Inaugural Contemporary Art Sale for Bonhams New York Brings $2.2 Million

Friday, 23 May 2008 23:38

New York City  - A rare and important Banksy, a Mel Ramos oil on canvas superhero and a commissioned Warhol portrait led Bonhams New York's eagerly awaited May 13^th Contemporary Art sale, featuring a selection of Urban Art.  The auction, which featured 48-lots, attracted an international pool of telephone bidders as well as a standing-room-only crowd to their recently opened Madison Avenue galleries, bringing $2.2-million.

A very rare and important Banksy spray-paint and stencil on board happily surpassed expectations. Recently catapulted to fame for his politically charged, often ironic work, Banksy is becoming one of the most sought after young artists of his generation.  The work offered, a very early stand-alone red and black painting of four monkeys bearing signs which read: "Laugh now, but one day we'll be in charge," has become one of the artist's most famous and iconographic images.  After an excited round of bidding, the piece fetched $252,000 - above its top estimate of $180,000.  Two other Banksy silk-screens on paper each also sold above estimate: a 2005 work Jack and Jill  (skipping up the hill wearing "Police" bullet-proof vests), sold for $9,000, while Trolley Hunters, 2007 (depicting primitive male figures hunting empty grocery store carts), brought $5,700.

The auctioneer's catalog cover illustration was the Mel Ramos 1962 work The Green Lantern, signed, titled and dated on the reverse.  Exhibited at the Oakland Museum in 1977 and illustrated in two books on the works of Mel Ramos, the 49x43in. painting sold for $600,000.

Another highlight of the sale was Andy Warhol's portrait of Craig Johnson.  Signed by the artist, the 40x40in. silkscreen on canvas doubled its estimate to bring $216,000 while another Warhol, a hand-cut silkscreen with crayon and poster paint on canvas titled Mao Mask, also outperformed, fetching $48,000 - nearly doubling its high estimate of $25,000.  An ode to Warhol, Warhol Flowers, 1969-70, by Elaine Sturtevant sold within estimate for $96,000.  This work and the Warhol portrait came to auction from the Los Angeles collection of the late Craig Johnson.

Also drawing much attention from collectors was a work by artist Roland Peterson from an Arizona collection.  The 1964 oil on canvas, titled Standing Figure, exceeded its estimate of $80/120,000, ultimately selling for $144,000.  Strong results for works by Frank Stella (sold for $108,000), John Wesley (sold for $96,000), Anton Henning (sold for $48,000) and Theodoros Stamos (sold for $60,000) placed their lots within the sale's top ten.  Sold to benefit the Palm Springs Art Museum's acquisition fund was Tony Bevan's charcoal and acrylic on canvas Clasped Finger, 1993, which brought $26,400. 

Signature works by leading street artist Nick Walker sparked fierce bidding.  The artist's lead work, carrying a top estimate of $15,000, sold for more than double that, drawing $45,000.  This lot, The Sergeant, 2005, references the Beatles' Sgt. Pepper  album and song, its acrylic and spray-paint stencil on canvas featuring the artist's signature "Apish Angel" figure.  Another Walker, the provocative White Panties, estimated at $8/12,000, sold for $36,000.  Striking a similar pose (referred to in street parlance as "mooning") was a more famous female's image.  Moona Lisa , a silkscreen on paper, sold for $6,000.  And two other works by the artist each doubled their estimates.  Closing the sale was perhaps Walker's Urban Artist fantasy - The Morning After (London Version) which depicts Buckingham Palace and Big Ben from across the Thames, the buildings dripping in pink, green and yellow paint.  Estimated at $4/6,000, this work had been gifted by the artist to a Los Angeles collector.  It sold for $10,800.

Director of Contemporary Art Tate Dougherty states, "Our inaugural sale of Contemporary Art in New York was a terrific success.   Many of the works we sold were among the very best of their kind.  With this sale and our new flagship Manhattan space, we have created a new platform for Bonhams to expand and grow in this dynamic and ever-changing field."

The illustrated Contemporary Art auction catalog will remain online with prices realized for review at :  www.bonhams.com/us