How are traditional auction houses changing?

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It’s fantastic to see so many new artists’ work coming to the fore all over the globe, and how the role of buying and selling fine art is evolving to attract new audiences.


Attracting new buyers

Somehow the art world has managed to fast forward thanks to technological advances brought in as a matter of necessity during the pandemic, removing many or all of the old barriers that were putting first time buyers off auctions, or more positively pulling them in!


How many online bidders at Christie’s?

As an auctions career ‘lifer’ myself, I have always believed it’s a numbers game. The more active bidders you have in any auction the better it will perform.
Thanks to technology – Christie’s managed, in a heartbeat, to get from an average 8-1,200 hundred online bidders to 50,000, which is what happened at their global ‘one’ event in 2020. There were so many bidders that when I tried logging on, it bounced me out!


Is online bidding here to stay?

Although the online affect could diminish as the post-pandemic era progresses, thousands of new collectors and buyers are now hooked as auction houses have demystified the process of an auction.
I can see that it’s happened by accident and not design. We’re entering into a new era with contemporary art auctions still growing, Old Masters are doing well especially Prints. Jewellery, Watches and Design are still strong but the focus is heavily on masterworks or special pieces.


How are auction houses evolving?

New ways of selling are now starting to emerge thanks to the new owner of Sotheby’s Patrick Drahi who bought the business pre-lockdown. He has quite logically seen his brand is much more able to penetrate into new areas. Yes Sotheby’s is an auction house but it’s also a luxury shop selling branded goods.

Christie's 'One' live auction held all one day July 10th 2020, it was one very long auction broadcast from four locations starting in Hong Kong, then switching seamlessly to Paris, London and finally New York

Christie’s ‘One’ live auction held all one day July 10th 2020, it was one very long auction broadcast from four locations starting in Hong Kong,
then switching seamlessly to Paris, London and finally New York

New auctioning ideas are appearing all the time with the most recent being the Las Vegas MGM Grand live auction of works by Picasso from the Casino Picasso Dining room this October. Only 11 pictures, all by Picasso were in the auction, and raised a staggering total of $110,000,000 from what is only a selection of works the Casino owns.


The next day luxury items, sneakers, handbags, watches and the like all did equally well in a smaller MGM Casino downtown. This was truly an event auction and I think it will set the trend for the years to come.


I think we can all be encouraged by the fact that more people than ever before are taking an active interest in auctions both as buyers and sellers.


Here are some fine art pieces sold highlighting what an extraordinary year 2021 has been.

Pablo Picasso (Spanish,1881-1973) Le Femme Algier, 1955, version F, Oil on canvas, 54 x 63 cm. This masterwork was sold by Christie’s on the New York leg of their ‘One’ global auction sale in July 2020. Sold Christie’s $29,217,500.

Francis Bacon (1909-1992) Triptych inspired by the Oresteia of Aeschylus, oil on canvas in three parts, 1981,198 x 147 cm, Estimate $60-80,000,000. Sold by Sotheby’s in the New York leg of their ‘global’ location auction on June 29th 2020 one of the top ten auction prices of 2020. Sold Sotheby’s New York, June 29 2020 $84,550,000.

Wu Bin (Chinese, 1545-1620) Hand scroll, ink on paper, 26 x 112 cm, Sold by Poly auction in Beijing, October 18, 2020. It wasn’t all about Contemporary and Modern art in 2020, this Chinese Old Master from the Qing period c1610 made a new world record in Beijing, you had to pay a deposit of $3million just to be able to qualify to bid on it! This image is just one of 12 in the scroll. The last time a scroll of this date and quality came up for auction was in 1989 when it made $1.1 million. Sold Poly Auctions Beijing Sunday October 18, 2020 for $76,591,000.

David Hockney (British, born 1937) Nicholls Canyon, 1980, Oil on canvas, 213 x 152 cm. Sold Phillips in New York, December 7, 2020 for $41,067,500.

Sanyu (Chinese/French, 1901-1966) Four nudes, Oil on board, 100 x 122 cm. Sold by Sotheby’s in Hong Kong. And a new record for this rare Chinese Modern Master. Sold Sotheby’s Hong Kong July 8 2020 $33,300,000.

Sir Winston Churchill Tower of Koutoubia Mosque 1943, Oil on canvas, 45 x 61 cm. Estimate £1.5-2.5 million, this is the most important picture in existence by Churchill, it was the only painting he managed to complete during WW2 and he gave it to US President Roosevelt for his birthday in 1943 following the Allied conference held in Morocco earlier that same year. It remained in the President’s family until being bought in 2011 by Brad Pitt for his then wife Angelina Jolie, who was the vendor in the Christie’s sale in March 2021. Sold Christie’s London March 1 2021, for a new world record price of £8,285,000.

Stan A 67 million year old T Rex. Discovered in Dakota and sold in a Christie’s Modern and Contemporary New York auction on October 6th 2020, ‘Stan’ was on view alongside paintings by the likes of Andy Warhol and Claude Monet and made a new world record for any piece of its type and period, the bidding lasted for ten minutes! Sold in Christie’s October 6 New York Contemporary and Modern sale in 2020 for $32,000,000.

David Hockney (British, born 1937) Jade Plant 1988, Oil on canvas, 122 x 91 cm. Estimate £1.5-2.5 million. Sold Christie’s London 10 July 2020 for £4,178,750.

Hurvin Anderson (British, born 1965) Audition, Oil on canvas, 175 x 254 cm. Estimate £1-1.5 million.

