Displaying items by tag: Koons

A contemporary art auction that included works by Damien Hirst, Jeff Koons and Yayoi Kusama fell short of some expectations Monday.

The sale, held by Seoul Auction in Hong Kong, tallied 67.3 million Hong Kong dollars (US$8.6 million), less than half the expected HK$195.3 million. Of the 49 works available, 20 remained unsold amid thin bidding and a subdued atmosphere.

“I saw a lot people with paddles, but they didn’t bid, they just watched,” said Soyoung Lee, Seoul Auction’s managing director. “We sold 60%, so it’s not the best, but we had a lot of expensive art. I guess people are not really in the mood to buy.”

“They selected some interesting paintings and sculptures, but I think they just didn’t time it well with the market,” said Roger McIlroy, an art adviser and former managing director of Christie’s Australia, as people trickled out of the room.

The star lot, Jeff Koons’s sculpture “Smooth Egg with Bow,” was met with anticlimactic silence as collectors passed on its estimate of HK$55 million to HK$75 million.

“We had a lot of overseas interest in Jeff Koons, but on the other hand, people also asked whether it was going to sell in this economic situation,” Ms. Lee said. Part of his “Celebration” series, this was the first time the steel sculpture appeared in the Asian market.

A racy Jeff Koons sculpture and an assemblage of Jackie Kennedy portraits by Andy Warhol drew tepid bidding last night as Sotheby’s New York saw its lowest tally for an evening contemporary-art auction in two years.

The $128.1 million total was just over the low presale estimate of $120 million. As in last week’s Impressionist and modern-art sales, buyers balked at what they perceived as aggressive estimates and lackluster quality.

“There’s nothing really outstanding here,” billionaire collector Eli Broad said as he left the Manhattan salesroom with his wife, Edythe. “There’s no excitement.”

The top lot was Warhol’s “Sixteen Jackies,” assembled by the seller from 16 individual canvases of the former First Lady on the day of her husband’s assassination. It fetched $20.2 million, or $1.3 million per painting, compared with presale expectations of $20 million to $30 million. Painted with blue, white and gold, some images show Jackie Kennedy smiling, others grief- stricken.

Individual “Jackie” silkscreen paintings sell privately for between $800,000 and $1.2 million, dealers said.

“It’s the perfect example of people willing to pay the market price but no more,” said Todd Levin, director of New York-based Levin Art Group.

“The sale felt overestimated by about 10 to 15 percent,” he said. “If you are going to have aggressive estimates, you’ve got to have masterpieces.”

‘Pink Panther’

A Jeff Koons sculpture depicting a topless blonde hugging the Pink Panther fetched $16.9 million, falling short of the presale estimate of $20 million to $30 million and of the artist’s auction record. The porcelain piece went to a telephone client of Patti Wong, chairman of Sotheby’s Asia.

Described as one of the most important works by Koons, “Pink Panther” (1988) was consigned by publisher Benedikt Taschen, who had been guaranteed an undisclosed amount through a third-party irrevocable bid.

The auction record for a Koons sculpture is $25.8 million paid for “Balloon Flower” at Christie’s in London in 2008. Sotheby’s (BID) priciest Koons was a giant magenta-and- gold “Hanging Heart” that fetched $23.6 million in November 2007.