Sotheby’s dominates the 2004 art market

The art market had a splendid year in 2004. Turnover at fine art auctions jumped by more than 30% on 2003, wiping out at a stroke the lingering effects of the 2001 slump. Much of this growth was due to high-profile auctions hosted by Sotheby’s and Christie’s.

Noting strong demand in the US art market, the two rival market leaders put up lots of a much higher quality than the previous year. Of these, no less than 378 went for over a million dollars, compared to 229 in 2003. Sotheby’s ran out a clear winner in the race for million-plus sales, with 223 over the year. It also knocked down 47.8% of global fine art turnover, the flagship auction being May’s break-up of the Whitney collection where the star lot, Pablo Picasso’s “Le Garçon à la Pipe”, fetched USD 93 million, an all-time record for any artwork. Other big sales contributing to the 75% rise in Sotheby’s fine art turnover, included the USD 35 million price tag on Paul Gauguin’s “Maternité II” in November and the USD 28 million paid for Amedeo Modigliani’s “Jeanne Hébuterne devant une porte”.

Of the year’s top 10 sales, 9 went under the hammer at Sotheby’s. Christie’s best sale was Claude Monet’s painting “London, Parliament, effect of sun in the fog” which fetched USD 18 million on 3 November