[alsbabar]

if it didnt sell it didnt hit the reserve of 600,000

[aginghippie]

May 15, 2008 1:52:32 GMT 1 @alsbabar said:

withdrawn?

No - unsold.

[lee3]

High estimates are just getting slaughtered. The only big miss being the $50m+ Rothko was bought in. Still, this sale total will be obscene. Wesselmann just toped $10 million, Warhol's Christ 112 times just did 9.5m

and Banksy's Sale Ends today didn't find a buyer at $600k. Meanwhile a beautiful Warhol skull just went for $1.6. There is not much going unsold and given the fevered action of this auction I'm surprised that Banksy couldn't find a buyer at 600k

[alsbabar]

that is a huge piece and totally amazing also

[alsbabar]

i am speechless, i would have thought that piece would have sold

bad week for Banksy, good one for Nick Walker in NYC

[lee3]

So, Sotheby's has 30 days to take offers and if anyone offers $600 or more for sale ends today then it has to be sold. There may be an opportunity here for someone to get it at a low ball price if the seller is motivated by submitting a smaller bid to Sotheby's. I'll be able to find out tomorrow where bidding stopped on that painting.

$363 million for Sotheby's and they were that one shocking Rothko from breaking $400.

Looking at the 2 nights and the day sales I'd say it is abundantly clear that the top end of the market is somehow continuing to push forward on its rocket trajectory. The lesser quality stuff is definitely showing weakness though.

[neverfaile]

The biddding on the Banksy topped out at 525,000 USD. Unsold

[aginghippie]

It's interesting to compare the price $229k today with the $345k from the police piece back in February. Both pieces are the same size and stencil except one says Fuck the Police and the other has an anarchist symbol.

[lee3]

May 15, 2008 2:30:58 GMT 1 aginghippie said:

It's interesting to compare the price $229k today with the $345k from the police piece back in February. Both pieces are the same size and stencil except one says f**k the Police and the other has an anarchist symbol.

Agreed, though i would far and away prefer the anarchist symbol to the fuck the police message hanging in my home and i have to think most would agree. I can well appreciate the premium to the former.

I'm surprised a pair of 22 inch '67 warhol self portraits failed to get $3m while the same size '86 counterparts (fright wigs) brought in $6.5m. The quality of the fright wigs were far superior but i was still surprised to see that happen.

[darjeeling]

May 15, 2008 2:29:56 GMT 1 neverfaile said:

The biddding on the Banksy topped out at 525,000 USD. Unsold

Might seem a bit strange that it didn't sell considering how much money was blown today, but put in perspective --- a 600k low estimate for a canvas from an artist as fresh as Banksy who does not have a very long track records is very aggressive. Maybe one day? But I think he needs a cooling off period.

[aginghippie]

I'm constantly surprised by the prices for the 1980's Warhols although I'd kill for a Debbie Harry but they never seem to come up.

Taking this a bit further the same Fuck the Police edition (don't think it was the same actual piece) was sold in the UK back in October by Sotheby's for $310k. Equally there was a Laugh Now sold by Sotheby's in the same sale that for $330k was very similar to the one sold by Bonhams for $229k. It looks to me like there is a sizeable discount on Banksy work in the US auction market at the moment.

[Deleted]

a very good question!

[lee3]

May 15, 2008 3:17:32 GMT 1 @type said:

Lee, you are obviously a man who knows his art. I would be curious to hear your opinion on the potential longevity of Banksy's place within large auction houses and what other artists you would view as having potential. I am not asking this for greed or monetary reasons, I don't own nor will ever be able to afford to own work by the likes of Banksy or Neate but from your perspective what contemporary artists' work do you view as taking that next step towards the high end?

I sometimes wonder how naive we are here and whether there are other up and coming artists out there who are breaking into the large auction houses and we haven't a clue who they are because they're not linked to the street movement. Again let me stress that I am not looking for insider info from someone in the know, I am just curious because I find it fascinating and slightly mental that people pay such huge sums for purty (and lots of times not so purty) pictures. It makes it even more interesting when considering that artists who we have followed from the early stages of their careers are potentially headed someday towards the madness and money of the art big leagues.

Type, I appreciate the consideration but I am far from an expert. I follow the art market with a healthy amount of both love and greed. Though I've never sold a piece, anyone that pretends to not be interested in pricing for some amount of greed is just full of it imho. I've only got a 10 year view on the musings of the art market but am fortunate in that I have been mentored by folks that were collecting pop art in the '60s and their perspective is invaluable. Sorry for the tangent and to your point, I believe Banksy will go down as the leader of this urban/graffiti movement just as Basquiat clearly was the leader of a similar movement in NY in the 80s and Warhol was with pop. The question is how real is this movement within the context of art history and that remains to be seen. If this movement lasts for 30+ yeas like cubism and pop before it, then Banksy will be on a short list of names that people will recite on Jeopardy 100 years from now. ha ha

Banksy has been unique in the way he puts on his gallery shows and the tunnel show and turned the art world upside down by hanging his work in the very best museums. He simply looks at the world differently than most and like the very best artists in the world, he is changing the way you and i look at the world rather than conforming to it like the vast majority of us. It is a remarkably short list of people that have that kind of artistic talent in whatever medium they choose. Further, I don't think there has ever been a better artist at conveying humor and political satire to the masses at large while simultaneously making even the best art historians stop in their tracks and contemplate his work and its longevity. He clearly borrows from the best artists before him yet turns it into something beautiful all his own.

