Tonight, May 12th, is the much-anticipated sale of contemporary art at Sotheby’s in New York.  Usually one of the most hyped auctions of the year, everyone was waiting to see just how the global economic downturn would effect the art market at its most elite levels.  I’m thrilled to report from…a half-filled 2nd floor salesroom, since I’m not credit-worthy enough for a paddle to bid (come on, I’m 26 and don’t have a trust fund) to get me into the 7th floor where the sale took place.  Be that as it may, I’m perfectly happy watching auctioneer Tobias Meyer on a flatscreen threaten “I shall sell it then!” just a few floors away.  My room was under the watchful eyes of three staff members, including one bid caller.

There were just 48 lots (originally 49, but lot 43- an Uklanski gouache- was pulled before the auction started), a substantial decrease from the number of lots offered last year.  8 lots went unsold, including a large Rauschenberg, a small-ish (for him!) Richard Serra, and a Frank Stella with an unbeatable provenance, giving the sale a sell rate of  83%.

The most expensive lot was a Koons sculpture, Baroque Egg with Bow (Turquoise/Magenta), which sold for $4.8 million but well under its $6-8 million estimate.  Two winning lots were a 1934 Alexander Calder sculpture that sold for $3.05 million (estimate of $1-$1.5 million) and a Dan Colen oil on canvas that sold for $320,000 (estimate of $100,000-$150,000).  All selling prices are before buyer’s premium is added.

Sale total: $47,033,500 with buyer’s premium, slightly under the approximately $52 million low-end estimate that does not include buyer’s premium.  Most reporters will certainly call this a disappointing sale, but given the shift in scale of this auction compared to seasons past and the lowered estimates to encourage bidding despite the financial crisis, the major auction houses and galleries must be thankful tonight that still very wealthy people and institutions are still going after many big-name contemporary artists and pieces.

Click here for a review of the auction from The New York Times.  Final sale results from Sotheby’s can be found by clicking here.

I stumbled upon a way to get free tickets (they’re usually $20/ticket) to this year’s International Fine Art Fair, being held at The Park Avenue Armory in New York from May 1st-9th.

Okay, so go to the NYTimes website.  Scroll down and click on the Arts section.  Click on any slideshow in that section (underneath the one sentence descriptions of the listed articles).  As you click through the images in the slideshow, you’ll see different advertisements in the lower right-hand corner…generally for broadway shows.  If you keep going, at least as of a couple hours ago, you’ll eventually see an ad for this Art Fair…click it and it will take you to a site that allows you to print out a complimentary ticket for two!

I’d like to think they’re just being generous, but it’s probably a sign that they’re worried about low attendance due to the economy. 

While not the hottest show that comes to the city each year, it’s still a good chance to see some great work all in one spot– like the Alexander Calder piece pictured above being presented by Vincent Vallarino Fine Art Ltd.