{"id":123319,"date":"2021-11-23T19:50:43","date_gmt":"2021-11-23T19:50:43","guid":{"rendered":"https:\/\/fin2me.com\/?p=123319"},"modified":"2021-11-23T19:50:43","modified_gmt":"2021-11-23T19:50:43","slug":"blockbuster-art-week-sets-record-with-more-than-2-6-billion-in-sales","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/blockbuster-art-week-sets-record-with-more-than-2-6-billion-in-sales\/","title":{"rendered":"Blockbuster art week sets record with more than $2.6 billion in sales"},"content":{"rendered":"<ul>\n<li>The fall art auctions in New York set an all-time record, with more than $2.6 billion in sales, according to Pi-eX, an art data and analytics firm.<\/li>\n<li>A surge in global wealth, growing inflation fears and the continued collectibles craze boosted demand for the art and prices.<\/li>\n<li>Crypto wealth was on full display, as crypto &quot;whale&quot; Justin Sun paid $78.4 million for Alberto Giacometti&#x27;s\u00a0Le Nez\u00a0sculpture.<\/li>\n<li>The sale of two big collections \u2014 the Cox Collection at Christie&#x27;s and the Macklowe Collection at Sotheby&#x27;s \u2014 created a trove of quality art trophies for wealthy bidders. <\/li>\n<\/ul>\n<p>The fall art auctions in New York set an all-time record, as a surge in global wealth, growing inflation fears and the continued collectibles craze boosted demand and prices.<\/p>\n<p>Sales at Christie&#x27;s, Sotheby&#x27;s and Philips totaled $2.65 billion over the course of the two weeks, smashing the all-time record for fall sales of $2.59 billion in 2014, according to Pi-eX, an art data and analytics firm. Collectors battled over everything from classic Cezannes and Van Goghs to a video sculpture tied to an NFT.<\/p>\n<p>A record 32 works sold for more than $20 million, according to Pi-eX, and 54 works sold for more than $10 million. The total for Christie&#x27;s was $1.14 billion, at Sotheby&#x27;s $1.34 billion and at Phillips over $170 million.<\/p>\n<p>Crypto wealth was on full display. Crypto &quot;whale&quot; Justin Sun paid $78.4 million for Alberto Giacometti&#x27;s\u00a0&quot;Le Nez&quot;\u00a0sculpture. A group of crypto investors known as ConstitutionDAO lost out to billionaire Ken Griffin for an original copy of the U.S. Constitution that went for $43.2 million.<\/p>\n<p>&quot;Art market sentiment is sky high at the moment,&quot; said Evan Beard, head of specialty segments at Bank of America, &quot;driven by low interest rates, stock market wealth effect, inflationary monetary policy and new crypto wealth that needs to be parked somewhere.&quot;<\/p>\n<p>The sale of two big collections \u2014 the Cox Collection at Christie&#x27;s and the Macklowe Collection at Sotheby&#x27;s \u2014 created a trove of quality art trophies for wealthy bidders. <\/p>\n<p>The sales from the Cox Collection, which was owned by the late Dallas oil tycoon Edwin L. Cox, totaled $332 million. It included Vincent van Gogh&#x27;s 1889 masterpiece &quot;Cabanes de bois parmi les oliviers,&quot; which sold for nearly $71.4 million \u2014 twice its estimate. Another van Gogh went for six times its estimate. The J. Paul Getty Museum in Los Angeles bought Gustave Caillebotte&#x27;s\u00a0&quot;Young Man at His Window&quot;for $53 million.<\/p>\n<p>The Macklowe Collection, a product of the developer Harry Macklowe&#x27;s bitter divorce, brought in $676 million. It was led by Mark Rothko&#x27;s &quot;No. 7,&quot; which went for $82.5 million. Along with the Giacometti sculpture that was acquired by Sun, it included a Jackson Pollock that went for $61.2 million and a towering Cy Twombly piece that fetched $58.9 million.<\/p>\n<p>NFTs, or nonfungible tokens, also made a cameo at the fall sales. An &quot;NFT-powered&quot; sculpture by the digital artist Mike Winkelmann, better known as Beeple, went for $29 million at Christie&#x27;s. The sculpture is a 3D, 7-foot-tall digital lightbox made of four LED screens that shows an astronaut strolling through ever-changing landscapes. The buyer was crypto-focused Swiss venture capitalist Ryan Zurrer, who on Twitter praised Beeple for the &quot;visionary innovation, amazing new energy and hilarious positive vibes that you&#x27;ve brought to both crypto and art.&quot;<\/p>\n<p>It became the second highest price ever paid for an NFT after Beeple&#x27;s &quot;Everydays: The First 5,000 Days,&quot; which sold at Christie&#x27;s earlier this year for $69 million.<\/p>\n<p>The crypto crowd was not as fortunate with its efforts to buy a copy of the Constitution. A group of more than 17,000 crypto investors and enthusiasts, called ConstitutionDAO, raised over $40 million to buy a first edition of the U.S. Constitution. They were outbid by billionaire hedge-funder Ken Griffin, who paid $43.2 million for the piece of history. It will be displayed at the Crystal Bridges Museum of American Art in Arkansas.<\/p>\n<p>On Twitter, Beeple praised Constitution DAO and said, &quot;I think this is the start of something big.&quot;<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/11\/23\/blockbuster-art-week-sets-record-with-more-than-2point6-billion-in-sales-.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The fall art auctions in New York set an all-time record, with more than $2.6 billion in sales, according to Pi-eX, an art data and [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":123318,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Blockbuster art week sets record with more than $2.6 billion in sales - 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