Despite the fact that the trade in large Richter abstracts has slowed down a bit, the overall market is still going strong, albeit at a lower level, numerous auction experts and advisors said.
At Phillips’s recent major summer auction, a picture titled Abstraktes Bild (801-3) (1994) hammered at just over $3 million, a hair above its high estimate. (With fees, it went for $3.7 million.)
Since the sale, there have been two more private Richter sales for similar works and at similar prices, says Jean-Paul Engelen, Phillips’s deputy chairman.
But in the past, when demand has risen and driven up estimates, activity has intensified. “Then you hit the point where it breaks, and you have to restart about 20 percent lower. Now it feels very solid again,” Engelen says. via