{"id":2229,"date":"2024-09-30T15:09:07","date_gmt":"2024-09-30T07:09:07","guid":{"rendered":"https:\/\/www.atelierauction.com\/globalupdates\/?p=2229"},"modified":"2024-09-30T15:09:07","modified_gmt":"2024-09-30T07:09:07","slug":"sothebys-contemporary-curated-sale-organized-by-rich-paul-earns-over-20-m-on-shaky-ground","status":"publish","type":"post","link":"https:\/\/www.atelierauction.com\/globalupdates\/artist\/sothebys-contemporary-curated-sale-organized-by-rich-paul-earns-over-20-m-on-shaky-ground\/","title":{"rendered":"Sotheby\u2019s Contemporary Curated Sale, Organized by Rich Paul, Earns Over $20 M. on Shaky Ground"},"content":{"rendered":"

Art market prognosticators who were hoping to divine what the remainder of the year will hold likely found their tea leaves left a bitter aftertaste following Sotheby\u2019s Contemporary Curated auction, which wrapped late Friday afternoon in New York City.<\/p>\n

The sale, which was organized by marquee sports agent, entrepreneur, and\u00a0New York Times<\/em>\u00a0best-selling author\u00a0Rich Paul<\/a>, brought in almost $20.5 million (all figures reported include fees and buyer\u2019s premium) safely in-between the presale estimate of $17 million to $25 million.<\/p>\n

For the most part, the sale progressed at a brisk pace, with each work earning a handful of bids before the hammer dropped and the four auctioneers\u2014two in the first half of the sale, which started at 11 am, and two in the second which started at 2 pm\u2014keeping things moving along. That momentum, however, was not at all matched in the prices achieved. Estimate-wise, it was an afternoon of low accuracy and low precision. A visual representation of the sale would resemble pocked and tattered archery target, with, sure, some holes in the bullseye, but three times as many scattered across the targets face. Still, according to the auction house, one third of the works sold above their high estimate, so that\u2019s something.<\/p>\n

The opening moments looked promising. A feverish, burnt sienna meditation in oil, graphite, and pastel by\u00a0Emmi Whitehorse<\/a>,\u00a0Current<\/em>\u00a0(1994) brought in $96,000 on a high estimate of $50,000. The next few lots easily surpassed their low, and occasionally their high, estimates. But that didn\u2019t last long.\u00a0A pair of works by Fernando Botero both sold for less than their low estimates, as did a rather nice Takako Yamaguchi from 1980,\u00a0Waiting For the Full Moon #6.\u00a0<\/em>A short while later\u00a0Willem de Kooning<\/a>\u2019s\u00a0Litho #1 (Waves #1)<\/em>, a Franz Kline-ish lithograph on ivory smooth wove paper failed to sell despite a $280,000 bid, just $20,000 shy of its low estimate.<\/p>\n

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\"A<\/div>\n<\/div>
Ruth Asawa,\u00a0Untitled (S.467, Hanging Four-Lobed Continuous Form with a Sphere in the Second Lobe)<\/em>, 1951.<\/span>COURTESY SOTHEBY\u2019S<\/cite><\/figcaption><\/figure>\n<\/div>\n

Ruth Asawa\u2019s hanging multi-lobed wire sculpture,\u00a0Untitled (S.467, Hanging Four-Lobed Continuous Form with a Sphere in the Second Lobe)<\/em>\u00a0from 1951 then swiftly blew past its high estimate of $3 million in a quick round of spirited bidding, which might make one think perhaps the lackluster showing in the previous lots was a matter of taste and not price. The sculpture sold for $4.08 million, a landmark for a midseason sale. Another Botero popped up, the jaunty, bulbous party scene\u00a0The House of Ana Molina\u00a0<\/em>(1972), which inspired one of the few drawn-out bidding wars, a slow burn that raised the collective temperature in the bidding room after nearly 50 back and forth bids between the someone in the room, a specialist on the phone, and an online bidder and four calls of fair warning from auctioneer David Pollack before the work sold for $1.02 million<\/p>\n

