Christie's Just Raked in $1.1 Billion. A Pollock Masterpiece Led the Charge.

Turns out, reports of the art market's demise were greatly exaggerated. Christie's just wrapped up two major art sales that collectively raked in a cool $1.1 billion. Yes, billion. It's enough to make your average bank account weep openly.

The auctions, which included the legendary S.I. Newhouse collection and a separate 20th-century art sale, weren't just about the eye-watering top-tier pieces. They also saw strong interest in works priced under $20 million, suggesting the market is a bit healthier than a few years ago. Apparently, even the slightly less stratospheric art pieces are having their moment.

American buyers, particularly from the western U.S., were the big spenders, while European and Asian collectors seemed content to play in the shallow end of the bidding pool. And if you're an artwork, being new to the market is apparently a huge plus. Because who wants yesterday's news, even if it's a masterpiece?

The Newhouse Dynasty's Last Hurrah

The evening kicked off with 16 artworks from the collection of S.I. Newhouse Jr., the publishing titan who once helmed Condé Nast. Newhouse and his wife, Victoria, were serious collectors, reportedly dropping around $700 million to amass their treasures. So, you know, spare change.

This particular sale, the fourth time Christie's has dipped into the Newhouse vault, brought in a staggering $630.8 million, blowing past its $462 million estimate. With previous sales, the Newhouse collection has now topped $1 billion, making it one of the most expensive collections ever sold at auction. It's possibly second only to Paul Allen's $1.7 billion haul in 2022. Let that satisfying number sink in.

The undisputed star of the Newhouse show was Jackson Pollock's Number 7A, 1948. This 11-foot canvas sold for $181.2 million, becoming the fourth most expensive painting ever auctioned. Sixty bids, five buyers, ten minutes. That's a lot of zeros changing hands faster than you can say "drip painting."

Newhouse snagged the Pollock in 2000 from Alfred Taubman, then the owner of Sotheby's. The previous record for a Pollock was a mere $61.2 million in 2021. Clearly, some investments age better than others.

Not to be outdone, Constantin Brâncuși’s gilt-bronze bust Danaïde fetched $107.6 million, making it the second most expensive sculpture ever sold. Newhouse bought it for a measly $18.2 million in 2002. Imagine that return. Joan Miró’s Portrait de Madame K., 1924 also set a new artist record, selling for $53.5 million.

Of course, not every piece was a runaway success. Robert Rauschenberg’s Levee just barely cleared its estimate at $7.2 million, and a few works by Jasper Johns and Roy Lichtenstein even dipped below expectations. Because even in the world of billionaires, sometimes things just don't quite pop.

And the 20th Century Said, "Hold My Beer."

The 20th-century evening sale decided to join the party, pulling in $490.3 million against an estimate of $361.6 million. This sale featured pieces from the estates of philanthropists Marilyn Arison, Lorinda de Roulet Payson, and Agnes Gund. Apparently, giving back isn't the only thing these folks were good at.

The top lot here was a massive Mark Rothko painting from Agnes Gund's collection. She bought it directly from Rothko's studio in 1967 – imagine that direct-from-artist provenance. It sold for a record $98.4 million, with three bidders duking it out. Because if there's one thing people love, it's a Rothko that was practically still warm from the easel.

Joseph Cornell’s Untitled (Medici Princess), ca. 1948, also from Gund's collection, more than doubled its estimate, selling for $6.9 million. However, its companion, Untitled (Medici series, Pinturicchio Boy), couldn't find a suitor. As Evan Beard of Evan Beard & Co. so eloquently put it, the "great Princess" sold, while the "slightly lesser Prince" did not. Apparently, even art has a pecking order.

Alice Neel’s Mother and Child (Nancy and Olivia), 1967, also set a new artist record at $5.7 million. And even the Impressionists got in on the action, with Claude Monet’s Pommiers, Vétheuil, 1878, more than tripling its estimate at $19.6 million. Because sometimes, a nice apple orchard just hits different.

Advisor Ralph DeLuca snagged some deals for his clients, proving that even amidst the madness, a savvy buyer can still find a Miró or a Magritte without completely breaking the bank. Evan Beard concluded that collectors are flush with cash, have adjusted to higher interest rates, and the stock market is doing just fine, thank you very much. The art market, he says, is back to bullish. Just, you know, not for the young artists. They can wait their turn.