Christie's met success for its sale of Modern and Impressionist art on May 8th 2000 in New York but buyers showed much realism in their choices.
The fact was that Christie's had banked on unreasonable estimates on the assumption that the market was again much vigorous while Sotheby's and Phillips were also pushing prices to new altitudes.
In addition Christie's had to ask sellers to be less greedy as it faced the risk of a flop especially as buyers had been showing that they were more selective than ever.
Without a strong dollar, the sale would not have met expectations. Announced at between US $ 9 and 12 million, the portrait of Berthe Morisot and her daughter painted by Renoir in 1894 went at $ 8,8 million (inclusive of buyer's premium) despite its great pedigree. Berthe Morisot, shown in a black dress with her grey hair, seemed not attractive enough to induce buyers to bid over the estimate.
Christie's met success for its sale of Modern and Impressionist art on May 8th 2000 in New York but buyers showed much realism in their choices.
The fact was that Christie's had banked on unreasonable estimates on the assumption that the market was again much vigorous while Sotheby's and Phillips were also pushing prices to new altitudes.
In addition Christie's had to ask sellers to be less greedy as it faced the risk of a flop especially as buyers had been showing that they were more selective than ever.
Without a strong dollar, the sale would not have met expectations. Announced at between US $ 9 and 12 million, the portrait of Berthe Morisot and her daughter painted by Renoir in 1894 went at $ 8,8 million (inclusive of buyer's premium) despite its great pedigree. Berthe Morisot, shown in a black dress with her grey hair, seemed not attractive enough to induce buyers to bid over the estimate.
Most paintings of average quality by Renoir were sold in the region of low estimates to a majority of European buyers (50%) while their American rivals only reached a 45 % rate due to the absence of Steve Wynn who has been meeting problems with a casino project in Louisiana.
A Gauguin painting, «Farm at Le Pouldu», only went at US $ 5,2 million against a $ 7 to 9 million estimate.
Meanwhile Claude Monet's «Bassin aux Nymphéas», a late painting as it was painted between 1917 and 1919, sold for $ 6,8 millions, well below a $ 9 to 12 million estimate.
Monet's «Nymphéas» of 1906,similar in size to the painting belonging to Akkram Ojjeh, which sold for $ 22,5 million at Christie's last November, sold at $ 20,9 million against a $ 20 to 25 million estimate.
Christie's had however some reasons to be pleased with the results recorded for some sculptures, notably by Auguste Rodin (1840-1917). «Le Baiser», an 86.4 cm high bronze cast by Griffoul and Lorge, went at $ 2,7 million (estimate of $ 2 to 3 million). Rodin now seems back in favour among collectors especially as many copies have been appearing on the market since the past twenty years.
SOTHEBY'S FARED EVEN BETTER
Sotheby's sale of Modern and Impressionist art on May 9th 2000 reached some greater momentum when Henri Matisse 1909 bronze sculpture «La Serpentine» fetched US 14 million, a world record, though many paintings failed to sell beyond their low estimates.
A Degas pastel, «Préparation pour la Classe», estimated between $ 5 and 7 million went at $ 5,2 million while a weak 1932 composition by Picasso, «Compotier et Guitare», sold at $ 9,9 million whereas it was estimated between $ 10 and 15 million.
«Flowers» by Van Gogh, already seen in the Reader's Digest sale held by Sotheby's in May 1998, fetched $ 4,2 million, well under the $ 5 to 7 million estimate.
Monet's «Nympheas» of 1908 did not meet much success compared with the 1906 painting sold at Christie's two days earlier fetching only $ 7,6 million against a $ 7 to 9 million estimate. Still, this was a better price than the $ 5,6 million bid recorded for this painting at Christie's in November 1995.
However, Sotheby's had to be much satisfied with another Monet painting, «Le Portail», a well known view of the Rouen cathedral painted 30 times at different hours of the day between 1892 and 1893, which went for $ 22 million. It had remained in the family of the art dealer Durand-Ruel until 1945 but had failed to reach the estimate of $ 3 to 4 million during a sale held by Sotheby's in May 1987. Its owner had decided to keep it until now and his option was well rewarded.
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A Gauguin painting, 
Meanwhile Claude Monet's 
Monet's «Nymphéas» of 1906, similar in size to the painting belonging to Akkram Ojjeh, which sold for $ 22,5 million at Christie's last November, sold at $ 20,9 million against a $ 20 to 25 million estimate. 
Christie's had however some 
A Degas pastel, «Préparation pour la Classe», 
«Flowers» by Van Gogh, 
However, Sotheby's had to be much satisfied with 
