🔥 Lots to Watch - 5 June 2024

Works of Christine Ay Tjoe, Andre Butzer, Lee Bae, Juan Genovés and Bernard Frize

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HEY Y’ALL! 🔥

Thanks for all the great feedback from the lots I shared last Wednesday!

📈 Top Picks from the Last Issue:

I’m excited to share 5 artists and lots worth checking out for this week.

🥁 But before we continue, I have a small announcement:

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1) Christine Ay Tjoe

Christine Ay Tjoe, Diangkat Pemandangan (Lifted by Landscape, 2009

💭 My 2 Cents: Christine Ay Tjoe’s “Diangkat Pemandangan” (2009) is set to hit the block at Sotheby’s on June 9th, with an estimate between $89,000 and $185,000 Ay Tjoe’s art, known for exploring deep human emotions and spirituality, has been on a hot streak lately. She boasts an impressive 93% sell-through rate, and her prices have been growing about 40% year-on-year. Her paintings are particularly sought after, averaging around $283,000. Back in 2020, she had a standout year with average lot values soaring to $744,000. This 2009 piece is right in the middle of her most successful period, and similar works from that year have often exceeded their estimates. With the strong market trends and Ay Tjoe’s rising popularity, there's a good chance this painting will surpass its estimate. Given the intense bidding her works typically attract, this auction is definitely one to watch. If you’re a fan of Ay Tjoe, this could be your moment to snag a standout piece.

2) Andre Butzer

Andre Butzer, Alpha und Omega, 2003

💭 My 2 Cents: André Butzer’s market has been hot, but it’s also a bit unpredictable. His unique “Science Fiction Expressionism” combines vibes from de Kooning and Guston with his own wild, vibrant touch. This mix keeps collectors hooked, even with the ups and downs in the market. Butzer’s "Alpha und Omega" from 2003 is hitting Sotheby's on June 12. The estimate is $65,000 - $87,000 USD, which is on the higher side for similar works. His pieces have been pulling in big numbers, with average realized prices around $100,000, showing that his appeal is still strong. Butzer’s paintings usually dominate the scene, and high hammer ratios lately show that there’s a lot of competition for his work. If the market stays favorable, "Alpha und Omega" could meet its high estimate.

3) Lee Bae

Lee Bae, Issu du Feu 78-1 從火 78－1, 2002

💭 My 2 Cents: Lee Bae's "Issu du Feu 78-1" is coming up at Sotheby's, estimated between $60,000 and $120,000. Lee Bae's work with charcoal has shown mixed signals in the market. While estimated prices have been on the rise, actual selling prices haven't always kept pace, leading to a noticeable gap. Yet, with a solid sell-through rate of 85%, there's clear demand. Early 2000s pieces like this one are particularly appealing due to their abstract style and deep use of charcoal. Despite some concerns about declining average prices and less intense bidding recently, Sotheby's high estimate shows confidence, likely because of the work's provenance and creation date. Realistically, "Issu du Feu 78-1" might fetch between $60,000 and $80,000 unless a bidding war drives it higher.

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4) Juan Genovés

Juan Genovés, El visor, 1968

💭 My 2 Cents: Juan Genovés' "El visor" is coming up for auction at Bonhams, estimated between $44,000 and $65,000. This piece is a gem from Genovés' early days, packed with political punch. During Franco's regime, his art screamed about surveillance and fear, and "El visor" is no exception with its stark, monochromatic spotlights. The market for Genovés' work has been buzzing. Average prices shot up from $60,000 in 2021 to $120,000 in 2024, reflecting a growing demand. Works from the 1960s, especially those drenched in political themes, are pretty rare, making "El visor" a hot ticket. If you're into politically charged art, this one's a catch.

5) Bernard Frize

Bernard Frize, Neoku, 2004

💭 My 2 Cents: Bernard Frize's market has been interesting to watch lately. Neoku (2004), set for auction at Christie's, is estimated between $43,000 - $65,000. Given Frize's recent market performance, there's good reason to be optimistic about this piece. Similar works have been hitting average prices around $106,407, with high hammer ratios showing strong competition among bidders. Christie's seems to be banking on this trend, placing Neoku in a sweet spot that could appeal to a broad range of collectors. The piece itself, with its intricate acrylic and resin layers, reflects Frize's meticulous, rule-driven approach, which has been steadily gaining appreciation. Looking at the numbers, Neoku could realistically fetch between $70,000 and $120,000. This potential bump aligns with the upward trend we've seen in Frize's auction results.

Glossary: The hammer ratio represents the relationship between hammer price and the average pre-sale auction estimate. This ratio determines how a lot performed in relation to its presale estimate. The better performing a lot is, the larger the hammer ratio. Any ratio above 1.2 indicates a high bidding intensity that exceeds expectations.

See you next Wednesday!

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