Auction Watch: Christie's October Sale Sees Mixed Results, Half of Lots Sell at or Below Estimates
Image © Chistie's / Balloon Monkey (Blue) © Jeff Koons 2013 
Joe Syer, Co-Founder & Specialist Headjoe@myartbroker.com
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After opting out of the June marquee sales, Christie’s kicked off the October sales series, which famously aligns with Frieze Week, with a highly anticipated auction. Led by head auctioneer Adrien Meyer, the 56-lot sale had estimated values of £73.4m - £110.7m and hammered at just over £69 million (hammer), ultimately delivering mixed, but solid results.
Compared to last year's figures of the same sale, Christie’s actually performed 89% higher with just three more lots sold–an impressive achievement. However, in 2023, Christie’s benefited from the Sam Josefowitz private collection, which contributed an additional £42.3 million, bringing last year’s evening sale total to £78.7 million, which is a 14% difference. Out of the 56-lot sale, 4 works were withdrawn and 8 went unsold, most from 20th century names, resulting in an 85% sell-through rate.
The shortfall can be attributed to the majority of lots selling within or below estimates, with 33% falling short and 32% meeting expectations. Despite this, most resales surpassed their previous values. With 23 auction house guarantees (12 with irrevocable bids), the sale still reflected confidence in the market and the preset values of the works, aligning with current market conditions.
Here are the results:
Image © Chrtistie's / More Woldgate Timber, October 13th 2009 © David Hockney 2009 Highest Valued Lots Go to Guarantors
The highest-valued lot in Christie’s sale was Lucian Freud’s Ria, Naked Portrait (2006), which Meyer introduced as one of Freud’s largest late-period nude paintings. Making its auction debut, the piece came with an esteemed exhibition history, including showings at the National Portrait Gallery and Tate Modern. It hammered for £10 million and achieved £11.8 million with fees, ultimately going to the guarantor bidder.
Presented later in the sale as Lot 30, David Hockney’s More Woldgate Timber, October 13th 2009 (2009) also went to the third-party guarantor. The work hammered at its low pre-sale estimate of £3.8 million, achieving £4.6 million with fees. Fresh to the market, this piece offered what bidders and collectors typically seek: Hockney’s signature vibrant landscapes, featuring striking fuchsias, greens, and blues. However, its smaller scale–measuring 3 by 4 feet–likely contributed to the more selective bidding it received. The results of these high-value works, though significant, landing on the lower end of estimates, ultimately reflect a cautious approach to high-value pieces in the current market.
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Image © Christie's / Hurricane Nurse © Richard Prince 2006 Celebrity Consignments
As the catalogues for the sales were released, it was reported that Christie’s had secured some notable celebrity consignments, one of the most intriguing being YBA “bad boy” Damien Hirst. Hirst consigned several works from his own private collection, though they were listed anonymously in the catalogue as from a “Private Collection.” Among the works reportedly from Hirst’s collection was the star lot of the sale, Jeff Koons’ Balloon Monkey (Blue) (2013). Despite its celebrity provenance and unique exhibition history as the only one of the five in the series the be exhibited publicly, the piece fell just shy of its £6.5 million low estimate, hammering at £6.3 million, likely going to the guarantor.
Hirst was also reported to have consigned the Richard Prince works in the sale. The highest valued was Hurricane Nurse (2006), a rare piece depicting a nurse against a purple backdrop, evoking a Roy Lichtenstein-inspired, American Pop art style. However, it is actually a reinterpretation of a vintage pulp fiction novel. Despite being house and third-party guaranteed, this work also fell at the lower end of its presale estimate, expected to achieve at least £3.5 million but hammering at £3.4 million. While celebrity provenance often adds value, had Hirst's ownership been disclosed, it might have garnered more interest. Another Prince piece, Untitled (Cowboy) (1997), an editioned print of 2 plus one artist proof, performed within estimate. Originally sold at Phillips in 2006 for $744,000 USD (below the low estimate, including fees), this resale saw a substantial increase, achieving just over £2 million with fees, surpassing the high estimate of £1.8 million–a considerable return on investment.
Several other consignments from Hirst were reported, all of which either met or exceeded their estimates. Notably, Hirst’s own work, Assumption (2012)–a yellow butterfly gloss canvas from 2012–surpassed its high estimate at the hammer, ultimately achieving $945,000 with fees, making for a solid payday for the artist.
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Image © Start Over Please © Ed Ruscha 2015 Ed Ruscha Hits The Mark
Stronger performances, in terms of hammer-to-estimate ratio, came from Post-War American artist Ed Ruscha. Ruscha’s highest-valued lot, Start Over Please (2015), features the title’s tongue-in-cheek phrase set against a bright ombré sunset sky. Third-party guaranteed, the piece hammered at £2.6 million. Although slightly below its previous sale at Phillips in 2019, where it achieved £2.7 million, the final result surpassed the high presale estimate of £3 million, reaching £3.1 million with fees.
A lower-valued, yet solid, performance came from Ruscha’s Music (1969), an earlier created canvas and the only work in his portfolio featuring this specific word. Its rarity sparked a bidding war, driving the final hammer price to £300,000, outperforming its 2010 sale where it achieved £175,000.
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Image © Christie's / Buste d’homme à la pipe © Pablo Picaso 1969 Strength In 20th Century Names Without Guarantees
Adding to the mixed results of the sale were notable 20th-century artists. Works by 20th-century masters without third-party guarantees showed impressive strength, particularly three pieces by Surrealist René Magritte. Despite their small scale, two of these works performed above estimate. Le Grand Style (1952), which depicts an enigmatic scene with a large sculptural leaf replacing a human figure, hammered at £2.1 million, surpassing its £1.5 million high estimate. Shéhérazade (1947), the first lot offered and sparking an energetic bidding war, featured a dreamlike composition of flowers with eyes and mouths emerging from a vase against a sea-filled horizon, achieved £700,000, exceeding its £600,000 estimate. Altogether, the three Magritte works contributed £3.6 million to the sale.
Also performing above estimate and offered without a guarantee was Pablo Picasso’s Buste d’homme à la pipe (1969), a small yet vibrant portrayal of a musketeer. This work, in its second auction appearance since 2010, exceeded its £800,000 high estimate, hammering at £920,000.
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Looking Ahead
Overall, the sale delivered mixed results but was ultimately successful. Despite the celebrity provenance of works, also including a Willem de Kooning from Eric Clapton’s collection, the famous ownership didn’t seem to significantly impact the sale's performance. Nevertheless, the auction posted strong results, on par with 2023's performance and with the majority of works falling within estimates, aligning with current market conditions. The range of works presented was expected, as Christie’s had held back pieces from their June sale. For a detailed look at Sotheby’s and Phillips evening sales results, refer to our Sotheby’s and Phillips auction reports.
Joe Syer, Co-Founder & Specialist Headjoe@myartbroker.com
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