Cecily Brown (British, born 1969) There’ll be Bluebirds, Oil on canvas, 134 x 169.5 cm. Estimate £5-800,000. Sold Christie’s Oct 15, 2021 £3,502,500.

Flora Yukhnovich (British, born 1990) I’ll have what she’s having, Oil on canvas, 170 x 220 cm. The pre-sale estimate for this picture at Sotheby’s in their October 14 evening sale was already a world record estimate for the artist at £60-80,000 it went onto sell for an amazing £2,253,500! Sold Sotheby’s Oct 14 2021, for £2,253,500.

Banksy (British, born 1974) Laugh now 2004, Screenprint in colours, Signed by the artist, from a limited edition of 150, 70 x 50 cm. A lockdown phenomena saw Banksy print prices go through the roof during lockdown and are only just now beginning to cool, the highest price in Feb 2021was £200,00 price for this particular limited edition print in December 2019 it was £35,000!

Banksy (British, born 1974) Girl with Balloon, 2004, Screenprint in colours, Signed by the artist, from a limited edition of 150, 65 x 50 cm. The price for this edition made even higher prices in lockdown one sold in December 2020 for £300,000 up from £150,000 in late 2019.

Bridget Riley (British, born 1931) Firebird, Screenprint in colours, 1971, no 2 of 75, 76 x 102 cm. This combines an increase in the price of female artists and in the price of work by Bridget Riley one of our greatest living British female artists. Highest price was £52,000 set in March 2021, 2019 price was £23,000.

Jack Yeats (Irish, 1871-1957) Shouting, 1950, Signed, oil on canvas, 101 x 152 cm. Ireland along with The Irish Art market was laid low by the 2008 crash, recovery has been slow but prices are now gaining strength rapidly for the big names such as, Jack Yeats, brother of W B and Paul Henry. When this market moves it goes fast, up or down so hold onto your hats! This is coming up for auction in Ireland on November 29 the estimate of 1,500,000- 2,500,000 Euro is almost a record price in itself. Prior to 2019 it would have been well below a million.

Jack Yeats (Irish, 1871-1957) The Kerry Mascot, 1915, Signed, Oil on panel, 36 x 23 cm. This sold in July 2021 for £425,000 it came from the collection of promoter and bookmaker B J Eastwood. Prior to 2019 it is likely to have made around £200,000.

Jack Yeats (Irish, 1871-1957) A Summer Day, 1914, Oil on canvas, 61 x 91 cm. This was also sold in July 2021 for £1,162,500 again it came from the collection of promoter and bookmaker B J Eastwood. Prior to 2019 it is likely to have been sold well below a £ Million.

Paul Henry (Irish, 1876-1958) Turf Stacks Connemara, Signed, Oil on canvas, 35 x 40 cm. This is a glorious painting and a signature piece by the artist, it made 190,000 Euro in October 2021. Prior to 2019 it would have made under 100,000.

Paul Henry (Irish, 1876-1958) Paul Henry ( Irish 1876-1958), Mountains and Lake Connemara, 1934, 71 x 81 cm. This is another glorious painting and signature piece by the artist, it was from the collection of B J Eastwood and made a staggering £622,500 Euro in London in July 2021. Prior to 2019 it would have made under 200,000!

Sir Alfred Munnings (British, 1878-1959) After the Race, Cheltenham, 1937, Oil on canvas,91 x 115 cm. Sporting art was also dented by the 2008 crash and is slowly coming back Sir Alfred Munnings is the leading artist in this collecting field and some excellent examples have come up for sale in recent months pushing interest and prices upwards. This prime large example sold in New York in October 2021 for $846,000 USD.

Sir Alfred Munnings (British, 1878-1959) After the Race, Cheltenham, 1937, Oil on canvas,91 x 115 cm. Sporting art was also dented by the 2008 crash and is slowly coming back Sir Alfred Munnings is the leading artist in this collecting field and some excellent examples have come up for sale in recent months pushing interest and prices upwards. This prime large example sold in New York in October 2021 for $846,000 USD.

Sir Alfred Munnings (British, 1878-1959) A Park Meeting, The Eclipse Stakes, Sandown Park, Oil on panel, 50 x 66 cm. A fine example of the artist’s work as a horse painter, sold in New York for $475,000 USD prior to 2019 it would be nearer to $250,000.

Dame Laura Knight (British, 1877-1970) Sennen Cove, Cornwall, 1922, Oil on canvas, 51 x 61 cm. The Newlyn School of painters dominated the 1990’s art market prices have remained steady over the years but I sense they are beginning to rise now. This beautiful and rare early example of this artist’s work sold in September 2021 for £500,000 nearly ten times the expected price, sheer quality and a female artist helped push the price up to a new record price.

Samuel John Peploe (British, 1871-1935) Still Life Apples, and Pink Roses, Oil on canvas, 56 x 50 cm. Scottish Art is attracting new buyers and I believe this is a market to watch. This is a prime example of the artist’s very best work and subject matter. It made £650,000 in October 2021, doubling its pre-sale expectations.

Jonathan Horwich, Modern & Contemporary Art Specialist
Modern & Contemporary Art Specialist at  |  + posts

Jonathan started his career in the art world at the legendary London picture dealer Thomas Agnew and then to Christie’s in King Street as Director, Auctioneer and Head of Modern British pictures where in recognition of his wide knowledge base Jonathan was also appointed head of British and Irish Art, International Director of the 19th European picture department and Deputy Chairman.

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