99 cent for $1.5 million

Andreas Gursky's great image 99 cent goes on the auction block May 10 at Sotheby's and carries a pre-sale estimate of $1 - $1.5 million.  Although unlikely to eclipse the $2.9 million record set by Edward Steichen in February, a few heated bidders may make this photo the most expensive ever sold.  Interestingly enough, in the recent New York Magazine article about the art market, Gursky is often sited as one artist who's market is unsustainable.  99 cent will be an interesting test of Gursky's staying power.  As for me, I just wanted an excuse to post the image on my blog, but will predict that the piece will sell for over the high estimate.  Size matters: its 11 feet wide and will look great in any hedge fund manager's Tribeca loft.

Comments

[Steve Roach]

I want that! Seems like an ambitious estimate, but I'd take this Gursky over the Richard Prince that sold for $1.2M! Do you know when Serpentine Gallery will release information on the Thomas Demand edition??? Their Ellsworth Kelly one was little and expensive! -- Steve

[Erik Schneider]

Serpentine will list the info on the Demand the day the show opens.

[Todd W.]

I was at MoMA this weekend and this image was used on the 2001 exhibition poster - now on sale 1/2 price!

While in the current market, it's probably a sure thing to hit the estimate, in terms of historical importance and rarity, this image is nothing like the recent Steichen sale and I really can't believe it would truly be worth $1MM+. I'd have to agree with the New York article. This image will sell for signicantly less than $1MM 5 years hence.

Question - would you give ANY chance to this image falling short of its estimate and initiating the much discussed art market crash?

[Erik Schneider]

There's always a chance, but it only takes two deep pocketed collectors who really want the work to push it above the low estimate and I have to believe that there are two such people out there!

[QT Luong]

This would be unprecedented for a contemporary photograph. Other images of Gursky can be bought for four figure amounts.