Late real estate developer Gerald Fineberg's art collection, known as "A Century of Art," fell short of expectations at Christie's auction in New York. The auction achieved a total of $124.7 million, significantly below the estimated range of $163 million to $235 million. However, the sale did set new records for artists Barkley Hendricks and Alma Thomas, demonstrating the continued demand for their work.
While some artworks sold above their high estimates, others fell short, reflecting the current market climate. The auction's high sale-through rate of 91% by lot was attributed to reduced reserves, preventing a high number of unsold lots. Fineberg's collection featured diverse artists, reflecting the market's emphasis on inclusivity and representation. The auction results serve as a reminder of the ever-evolving dynamics of the art market and the influence of economic conditions. The subsequent auctions of Fineberg's collection and other art events will provide further insights into the state of the market.
According to Sara Friedlander, Deputy Chairman of Post-War and Contemporary Art, her perspective reveals the immense satisfaction that Jerry Fineberg would have experienced on this remarkable evening. It undeniably showcased his exceptional foresight in collecting, evident from the multitude of world record prices achieved by artists who, in many cases, had never before graced the Christie's evening sale. Friedlander expresses deep gratitude for having known Jerry and the privilege of sharing his refined taste, unwavering passion, and captivatingly diverse collection with a global audience. The anticipation for tomorrow's Part II sale, as well as the upcoming auctions featuring Design, Photography, and Contemporary Art, is palpable from Friedlander's point of view.