Christie’s Post-War and Contemporary evening art auction garnered over $127 million on February 14, 2013, the highest total ever for a February sale of its kind at Christie’s London. Out of the 72 lots presented, 65 were sold; the auction total cruised past the pre-sale estimate of $86.8 million to $120.8 million.
The top lot of the night was Jean-Michel Basquiat’s (1960-1988) text-laden acrylic, oilstick, and paper collage on canvas titled Museum Security (Broadway Meltdown) (1983), which sold for $14.5 million. French collector John Sayegh-Belchatowski purchased the work, which carried a third-party guarantee. In 2012, Museum Security was pulled from a Christie’s New York auction after a legal dispute between an owner, the British aristocrat Lord Edward Spencer-Churchill, and dealers, Gerard Faggionato and Alberto Mugrabi, broke out. The case was settled out of court and the work was re-offered at Christie’s last night.
Other highlights from the blockbuster sale include Gerhard Richter’s (b. 1932) Abstraktes Bild (889-14) (2004), which sold to a telephone bidder for $13.2 million; Francis Bacon’s (1902-1992) Man in Blue VI (1954), which was also snapped up by a telephone bidder for $7.8 million; and David Hockney’s (b. 1937) figurative painting Great Pyramid at Giza with Broken Head from Thebes (1963), which went for $5.5 million.
Basquiat, Bacon, and Richter garnered major sales at both Christie’s and Sotheby’s, who’s contemporary sale the night before brought $116 million, proving that the category has not lost its edge in the art market.