New York Gears Up For Major Spring Auctions After Soft 2023
Umer Jamshaid Published May 12, 2024 | 11:30 AM
New York, (APP - UrduPoint / Pakistan Point News - 12th May, 2024) New York's major auction houses were preparing for the start of their all-important Spring sales on Monday even as Christie's came under a cyberattack that affected its website.
After a drop in sales in 2023, there is hope among the hammer-wielders that good results in Europe so far this year will be repeated stateside.
David Hockney, Francis Bacon, Leonora Carrington, Joan Mitchell, Brice Marden, Andy Warhol, Jean-Michel Basquiat, Alberto Giacometti, Georgia O'Keeffe are among the prominent artists on offer when Sotheby's gets the season underway on Monday.
Christie's and Phillips follow Tuesday.
There will be no shortage of works by Claude Monet, Vincent Van Gogh and Pablo Picasso in the increasingly globalized market which is still dominated by US collectors.
Christie's, which confirmed it was the victim of a cyberattack on its systems, including the website, expects to bring in between $578 million and $846 million for the sale of some 900 works.
"A technology security issue has impacted some of our systems, including our website. We are taking all necessary steps to manage this matter," a Christie's spokeswoman told AFP.
Sotheby's is setting the bar slightly higher than last year, hoping to fetch between $549 million and $784 million.
"The market is honestly more defined by supply than it is by demand, we're having no difficulty selling things, we're having more difficulty getting people to consign them," said Sotheby's head of contemporary art sales Lucius Elliott.
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