NEW YORK — A 1948 Jackson Pollock painting from the S.I. Newhouse collection sold for $181.2 million during a spring auction in mid-May. The sale contributed to the auction house's global total of $2 billion in sales, which represented a 50 percent increase from the previous year. The auction house's spring week sales in New York alone generated $1.45 billion in revenue.
Bidding for the Jackson Pollock painting lasted seven minutes and involved four prospective buyers. A Mark Rothko painting and a Constantin Brancusi sculpture titled Danaide were also among the artworks sold during the New York auction week. The Rothko painting sold for just under $100 million and previously belonged to arts philanthropist Agnes Gund. The Pollock painting and the Brancusi sculpture had been owned by Conde Nast founder S.I. Newhouse until his death in 2017.
"So much of our success depends on the supply that we have to sell. A lot of that comes from the wealth transfer we know is taking place. A lot of the great collectors of our generation have sadly passed on and therefore we are seeing those collections come to market," said Bonnie Brennan, chief executive officer.
"There's a very limited supply of art because historical art is already in museums. So when you see a cache of very high-quality historical art come to market, it creates a moment that draws collectors out and often results in competitive bidding," said Drew Watson, managing director and head of art services at Bank of America. Watson predicts that approximately $1 trillion worth of art will transfer ownership over the next decade.
The value of assets transferring from the Silent Generation and Baby Boomers is projected to reach $84 trillion by 2045 or $124 trillion by 2048. Approximately 50 percent of bidders at the auction house are Millennials or younger. "The entire spectacle feels especially grotesque in the spiritual atmosphere of our current era, where vulgarity has become aspiration and every human endeavor is translated into ratings, clickbait, branding, and leverage," said Jerry Saltz, senior art critic.