So yeah, my admittedly small vantage point believes Banksy is here to stay and will be remembered long after we're gone. As for who else, who knows? There is no name that I can drop on this thread that nobody has not heard of. Most of you know this movement far better than I do and i'm having a blast learning from you all. I get the feeling this is indeed the next big thing whereas photorealism had its day and some extremely talented artists but never had the impact that I suspect this group will leave upon the world. This group is MUCH better at marketing themselves than the NY crew were in the 80s and like it or not, that helps - BIG time. Personally, I've been infatuated with David Choe and Os Gemeos and have recently been getting into C215. Like I said, it's pretty silly for me to speculate who may have the special mix of talent and timing to leave a lasting mark on the world so I'll just enjoy the ride.

[onemandown72]

I'm with Type on the curiosity thing - what makes art desirable long term? I live in hope that it's talent & attititude that always shines through. I'm not a huge fan of Adam Neate, after seeing the video of him by JetSet Graffitti I hope he lasts. His attitude to his work is fantastic, and he clearly does have talent (even thought not my cup of tea)

[sham69]

Lee3 I concur.
Street art will be seen as the first major art movement of the 21st century, the establishment are just notoriously bad at embracing or even acknowledging new kids on the block. It's their party and they don't like gatecrashers.

Just add Bast to the list of those in it for the long haul.

[doublehelix]

It's great to see C215 getting well deserved praise from Lee!
www.flickr.com/photos/c215/

[rosstierney]

today = www.sothebys.com/app/live/lot/LotDetail.jsp?lot_id=159457588

[lee3]

Oh dear god do I enjoy watching stuff like this. The same thing happend to a non discript Guston in November where 2 people in the room had to have it and bid a tiny $150k painting up to $1.3 million. At that price either buyer could have had a large very nice Guston and if they were lucky even an iconic one.

The same thing just took place a moment ago at Sotheby's with a warhol dollar sign. They have been skrocketing in price over the past 3 years from $50 to $200k for the 8x10 size. 2 people obviously just had to have this and I have buyers remorse already for whomever "won" this lot. Somewhere there is a DELIGHTED seller today. Take note that this lot was originally a gift from Andy. My goodness my guinness

www.sothebys.com/app/live/lot/LotDetail.jsp?sale_number=N08442&live_lot_id=213

Hoffman and Wesselmann doing unbelievably well and both Ramos' sold, Hubba Hubba at $500k and Polka Doty (which i thought could be a tough sell) at $700k

[lee3]

Scratch my former post. I just read throught the provenance on that dollar sign and now understand the premium associated with it- to SOME degree, though not a 5X premium. This was a gift to David Whitney who had one heck of a collection and was very tight with Andy and long rumored to have been a lover of his back in the day. The Whitney sale last year (at Sotheby's I believe but could have been Christie's) was a screaming success and everything across the board had much higher prices than they otherwise would because they were Whitney's. I remember two tiny Hamburgers doing over $200k (when most were trading at $75k) and the most gorgeous tiny Mao I've ever seen bringing in (again from memory) $2.5 million when the 8x10s were trading at a million (up from $150k 3 or 4 short years ago).

[EHC]

anyone have the link to watch it live?

[Bram]

May 15, 2008 17:54:46 GMT 1 lee3 said:

Scratch my former post. I just read throught the provenance on that dollar sign and now understand the premium associated with it- to SOME degree, though not a 5X premium. This was a gift to David Whitney who had one heck of a collection and was very tight with Andy and long rumored to have been a lover of his back in the day. The Whitney sale last year (at Sotheby's I believe but could have been Christie's) was a screaming success and everything across the board had much higher prices than they otherwise would because they were Whitney's. I remember two tiny Hamburgers doing over $200k (when most were trading at $75k) and the most gorgeous tiny Mao I've ever seen bringing in (again from memory) $2.5 million when the 8x10s were trading at a million (up from $150k 3 or 4 short years ago).

Wasn't the estimate of the little Mao around $250k? only slightly out. ;D

[lee3]

May 15, 2008 18:10:29 GMT 1 EHC said:

anyone have the link to watch it live?

I'm not watching live in the room, just prices as they fall under the hammer at this link:

www.sothebys.com/app/live/lot/LotResultsDetailList.jsp?event_id=28828&sale_number=N08442

>>>Wasn't the estimate of the little Mao around $250k? only slightly out. <<<

I can't recall but everything was just crushed in that auction. David had the most wonderful collection of George Ohr pottery that I had ever seen and they too went right through the roof.

[EHC]

that Hoffman was a beauty.

found the live vid feed link but currently blank. Maybe they aren't webcasting this one:

www.sothebys.com/video/viewer/

[foreman]

theres a couple really nice faile's on wood going up.. lot 466 and 467... really nice and big... the 10 ways is owned by a faile forum member.. maybe one of the nicest failes to go under the hammer, should be interesting to see what it goes for..

[lee3]

Banksy Bronze Rat just hammered for $169,000

[foreman]

faile master of love and fate on wood hammered at $49,000

[lee3]

Faile master of love and hate did$49k while 10 ways was bought in.

[foreman]

bought in?

[lee3]

May 15, 2008 20:41:59 GMT 1 foreman said:

bought in?

meaning it didn't sell. We know for a fact that it didn't get to $40k and perhaps lower depending on whether or not the seller was agreeable to a lower price than the minimum bid, I have no idea. I'll find out what the high bid on it was and post back. There is an awful lot of work for sale at the end of this auction that was made in '06 or '07 so I'm not surprised to see some fail to hammer. One the other hand, this Beatrix Milhazes whom i've never heard of had a very interesting piece (to my eyes) go for 3X the high estimate and break a million.

[EHC]

High bid was 38K