According to Skate’s Art Market Research, “the contemporary segment experienced the most valuable sales results in May.” The most expensive piece at these auctions, Rothko’s Orange, Red, Yellow, sold for $86.9 million – almost double its estimate. The work is the most valuable work by Rothko ever sold. Repeat sales also showed the strength of this market: Basquiat’s Ring yielded a 23.3% return after being held for 13 years.
On the other hand, the prized Scream was established as an “outlier” as compared to the rest of the Impressionist and Modern auctions. As discussed in a previous entry, the work sold for $119.9 million.
The study also published its top investment tips within the newsletter – including following works by Fontana, Klein, and Manzoni.
[This entry was drafted with the assistance of Nicole Dornbusch].