New York launches its spring art auction, despite a cyber-attack on Christie's

Every spring, six months after the autumn sales, the works of renowned modern and contemporary European and American painters like Van Gogh, Picasso, Monet, Hockney, Bacon, Carrington, Mitchell, Marden, Warhol, Basquiat, Giacometti, and O'Keeffe are offered for sale. Despite a downturn in the global art market in 2023, the major auction houses Christie's and Sotheby's are launching their spring sales in New York this Monday, in a rather optimistic climate after good results in London and Paris. However, one of the most popular weeks of the year risks getting off to a bad start, as Christie's revealed that it had been the target of a cyberattack, which has impacted its systems, including the website. The auction house has assured that it is working to minimize any disruptions to its big events scheduled for Tuesday and Thursday. Christie's is hoping to raise between $578 to $846 million from the sale of 900 artworks, while Sotheby's, which belongs to Franco-Israeli billionaire Patrick Drahi, is targeting $549 to $784 million for its 700 works, a range slightly higher than that of May 2023. Sotheby's is opening the week's proceedings on Monday evening, after having achieved a strong performance in November 2023, with the sale of Picasso's "Femme à la montre" for $139 million and a 1962 Ferrari 250 GTO for $51.7 million. According to Lucius Elliott, the head of contemporary art sales at Sotheby's, the market is more defined by supply than demand, as the auction houses have difficulty convincing people to put their artworks up for sale, despite good sales in London in March. The expert recognizes a slight contraction in the market compared to 2022, but he remains confident due to the strong performance in London. Against the backdrop of the wars in Ukraine and the Middle East, which have led to fewer Russian buyers, global art auction sales reached $14.9 billion last year, compared to $16 billion in 2022, a decline of 14.5%. However, the market continues to be driven by buyers from the United States and Asia. The most emblematic works at Christie's come from the collection of the late American television producer, director, and actor Norman Lear, including a painting by David Hockney estimated between $25 and $35 million. At Sotheby's, the highlight of the week is a portrait by Francis Bacon of his then partner, George Dyer, estimated at between $30 and $50 million. Additionally, the smaller auction house Phillips is offering 30 lots, including a Basquiat valued at $40 million and a Picasso estimated at between $12 and $18 million.
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