There were other high points, a lovely work by\u00a0Cecily Brown<\/a>, 2001\u2019s\u00a0Red Rum,\u00a0<\/em>nailed its low estimate of $1.8 million.\u00a0Dana Schutz<\/a>\u2019s\u00a0Eye Eater\u00a0<\/em>(2004) also broke the million dollar mark after a round of bidding that made Sotheby\u2019s specialists emotional. \u201cThere\u2019s a lot of sighing over there,\u201d auctioneer Quig Brunning said as he faced the phone banks, eyebrow raised, \u201cit\u2019s only a painting.\u201d<\/p>\n

But the highs were matched by lows. Fifteen works failed to sell, more than 12 percent of the 122 lots\u00a0failed to sell, including works by\u00a0Robert Rauschenberg,\u00a0Richard Artschwager,\u00a0Richard Prince,\u00a0George Condo,\u00a0Eric Fischl,\u00a0Larry Poons, and David Salle. Still, maybe it\u2019s not all that bad. There were 22 lots withdrawn from both the\u00a0March 2024\u00a0and September 2023 Curated Contemporary sales also.<\/p>\n

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\"An<\/div>\n<\/div>
Cecily Brown,\u00a0Red Rum<\/em>, 2001.<\/span><\/figcaption><\/figure>\n<\/div>\n

Perhaps the greatest success happened before the sale even started. Rich Paul is exactly the kind of person Sotheby\u2019s wants to align with, someone who embodies the\u00a0house\u2019s increased focus on the broader definition of what a collector is\u2014a definition that includes high-net-worth individuals interested in sports memorabilia or classic cars or wine as much as they are contemporary or modern art.<\/p>\n

Paul has his art world bone fides, having been elected to the board of directors at the Los Angeles County Museum of Art in 2022. But he\u2019s much more famous for his work with KLUTCH Sports Group, which he founded in 2012, and for representing stars like LeBron James, Anthony Davis, and Zach LaVine. He\u2019s also built a reputation advocating athlete empowerment and encouraging his friends and clients to look towards the art world.<\/p>\n

\u201cOne of the things I do is I take [my clients] around to these museums and these galleries to help them better understand that there\u2019s more areas to park your finances in than just clothes and shoes and cars because all those are depreciating assets,\u201d Paul said last year in an interview with\u00a0Culture Type<\/a><\/em>. Much like Sotheby\u2019s aspirations as a brand, Paul\u2019s reputation stretches across industries. He serves on the boards of Live Nation, Designer Brands Inc., and the United Talent Agency and ,in 2023, Paul further expanded his impact by releasing his memoir\u00a0Lucky Me<\/em>, which became a\u00a0New York Times<\/em>\u00a0bestseller.<\/p>\n

It is notable that the works Paul chose to be included in the sale, including pictures by Sam Gilliam, Derek Fordjour, Frank Bowling and Mark Bradford, all sold.<\/p>\n

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Source\uff1ahttps:\/\/www.artnews.com\/<\/p>\n","protected":false},"excerpt":{"rendered":"

Art market prognosticators who were hoping to divine what the remainder of the year will hold likely found their tea leaves left a bitter aftertaste following Sotheby\u2019s Contemporary Curated auction, which wrapped late Friday afternoon in New York City. The sale, which was organized by marquee sports agent, entrepreneur, and\u00a0New York Times\u00a0best-selling author\u00a0Rich Paul, brought […]<\/p>\n","protected":false},"author":2,"featured_media":2230,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[5,13,7,4,3],"tags":[],"class_list":{"0":"post-2229","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-artist","8":"category-auction","9":"category-events","10":"category-gallery","11":"category-latest-news"},"yoast_head":"\nSotheby\u2019s Contemporary Curated Sale, Organized by Rich Paul, Earns Over $20 M. on Shaky Ground - Investable Art Auctioneer<\/title>\n<meta name=\"description\" content=\"Art market prognosticators who were hoping to divine what the remainder of the year will hold likely found their tea leaves left a bitter aftertaste following Sotheby\u2019s Contemporary Curated auction, which wrapped late Friday afternoon in New York City.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.atelierauction.com\/globalupdates\/artist\/sothebys-contemporary-curated-sale-organized-by-rich-paul-earns-over-20-m-on-shaky-ground\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sotheby\u2019s Contemporary Curated Sale, Organized by Rich Paul, Earns Over $20 M. on Shaky Ground - 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