Tylee Abbott
Head of Department, American Art
Christie’s
The historic American Art market has been impressively consistent in the years since the 2008 economic crisis, proving especially resilient, and it continues to show significant signs of health. Despite much-talked about economic headwinds at home and abroad, I’m optimistic that it will continue this way. Part of the reason for this is the depth and breadth of our collectors. The historic American art category is made up of an especially diverse range of styles, movements and genres that appeal to a broad audience of collectors of diverse backgrounds, interests and economic situations. We’re also seeing new collectors coming in from other areas of collecting.
Christie’s New York
In looking at this market by region, I find people often buy things related to what they know and love, and that includes where they live. The West is one area in particular that has seen significant change over the last few decades, with growth in local economies allowing a growing clientele from that region to pursue their own cultural heritage, together with newcomers who have come to appreciate that part of the country.
Milton Avery (1885-1965), Woman by the Sea, 1944. Oil on canvas, 35¼ x 49¾ in., signed and dated lower right: ‘Milton Avery 1944’. Estimate: $1.5/2.5 million SOLD: $1,986,000 (Modern American Art, Christie’s, April 2023)
In terms of styles and movements, a modern aesthetic, whether urban, Western, figurative or still life, is maintaining its dominance in the overall market. That has slowly but surely taken over from the more traditional areas of the market, like Hudson River School painting or American impressionism. There is of course also great interest in artists who might previously have been overlooked. It’s a fantastic development that there is now a greater appreciation of the value of these voices, and a widening of what we now understand has been a fairly narrow vision of America. The market is, and should always be, seeking out quality, and there have been really great opportunities to find quality objects in some of these overlooked areas. Having said that, as prices continue to climb for such artists, there may actually begin to be opportunities in the markets for the more traditionally mainstream areas.
Andrew Wyeth (1917-2009), Spring Fed, 1967. Tempera on panel, 27½ x 39½ in., signed lower right: ‘Andrew Wyeth’. Estimate: $4/6 million SOLD: $4,769, 000 (20th Century Evening Sale, Christie’s, November 2023)
John Marin (1870-1953), Lobster Boat, Cape Split, Maine, 1938. Oil on canvas, 22 x 28 in.,
signed and dated lower right: ‘Marin 38’. Estimate: $600/800,000 SOLD: $1,925,5000
(Modern American Masterworks From The Ted Shen Collection, Christie’s, April 2023)
To conclude, I want to say that 2023 was an incredible year for American art at Christie’s. We continued our innovative strategy of separate sales for 19th-century American art in January and modern works in the spring. Our 19th-century sale, along with the single-owner Pollock Collection sale, showed the strength of earlier eras of the American market. The spring brought similar success, especially with the Shen Collection sale, which was 100 precent sold, and a strong performance by our inaugural Modern American Art auction. We established new auction records for female artists including Sarah Miriam Peale and Virginia Berresford, yet simultaneously new high marks for well-established masters like John George Brown and John Marin. All the while, we continue to engage the broader international market, setting a new record for Agnes Pelton, and seeing noteworthy results for Georgia O’Keeffe paintings from Paul Allen’s collection and Andrew Wyeth’s masterpiece, Spring Fed. Outside of our public auctions, the American art team also continued our remarkable activity in the private sale market, placing numerous pictures, including to institutional clients, as well as mounting successful exhibitions like Sargent | Hassam, Icons of Impressionism.
Agnes Pelton (1881-1961), The Fountains, 1926. Oil on canvas. 361⁄8 x 32 in. Estimate: $1.5/2.5 million SOLD: $3,438, 000 (20th Century Evening Sale, Christie’s May 2023)
I’m optimistic for the years to come, with the entire historic American art category, spanning both modern and traditional aesthetics, continuing to replenish itself with new collectors taking the place of the earlier generation, through one of the largest transitions of wealth across generations ever, from baby boomers to millennials, driving long-term growth.
Christie’s New York
20 Rockefeller Plaza, New York, NY 10020
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