Sept. 11 (Bloomberg) -- A whiff of caution touched the season's first contemporary art auction yesterday at Christie's International in New York, even with strong prices for stars such as Andy Warhol, Louise Nevelson and Richard Prince.

``Certain things did very well,'' said collector Larry Warsh, who bid unsuccessfully on contemporary Chinese works yesterday. ``But mediocre and poor examples did not.''

Results for First Open, a biannual sale with prices ranging from a few thousand to more than a million dollars, were solid, especially given the U.S. economy's murky outlook. The sale totaled $12.2 million, below the $12.6 million high estimate set by Christie's, the world's largest auction house. It easily topped the $8.4 million for a similar sale a year ago.

Demand focused on strong examples and perceived bargains, sending some prices zooming above estimates. Works by out-of- fashion artists -- including color-field painter Morris Louis and portraitist Alice Neel -- demolished estimates. Neel's pensive ``Portrait (Roberta Johnson Roensch)'' of about 1943-46, expected to bring in more than $50,000, set an auction record for the artist at $444,000. All prices include commissions.

Bidders were more resistant to overpaying for younger artists whose works already were saddled with hefty estimates. Almost a quarter of the lots offered for sale failed to find buyers. Pieces by Dirk Skreber, Dana Schutz, Kevin Zucker and Jenny Saville were among the casualties.

``There will be a correction with certain artists,'' said dealer Alberto Mugrabi, seated at the back of Christie's salesroom. ``Some things don't deserve to be where they are.'' Mugrabi said he hadn't noticed any price slippage at the high end of the market, citing his August sale of $6 million worth of Warhols to a Korean buyer.

No Bellwether

Dealers and collectors were generally reluctant to view yesterday's sale as a bellwether for the major November contemporary auctions.

``This is not a sign of anything, this is second-tier material,'' said art adviser Lauren Levin Bender. ``I knew it wasn't going to be a full bustling room. It's par for the course.''

Held in a side salesroom reserved for smaller auctions, First Open was attended by a smattering of dealers and collectors wearing designer sneakers and tans who tracked bids and waited for bargains.

Nevelson Soars

A Nevelson white wooden collage sculpture of 1969-75 -- sold by the Schlumberger Ltd. Collection, which had acquired it at the suggestion of Houston collector Dominique de Menil -- raced past its $150,000 low estimate and sold for $552,000.

On the other hand, a pair of 1999 photographs by Germany's Walter Niedermayr, estimated as high as $12,000, wound up costing just $2,040.

There were only a few contenders for many of the works.

The top lot was Jean-Michel Basquiat's 1982 painting ``Untitled,'' an awkward, almost slapdash work, boldly estimated to sell for as much as $1.8 million. It squeaked by at $1.16 million.

Many of the lots carried aggressive estimates that are a legacy of the recent boom in contemporary art. Sellers have become accustomed to demanding outsized estimates as auction houses race to meet surging demand.

Dealer Mugrabi remains optimistic that demand will sustain prices at the bigger sales later in the season.

``The November sales will be strong,'' dealer Mugrabi predicted, tapping away at a glossy iPhone. ``They have quality, A-plus artists that will do well.''

Sotheby's mid-season contemporary art sale, estimated to total $10.6 million, takes place tomorrow. The sale includes 77 lots from the collection of MB Financial Bank, estimated to fetch up to $1.1 million. The art was assembled by Oak Brook Bank, which was acquired by MB Financial in 2006.

(Lindsay Pollock writes on the art market for Bloomberg News. The opinions expressed are her own.)

To contact the writers of this story: Lindsay Pollock in New York at lindsaypollock@yahoo.com.

Last Updated: September 11, 2007 00:02 EDT