Auction sales organised this fall will be marked by high estimates as a result of a progressive shortage of masterpieces, observers predicted. Money today has lost much of its meaning especially as the contingent of wealthy people is growing steadily around the world. As a result, collectors are reluctant to sell their pieces as prices are constantly going up. Nevertheless, auction sales offer less interesting works or paintings that have recently been unsold.
However, there are some surprises in the offing such as a beautiful Georges Braque painting from the Fauve period estimated at $ 4 million to be sold by Sotheby's on November 9th 2000 or a mythical Giacometti bronze sculpture titled «Upstanding Woman 1» likely to fetch $ 15 million at Christie's. Delirious estimates do not often deter buyers as it happened last October at Sotheby's in London during a sale of German Expressionist paintings and no auction house has since then been wise enough to calm down feverish estimates.
Degas' pastel titled «Trainers» might go beyond the $ 8 million mark at Sotheby's and his bronze horse from the collection of Mrs Simon might well top the $ 500,000 estimate at Christie's.
There are many Renoir paintings offered for sale in the next few days such as a young girl with swans (estimated between $ 5 and 7 million) at Sotheby's or a young girl in Oriental costume of 1905 (estimated between $ 6 and 8 million) at Christie's.
A Picasso from the blue period, titled «Woman with folded arms», will certainly induce a hectic bidding battle around $ 25 million at Christie's while a Vuillard masterpiece titled «Place Vintimille», from the Chauncey McCormick collection, formerly in the Pellerin collection, is expected to fetch $ 5 million. A superb Manet of 1880 measuring 153.7 x 116.8 cm, titled «Young Girl in a Garden» from the Rouart collection has been estimated between $ 20 and 30 million at Sotheby's.
Steve Wynn, who was forced to sell his Las Vegas Bellagio Casino-hotel to the MGM group last March, will probably be sad to watch the dispersion of many pieces he bought with buoyant joy not long ago, notably a work by Berthe Morisot titled «Partie de cache-cache» (Hide and seek game) likely to reach $ 5 million or a painting by Renoir executed in Algeria, which carries a rather optimistic estimate of $ 4,5-6 million. Still, Steve Wynn has kept many good pieces in his own private collection, which he continues to enrich regularly.
No one knows whether all lots offered will be sold especially as dotcom people have recently lost up to 80 per cent of their assets. This new breed of collectors has been progressively deserting the art market to the advantage of traditional buyers whose presence seems indefectible.
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