The back-to-back American art auctions that took place at Christie’s and Sotheby’s this week both garnered impressive numbers. The auction at Christie’s on November 28 set the bar high when it reached $38,469,650 in sales. However, Sotheby’s followed up strong and achieved a total sale of $27,608,500, exceeding the high estimate of $24,158,000. Franklin Riehlman, owner of Franklin Riehlman Fine Art in New York City said, “Prices at Sotheby’s were nice and strong. Christie’s had a phenomenal sale and Liz Sterling has done a wonderful job reconstructing the department.” Elizabeth Sterling was appointed the head of American art at Christie’s earlier this year.
The top lot at Christie’s was Edward Hopper’s October on Cape Cod (1946), which went for $9.6 million and set a new record for the most expensive item sold to an online bidder. The oil painting, which features a house and small barn from a distance, is one of the last works by Hopper remaining in private hands. Other solid sales were Charles Burchfield’s Golden Dream (1959), which brought $1,202,500; Stuart Davis’ City Snow Scene (1911), which also reached $1,202,500; and Martin John Heade’s Hummingbird Perched on the Orchid Plant (1901), which brought $1,802,500.
Georgia O’Keeffe fared well at both auctions and took the top two lots at Sotheby’s; both plant paintings, Autumn Leaf II (1927) realized $4,282,500 and A White Camellia (1938) brought $3,218,500. “O’Keeffe did very well,” said Riehlman. “There was a lot of bidding.” An O’Keeffe painting titled Sun Water Maine (1922) also reached the second highest price at Christie’s when it realized $2,210,500, exceeding the high estimate of $1,500,000.
Norman Rockwell continued to perform well at Sotheby’s and two paintings exceeded their high estimates when The Muscleman (1941) sold for $2,210,500 (high estimate: $800,000) and Doctor and Doll (1942) reached $1,874,500 (high estimate: $700,000). Other impressive sales included Alfred Jacob Miller’s Caravan En Route [Sir William Drummond Stewart’s Caravan] (circa 1850), which went for $1,762,500 and Arthur Dove’s Town Scraper (circa 1933), which realized $1,258,500.
“The market for early modernists seems very strong,” said Riehlman. “Older works didn’t do as well. Cassatt and Prendergast are spotty, but 15 years ago every Cassatt would have sold.” Out of the one Mary Cassatt work offered at Sotheby’s and two present at Christie’s, not a single piece sold. Similarly, Maurice Prendergast’s one painting offered by Sotheby’s, Park Street Church, Boston (circa 1905-07), failed to sell and at Sotheby’s, Picnic Party (circa 1900-03) didn’t quite reach its low estimate of $300,000 when it sold for $290,500 and New Hampshire (circa 1910-13) just broke its low estimate of $40,000 when it realized $43,750.
“Both houses are being very selective in terms of traditional 18th and 19th century materials,” said Riehlman. Buyers are much more likely to make significant purchases when the majority of works are top-quality. Despite the declining interest in older works, there was a lot of action at both sales. Riehlman was planning on buying Marvin Cone’s Stone City Landscape (1936), which realized $752,500, a record for the artist. “It went like a freight train right by me,” he said, a testament to just how eager buyers were this week.
