Paris and the rest of France are steadily losing ground on the international market to the advantage of Sotheby's and Christie's despite a series of good results.
Monet, with Sunset in Etretat, recorded the highest result for a French Impressionist painter with 15,5 millions FF (US $ 2,421,875) on June 6th 1999 at Cheverny. Still, this bid was way behind the US $ 11,9 million price paid for Haystack on May 11th 1999 at Sotheby's in New York.
One of the rare enthralling moments in Paris was when the Briest group sold on June 22nd 1999 Sable, a 1925 Surrealist oil painting by Spanish artist Joan Miro for 12,7 millions FF against an estimate of between 6 and 7 millions FF.
The previous day, Eve after the Sin,a marble sculpture by Auguste Rodin fetched 5,9 millions FF (US $ 921,875) in Drouot while The Eternal Spring by the same artist, a bronze sculpture produced by the Barbedienne foundry, sold for 4,4 millions FF (US $ 687,500) on June 4th 1999. Meanwhile, a Sacred Hamadryas Baboon bronze sculpture by Rembrandt Bugatti from the Hebrard foundry, numbered 1/3, was acquired for 3,1 millions FF (US $ 515,625) on June 17th 1999.
Maurice de Vlaminck, now forsaken by collectors regarding his works produced after 1914, remained much appreciated for his fauve paintings, a canvas showing the pond of Saint-Cucufa of 1904, reaching 5,5 millions FF (US $ 859,375) on June 21st 1999.
This results were however modest compared with those recorded in New York or in London, notably for the sale of the Whitney collection which totalled US $ 128,3 million at Sotheby's on May 10th 1999.
Regarding the international market as a whole, quality has become an essential asset proving that it has remained protected from speculative purchases. Pedigree is also much of a plus for collectors who are increasingly selective in their choices.
London has fought hard to challenge New York reaping some worthy rewards, notably with a pastel representing a ballerina by Degas sold by Sotheby's on June 28th 1999 for a record US $ 17,6 million while Christie's fared well with a 1914 Cubist painting by Spanish artist Juan Gris, which fetched a record US $ 4,812,500 and a painting by Fernand Léger, Woman holding a book of 1924, which reached US $ 2,921,870 whereas the sale of iron sculpture works by Spanish artist Julio Gonzales from the Hans Hartung collection went beyond all expectations with an impressive turnover of US $ 14,375,000 and a record price for Head of Woman II at £ 2,03 million (US $ 3,171,875). As a conclusion it was ironical to note that the Degas pastel and the Julio Gonzales works all came from France.
Adrian Darmon
After a difficult start in January, sales in Paris have been quite active for the first six months of 1999 thanks to the Château de Groussay auction conducted by the Poulain-Lefur Group on behalf of Sotheby's pending the adoption of a French government decree allowing Anglo-Saxon groups to operate in France.
For the first half year, sales in Drouot-Richelieu and Drouot-Montaigne have recorded a 22% progression enabling Paris auctioneers to reach a 1,6 billion FF turnover (US $ 250 million) against 1,5 billion FF for the first six months of 1998.
The PIASA grouping comforted it number one position in Paris with a total turnover of 151,6 millions FF (US $ 23, 687, 500) against 143,6 millions FF last year thanks to the sale of the Dora Maar succession and that of a Delacroix painting at 51 millions FF (US $ 7,968,750) ahead of the Tajan group which totalled 113,1 million FF (US $ 17,67 million) with 11,000 lots sold in 38 sales. This was the best result achieved by the Tajan group in seven years.
A spokesman for the PIASA group lashed at the French government which he accused of being indifferent to the situation of the French art market and pointed out that many vendors, deterred by heavy taxes, now preferred to sell their collections through Sotheby's or Christie's. He added that because of the French VAT system, foreign collectors were not interested to sell art objects in France.
Works of quality have however become rare on the market and those sold in Paris have often reached record prices notably for certain old master paintings (26 millions FF-US $ 4,06 million- for a view by Dutch master Gerrit Berkheyde), some modern works (12,7 millions FF -US $ 1,984 million- for a 1925 painting by Miro) and printed books (5,6 millions FF- US $ 875,000- for Dante's Divine Comedy).
Such good results have not allowed Paris auctioneers to calm down their fears regarding the procrastination of the reform of their profession. The bill, adopted by the French Senate on June 10th 1999, now remains to be adopted by the National Assembly and a final vote is not expected before the end of 1999.
The reform, which was due to become effective on January 1st 1998, will be implemented only after the official publication of the decrees voted by the National Assembly and the final go-ahead by the State Council meaning that such foreign auction houses as Sotheby's and Christie's will not be able to hold sales in France before March or April 2000.
Paris and the rest of France are steadily losing ground on the international market to the advantage of Sotheby's and Christie's despite a series of good results.
Monet, with Sunset in Etretat, recorded the highest result for a French Impressionist painter with 15,5 millions FF (US $ 2,421,875) on June 6th 1999 at Cheverny. Still, this bid was way behind the US $ 11,9 million price paid for Haystack on May 11th 1999 at Sotheby's in New York.
One of the rare enthralling moments in Paris was when the Briest group sold on June 22nd 1999 Sable, a 1925 Surrealist oil painting by Spanish artist Joan Miro for 12,7 millions FF against an estimate of between 6 and 7 millions FF.
The previous day, Eve after the Sin,a marble sculpture by Auguste Rodin fetched 5,9 millions FF (US $ 921,875) in Drouot while The Eternal Spring by the same artist, a bronze sculpture produced by the Barbedienne foundry, sold for 4,4 millions FF (US $ 687,500) on June 4th 1999. Meanwhile, a Sacred Hamadryas Baboon bronze sculpture by Rembrandt Bugatti from the Hebrard foundry, numbered 1/3, was acquired for 3,1 millions FF (US $ 515,625) on June 17th 1999.
Maurice de Vlaminck, now forsaken by collectors regarding his works produced after 1914, remained much appreciated for his fauve paintings, a canvas showing the pond of Saint-Cucufa of 1904, reaching 5,5 millions FF (US $ 859,375) on June 21st 1999.
This results were however modest compared with those recorded in New York or in London, notably for the sale of the Whitney collection which totalled US $ 128,3 million at Sotheby's on May 10th 1999.
Regarding the international market as a whole, quality has become an essential asset proving that it has remained protected from speculative purchases. Pedigree is also much of a plus for collectors who are increasingly selective in their choices.
London has fought hard to challenge New York reaping some worthy rewards, notably with a pastel representing a ballerina by Degas sold by Sotheby's on June 28th 1999 for a record US $ 17,6 million while Christie's fared well with a 1914 Cubist painting by Spanish artist Juan Gris, which fetched a record US $ 4,812,500 and a painting by Fernand Léger, Woman holding a book of 1924, which reached US $ 2,921,870 whereas the sale of iron sculpture works by Spanish artist Julio Gonzales from the Hans Hartung collection went beyond all expectations with an impressive turnover of US $ 14,375,000 and a record price for Head of Woman II at £ 2,03 million (US $ 3,171,875). As a conclusion it was ironical to note that the Degas pastel and the Julio Gonzales works all came from France.
Home
