Sotheby's Contemporary Art Sale Totals More Than $94 Million

NEW YORK CITY

:Following a heated battle among four collectors at Sotheby's Contemporary art sale on May 10, Andy Warhol's red "Liz" sold for $12.6 million to Laurence Graff, an English private collector and owner of Graff Jewellers, over the telephone. This surpasses the highest price paid for a work from this prized series of "Colored Liz" paintings and tops the $9/12 million presale estimate. The iconic canvas was the highlight of the evening sale, which totaled $68,036,800. In total, 18 works sold for more than $1 million, and the sale was 82.2 percent sold by lot and 88.9 percent by value.

Part II of the sale, conducted on May 11, brought a total of $25,987,601 and was 85.4 percent sold by lot and 88.6 percent sold by value. Those results brought the two-day total for Contemporary Art at Sotheby's to $94,024,400.

"We are delighted with the results of the sale, which set auction records for seven artists, including Chuck Close, Andreas Gursky, Marisol Escobar and Robert Gober, among others," commented Tobias Meyer, auctioneer and worldwide head of Contemporary art at Sotheby's. "In addition to the strong price achieved for 'Liz,' Pop Art sold particularly well, with excellent prices for works by Lichtenstein and Basquiat. The sale also proved that Jeff Koons continues to attract intense competition, both for his paintings and sculptural works."

Warhol's "Liz" from 1963 came to the market after more than 40 years in one private collection. Warhol created a series of 13 paintings of Elizabeth Taylor on colored backgrounds, and this is the only painting in the series that has a vibrant "naphthol red light" background. It represents the apotheosis of Warhol's creative vision, displaying his fascination with mortality, celebrity and fame.

Bidding was fierce for works offered from the collection of Gianni Versace, which totaled more than $11.4 million, far surpassing the presale estimate of $6.9/9.5 million. No fewer than six bidders competed for Roy Lichtenstein's "Blue Nude," an oil on canvas from 1995, selling for $5.28 million, the top price for a late work by the artist. Also by Lichtenstein was "Still Life with Envelope" from 1982, which brought $1,248,000, and "Ritual Mask," a stainless steel and enamel sculpture from 1992 that brought $486,400.

Two later works by Lichtenstein, among the artist's last paintings that were commissioned by Versace, brought strong prices. "Still Life with Diana" and "Still Life with Ajax," each estimated at $400/600,000, sold for $968,000 and $688,000, respectively.

Setting a record for a collaborative work between Warhol and Jean-Michel Basquiat was "Amoco," a monumental-scale canvas from 1984 that sold for $420,500. In addition, Basquiat's "In the Cipher," an important large-scale work from 1982, sold for $1,472,000.

Also highlighting the evening and setting a record was Chuck Close's mesmerizing and monumental portrait of "John" from 1971-1972, which sold for $4,823,000. It came from the Robert B. Mayer family, who purchased this rare and iconic work from the Bykert Gallery in January 1972 for $9,000. The series of five prints of "John" from 1972 sparked heated bidding in the room and on the telephone, selling for $204,000, establishing a record for a print by the artist at auction. Also by Close was a portrait of friend and fellow artist Eric Fischl from 1990, which brought $3.04 million. This work came from a private Midwest collection.

Also from the Robert B. Mayer family collection came two works by Marisol Escobar, and collectors responded with great enthusiasm. "The Cocktail Party," an assemblage from 1965-66 of 15 freestanding figures of women in ball gowns and men in tuxedos, brought $912,000, a new auction record for the artist. "The Family," six figures with a baby carriage executed in 1963, sold for $632,000 after a lengthy bidding battle in the saleroom.

Works by younger artists set numerous records and brought strong prices. Leading the group was Jeff Koons' monumental painting titled "Cake" from the artist's "Celebration" series. This 1996 oil on canvas, acquired by the current owner directly from the artist, sold for $2,248,000, a new record for a painting by the artist. Also by Koons was "New Hoover Quick-Brook & New Hoover Celebrity IV," a sculpture executed in 1980 that drew intense bidding, selling to a bidder on the telephone for $1,024,000, above a $900,000 high estimate. Robert Gober's untitled leg, a sculpture of an isolated and dislocated foot executed in 1990, brought $912,000, an auction record for the artist.

Highlights of Part II included Joan Mitchell's untitled work from 1960, which was the subject of intense bidding, driving the final price to $828,000. Other classic works brought very good prices, including Alexander Calder's 1952 untitled mobile, which far surpassed the high estimate of $340,000 to sell for $632,000, and Josef Albers' "Homage to the Square: In Secret" from 1962, which brought $419,200.

As with the evening sale, all of the works from the collection of Gianni Versace sold well, led by a Warhol-Basquiat collaboration titled "GE," which sold for $492,000. Works by younger artists performed very well in the afternoon session, as evidenced by Takashi Murakami's "Flower Ball 3-D" selling for $352,000, Yoshitomo Nara's "Nice to See You Again" bringing $329,600 over a $200,000 high estimate, and Gilbert & George's "Death March" selling for $240,000, twice the high estimate.

Prices reported, except for presale estimates, include buyer's premium, which is 20 percent of the hammer price on the first $200,000, and 12 percent thereafter.

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