4,226,500 against a presale estimate of $2.5/3.5 million with seven bidders competing.
Other works that achieved strong prices include Jasper Johns’ “Gray Numbers,” which saw seven bidders drive the price to $8,706,500. “Orange, Red, Orange” by Mark Rothko from the estate of Lucia Moreira Salles had not appeared on the market for nearly 30 years and fetched $3,386,500 after a contest involving six bidders. “Trinité-Champs-Elysées” by Jean Dubuffet made $6,130,500 and set a new record for the artist at auction. “Violins Violence Silence” by Bruce Nauman established a new record for a neon work by the artist when it sold for $4,002,500.
The sale began with a group of 20 works from the collection of Mary Schiller Myers and Louis S. Myers, noted collectors and arts benefactors from Akron, Ohio. Two world auction records were set by works from the Myers collection: a record was set for American artist Alice Neel when six bidders competed for “Jackie Curtis and Rita Red,” which brought $1,650,500, while Germaine Richier’s “La Feuille” was sought-after by six bidders, driving the price past the previous auction record and its estimate to bring $842,500.
A new record for a Willem de Kooning sculpture was achieved by “Large Torso, “which sold for $5,682,500, well over the previous record of $3.9 million. Untitled XV, an abstract landscape from perhaps the most exuberant period in de Kooning’s rich and complex career, brought $6,130,500. Donald Judd’s copper untitled work also exceeded expectations, bringing $1,650,500.
Discussing the day sale, Gabriela Palmieri, Sotheby’s specialist in charge of the sale, said, “Collectors once again responded with enthusiasm to works with good provenance that were fresh to the market, such as ‘Supine Woman’ by Wayne Thiebaud from 1963, one of the few figurative works by the artist still in private hands, which doubled the $900,000 high estimate to sell for $1,818,500. Two mobiles by Alexander Calder also achieved exceptional prices, well in excess of the top estimates, as did works by Jean Dubuffet, Robert Rauschenberg and Gerhard Richter.”
Prices reported include the buyer’s premium. For information, 212-606-7000 or www.sothebys.com .
