It was the kind of drama an auction house dreams of. As part of its spring week auction in mid-May, Christie’s was selling a 1948 Jackson Pollock dip-and-splash painting, one of the largest held by a private owner. Bidding seemed to stall around $150 million until suddenly a bidding war among four prospective buyers broke out, lasting seven minutes and driving the price up to ultimately fetch $181 million, including fees.
In all, Christie’s auctions in New York during its Spring Auction series—its most important event of the year, which can generate between 10% and 20% of annual sales—brought in $1.45 billion. Including sales outside the U.S., Christie’s took in to $2 billion that week, 50% more than the previous year. Blockbuster sales included highly coveted pieces such as a Mark Rothko painting and a Brancusi sculpture, which each fetched astronomical prices.
