As I suggested, the City of Denver goofed a bit by taking a $25 million guarantee from Sotheby’s. As a result, the Clyfford Still Museum, which will receive the proceeds for its endowment, probably lost out on some of the upside — and it was big.
The four paintings on the block tonight fetched $114.1 million, far exceeding the presale combined estimates of $51 million to $71.5 million.
The top lot was “the exquisite and profoundly important 1949-A-No. 1,” as Sotheby’s put it. — adding that it is “one of the greatest examples of 20th century American painting, which was sought after by five bidders before fetching $61,682,500, more than double the previous record for the artist at auction.” You can see that work here, in my previous post.
Right behind that lot was 1947-Y-No. 2, which sold for $31,442,500, above the pre-sale estimate of $15/20 million (pictured at right), and (PH-1033), from 1976, which brought $19,682,500 versus a presale estimate of $10- to $15 million.
The final work, an early figurative affair, and not very attractive was the only one that stayed within its estimate, bringing $1,258,500 versus an estimate of $1- to $1.5 million.
All of the final prices include the buuyer’s premium, while the estimates do not.
I will post the sales total when I get it.
UPDATE: The total for all art sold tonight was $315.8 million — exceeding Christie’s total of $247.6 million last night. The press release is not yet out, but if my calculations are correct, 62 of the 75 lots on offer sold.
UPDATE #2: The Denver Post says that Sotheby’s will collect just a $15 million commission on the sale, which means that the museum’s haircut was not that large: “After commission and taxes, the city will bring home about $85 million that will be used to assure the financial viability of the privately funded Clyfford Still Museum. It will be used for everything from research to general operations.”