Sculpture: highlights of 2003

Sculpture: highlights of 2003 [janv. 04]

Three-dimensional works escaped the slump in sales that afflicted most of the art market in 2002 but are now suffering from a lack of liquidity. Fewer big name pieces seem to be coming onto the market.
That said, prices are soaring.

Sculpture price growth
Price index base 1996 = 100

Sculpture is one of the market’s most solid sectors. Sustained by consistently rising prices, turnover increased every year between 1996 and 2001 — reaching EUR 280 million — and held up in 2002 when other sectors fell back. The fall came, though, in 2003, due to a drop in the number of lots sold, down by 22% on 2002 and by 34% on 2000, and a lack of events to match 2002’s USD 10 million plus sales of Constantin Brancusi’s Danaïde (see TOP 1000 artists records 2002) or Alberto Giacometti’s Grande Tête de Diego (See AMI of 12 September 2002). In 2002, 33 sculptures went for over USD 1 million compared to just 20 in 2003. Another consequence of the market drying up, after years of rises, was that the proportion of no-sales dipped from 36% in 2002 to 34%, more than two percentage points below the art market average. Despite all this, in some segments prices for sculpture are rising and the market is still capable of springing some nice surprises.

Sculpture : Top 10 auction records 2003

ArtistWorkSaleDEGAS Edgar€8,150,280 ($9,200,000) : Petite danseuse de quatorze ans (c.1879-1881)07/05/2003 (New-York, Christie’s)GIACOMETTI Alberto €7,486,300 ($8,600,000) : Grande femme debout IV (1960)05/11/2003 (New-York, Sotheby’s)MOORE Henry€4,804,800 ($5,500,000) : Three Pieces reclining Figure: draped (1975)04/11/2003 (New-York, Christie’s)CALDER Alexander€4,517,240 ($5,200,000) : Untitled (1968)11/11/2003 (New-York, Christie’s)GIACOMETTI Alberto €3,189,240 ($3,600,000) : Homme qui marche III (1950)07/05/2003 (New-York, Christie’s)MARINI Marino €2,299,200 ($2,687,680) : Cavaliere (1953)20/10/2003 (London, Sotheby’s)ARP Hans €2,500,000 ($2,686,500) : Femme (1927)14/04/2003 (Paris, Calmels-Cohen)PASCALI Pino €2,012,220 ($2,341,500) : Cannone semovente (1965)21/10/2003 (London, Christie’s)GIACOMETTI Alberto 1,834,560 ($2,100,000) : Buste de Diego (1955)04/11/2003 (New-York, Christie’s)LICHTENSTEIN Roy €1,650,530 ($1,900,000) : Woman: Sunlight, Moonlight (1996)12/11/2003 (New-York, Sotheby’s)

Modernist sculpture makes up nearly three-quarters of the sector’s turnover and two-thirds of lots sold. It is also one of the fastest-growing segments. Prices rose by nearly 20% in 2003, as did those for nineteenth century sculpture, the second-largest market segment by volume. Both were driven by a rash of unexpected record sales, particularly late in the season. Among the most newsworthy were the USD 5.5 million paid for a Henry Moore, and the USD 5.2 million for a monumental Alexander Calder at Christie’s New York on 11 November 2003 (see AMI of 17 November 2003). At the London sale of Italian art held on 20-21 October 2003, Marino Marini and Pino Pascali had works sold for GBP 1.6 million and GBP 1.4 million respectively. In Paris, a Hans Arp relief went for EUR 2.5 million in fierce bidding at the Breton auction (see AMI of 18 April 2003). And in classic sculpture, the year’s highest price was at Christie’s Paris, where a bronze attributed to Giovanni Battisti Foggini was overbid by four times is estimate at EUR 760,000 by a European collector to ensure his acquisition. In general though, after a big rise in 2002, the classic segment has been losing ground for a year.

Over 56% of sculpture turnover is made in the US, but some of its venues remain highly specialised. Traditionally, trends in the Old Master sculpture market are set in London, Milan and Rome. This year Paris dominated, with over 30% of total turnover thanks to the break-up of the Baron Hottlinger collection.
New York reaffirmed its leadership of the market for nineteenth century sculpture thanks to fine works being broken up at the Impressionism and Modern Art sale, including Edgar Degas’ Petite danseuse de quatorze ans knocked down for USD 9.2 million at Christie’s on 7 May 2003 (see AMI of 13 May 2003). But France was still the venue for 40% of lots sold. France’s advantages include a deep reserve of animal sculptures, of which 500-800 come up for sale every year. Belgium also does well in this market with nearly 10% of lots sold.
In the modernist segment, the US’s 56% of world turnover represented a 10% loss of market share to France in 2003. Spectacular bids at the Breton and François Arp sale (see AMI of 27 May 2003) left France with 17% of global turnover in the segment, just behind London with 18%.
New York, however, cemented its position as the leading venue for contemporary sculpture. Among the top sales were new records for Damien Hirst, USD 1.05 million for his 2001 installation Something Solid beneath the Surface of all Creatures Great and Small (see AMI of 24 November 2003), and Takashi Murakami, with USD 500,000 for Miss Ko².

Besides such high-profile sales, the market was mainly driven by works selling for less than EUR 10,000, a segment that still makes up 75% of lots sold. Note, though, that sculpture is a relatively expensive medium, compared to paintings, reflecting higher production costs on average. By way of comparison, almost 80% of paintings sell for less than EUR 10,000.

Distribution by art period

Distribution by country

Distribution by price levels