News

Christie's Evening Sale of Impressionist and Modern Art held in New York on May 6, realized $285,879,000 selling 89% by lot and 96% by value.

This marked the highest total for Christie's New York in this category since May 2010. Of the 53 works offered, 9 lots sold for over $10 million, 18 for over $5 million, and 43 for over $1 million. The sale was led by works from distinguished private collections, including Monet's Nymphéas from The Clark Family Treasures and Picasso's Portrait de femme (Dora Maar) from the Viktor and Marianne Langen Collection.

"Our strong performance tonight, the highest since May of 2010, is a testament to the continued strength of the global market for Impressionist and Modern works of art. Bidders from 36 countries competed in our sale tonight for a wide variety of works, from Monet's classic Nymphéas and Modigliani's engaging portrait of a red-haired man, to bold, modern works by Picasso and Kandinsky. Our global team has worked tirelessly to source the best works available this season, many of which had never been offered at auction, including star lots from the leading collections of the season: the Clark Family Treasures, the Estate of Edgar M. Bronfman and the Viktor and Marianne Langen Collection," said Brooke Lampley, Head of Department, Impressionist & Modern Art, Christie's New York.

The broad strength of the Impressionist & Modern market is underscored with several lots in the sale demonstrating increasing value over the long term. Modigliani's 1919 Jeune homme roux assis, which sold in 2002 for $8,479,500 soared past its $8-12 million estimate, to reach $17,637,000. Additionally, Giacometti's extraordinary sculpture, Femme de Venise IV, which sold in 2000 for $2,820,686, achieved $12,709,000 .

Works of different genres and time periods made it into the top 10 lots of the sale, representing a mix of classic Impressionist masters such as Renoir's Jeunes filles jouant au volant painted in 1887, which sold for $11,365,000, to Miro's Le serpent à coquelicots, painted in 1947, which fteched $12,485,000.

Eighty-seven percent of the works have not been at auction for at least ten years and 43% of works have never been offered at auction.

EXCEPTIONAL PRIVATE COLLECTIONS

Property from The Viktor and Marianne Langen Collection was 100% sold, achieving $79,829,000. Picasso's dramatic—and characteristically distorted—depiction of his mistress and muse, Dora Maar, realized $22,565,000, and led the group of nine lots. The painting had never been sold at auction previously. Painted in 1942, Picasso's relentless deconstructing and reconfiguring of Dora's features in his depiction of her mysteriously intense but inscrutably impassive visage reflects the turbulence in Europe during the Second World War.

Three Impressionist paintings from the Estate of Huguette M. Clark sold for a combined $40,927,000  led by the Monet Nymphéas, that has been in the Clark family for over 85 years. Christie's has been entrusted with the sale of over 400 items from the Clark Family this spring by the Honorable Ethel J. Griffin, New York County's Public Administrator, who oversees the estate. Commissioner Griffin commented,

"We are pleased with the results Christie's has achieved for these paintings from the Clark Family collection this evening. The proceeds from tonight's sale will benefit the Clark Estate and its goal of establishing a charitable foundation devoted to arts and culture. We look forward to the sale of additional property from the Clark Family Collection at Christie's this June, which will further benefit the Estate",indicated Brooke Lampley.

The sale also saw strong results from the Collection of Edgar J. Bronfman, the distinguished businessman, philanthropist, and diplomat, whose eight works in the Evening Sale totaled $21,174,000. The collection was led by Picasso's arcadian work from 1965, Mangeuse de pastèque et homme écrivant, which realized $8,005,000. Additional works from the Bronfman Collection will continue to be sold in New York, London, and Hong Kong throughout the season, as well as in an online-only sale of Pablo Picasso Ceramics, which is open for bidding until May 16.

Observers however said that Christie's spring auction season got off to a shy start as works by Picasso, Kandinsky and Dali brought far less than expected while others barely reached their low estimates, notwithstanding the fact that  two classic works by Degas were left unsold.

Therefore buyers have been rather choosy and only some exceptional pieces, such as the Modigliani sold by Robert Guccione, publisher of Penthosue magazine, fared well.

Christie's had high expectations, notably for the Monet from the Huguette Clark collection, which  sold for $27 million, however far away from its $35 million high estimate.

Observers however said that Christie's spring auction season got off to a shy start as works by Picasso, Kandinsky and Dali brought far less than expected while others barely reached their low estimates, notwithstanding the fact that  two classic works by Degas were left unsold.

Therefore buyers have been rather choosy and only some exceptional pieces, such as the Modigliani sold by Robert Guccione, publisher of Penthosue magazine, fared well.

Christie's had high expectations, notably for the Monet from the Huguette Clark collection, which  sold for $27 million, however far away from its $35 million high estimate.

Asian bidders played a major part in the auction's higher prices but Christie's expectations were dampered since the sale had been estimated to bring as much as $ 350 million.

Huguette Clark's Renoir titeld  “Jeunes Filles Jouant au Volant” sold with only one bid at its low $10 million estimate while  another Renoir, “Les Deux Soeurs,”, fared better in reaching $8 million, two million above its high estimate.