Some of the auction results in Top to bottom order.
1.Mark Quinn-Red Sphinx $605,000,00 USD
2.Mark Quinn-Stratospheric Ozone $330,000,00 USD
3.Jeff Koons-Ballon Rabbit Wall Relief $2,035,000.00 USD
4.Gregory Crewdson-Untitled $66,000.00 USD
Last Night the Red Auction at Sothebys raised an oustanding $42,584,300.00 USD to benefit AIDS in Africa.
The Projected estimate of the lots was between 28-29 million USD.Ninety eight percent of the lots performed extremely well considering their original estimate. This auction was rather important considering the actual economic climate and the fact the the works up for action were coming from the most influential and high profile artists right now.
Everybody had a lot at stake. Some the artists created art pieces exclusively for the event.Gallery owner Larry Gagosian represents some of the main artists featured (Damien Hirst, Jeff Koons, etc, etc). Sothebys like most auction houses is trying to fight off all the current market fears and prove that the are still insulated in a bubble. Afterall I am quite happy with the results considering that the money is going to help AIDS in Africa.
The Highest bid of went to Damien Hirst’s Medicine Cabinet Titled ‘Where there is a will,There’s a way’’ for $7,150,000.00USD (estimate was 5-7 million) In my opinion this piece is quite stunning. I stood in front of it staring for over ten minutes. The craftmanship, the message and perfection that emanates is just magnificent.
Most pieces went over estimated prices. Rauschenberg's Spartan Series sold way under the estimated price. Please see link below to view auction results.
Still wonder why something of this nature and profile can be done and bring more attention about the Katrina situation in New Orleans.Almost three years later and not much being done. We can do (not like Obama please!) so much better overseas that in our own back yard.
Let me know your thoughts and opinions after reviewing results and comments regarding the ART market on today’s climate.