Now that your stocks have rebounded, you might be considering a jump back into the auction circuit.  Two upcoming sales sound noteworthy:

September 14th- Doyle New York hosts a sale of Asian Works of Art, including property of the Metropolitan Museum of Art.  This gorgeous pagoda model is one such work being deaccessioned by the Met and carries an estimate of $25,000-$35,000.

November 1st- Let your art collection gain from the misfortune (and mismanagement) of others as Freeman’s auction house liquidates the modern and contemporary holdings of Lehman Brothers.  The catalog isn’t posted yet, but this article from the Philadelphia Inquirer indicates the sale won’t consist of “blockbusters,” but many solid works at lower price points.

You may remember my previous post questioning the ethics of selling a Warhol depicting Michael Jackson immediately following Jackson’s death.  Well, perhaps others felt queasy, too, because the auction might have been a big fat flop: Vered Gallery isn’t releasing the exact sale figure of the painting, saying it’s “over $1 million,” and it was sold to a speculator, not an art collector or institution.  Considering previous Warhol sales figures of $28 million and $71 million were slapped all over the Gallery’s website, a sale in the $1 to, say, $3 million dollar range is a bit embarrassing.  Could it be karma?

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.

Souren Melikian of The New York Times must enjoy playing naysayer– he’s written the first article I’ve seen this week giving a positive spin on this week’s Modern and Impressionist sales at the major auction houses, Christie’s and Sotheby’s.  When all else fails, assess the art market in terms of supply and demand!  Click here for the complete article.

Pictured above is one of the big winners at the Christie’s sale, “Portrait of Madame M.” by Tamara De Lempicka, which sold for $6.1 million including buyer’s premium.  Did you know Madonna is a huge fan and collector of her work?  Huh.