{"id":8001,"date":"2023-05-12T20:48:24","date_gmt":"2023-05-13T00:48:24","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/signs-of-strength-and-weakness-in-christies-20th-century-and-newhouse-sales\/"},"modified":"2023-05-12T20:48:25","modified_gmt":"2023-05-13T00:48:25","slug":"signs-of-strength-and-weakness-in-christies-20th-century-and-newhouse-sales","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=8001","title":{"rendered":"Signs of Strength and Weakness in Christie\u2019s 20th-Century and Newhouse Sales"},"content":{"rendered":"
The first auctions to kick-start the major May sales in New York revealed a mixed picture for the market\u2019s strength during a time of higher interest rates and continued economic uncertainty.\u00a0<\/p>\n
Consider results for two major paintings by \n Pablo Picasso \n at Christie\u2019s 20th-century evening auction.<\/p>\n
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Nature morte \u00e0 la fen\u00eatre<\/em>, an early work of the artist\u2019s lover and muse Marie-Th\u00e9r\u00e8se Walter sold for US$36 million, nearly US$42 million with fees, while another painting of Marie-Th\u00e9r\u00e8se from 1938, Femme assise au chapeau de paille (Marie-Th\u00e9r\u00e8se)<\/em>, couldn\u2019t catch a bid above US$18.5 million (below US$20 million low estimate) and so, wasn\u2019t sold.<\/p>\n
Neither painting had a presale guarantee from the auction house or a third party.\u00a0<\/p>\n
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A third Picasso, L\u2019Arl\u00e9sienne (Lee Miller)<\/em>, painted in 1937, sold for nearly US$24.6 million, with fees, during a dedicated sale of 16 works (all guaranteed) from the collection of media scion S.I. Newhouse. The final result for the Picasso was within an estimate range between US$20 million and US$30 million. Presale estimates do not include fees.\u00a0<\/p>\n
Overall, the 20th-century sale was 86% sold by lot, with 10 works failing to find buyers. In all, the sale realized nearly US$329 million, Christie\u2019s said.\u00a0<\/p>\n
The Newhouse auction, chock full of masterpieces, fared far better, with 100% of lots sold, led by Francis Bacon\u2019s 1969 Self-Portrait<\/em>, which sold for US$34.6 million, and Willem de Kooning\u2019s Orestes<\/em>, 1947, which realized nearly US$31 million. Both sales figures include fees. In all the sale brought in nearly US$178 million.<\/p>\n
The 20th-century auction included some major sales, including the top lot of the night\u2014Henri Rousseau\u2019s Les Flamants<\/em>, 1910, which shattered the artist\u2019s three-decade record of US$4.4 million by selling above its high estimate for US$37.5 million after nearly eight minutes of intense bidding. The total with fees was US$43.5 million.\u00a0<\/p>\n
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It also included some spirited bidding for paintings by Pierre-Auguste Renoir. Square de la Trinit\u00e9<\/em>, 1878-1879, sold for US$11.9 million, with fees, nearly double a high estimate of US$6 million, after more than six minutes of bidding, while La Seine \u00e0 Argenteuil<\/em>, 1888, sold for US$4.5 million, with fees, above a high estimate of US$1.5 million.\u00a0<\/p>\n
Square de la Trinit\u00e9<\/em> was from the estate of Sophie Danforth, a collection that throughout the evening achieved US$23.8 million. The total included the sale of Henri de Toulouse-Lautrec\u2019s Au cirque: \u00c9l\u00e9phant en libert\u00e9<\/em>, 1899, a drawing that achieved US$2.7 million, far above a US$600,000 high estimate, and Francisco de Goya y Lucientes\u2019 A horse covering a she-donkey, while straddling a monk riding it<\/em>, which achieved US$3.2 million, with fees, above a US$1.2 million high estimate.\u00a0<\/p>\n
The sale also proved the value of good provenance in results for works by David Hockney and Georgia O\u2019Keeffe from the collection of the late Microsoft co-founder \n Paul Allen. \n \u00a0<\/p>\n
O\u2019Keeffe\u2019s Black Iris VI<\/em>, 1936, sold for US$21.1 million, with fees, sailing past a US$7 million high estimate, while White Calico Rose<\/em>, 1930, sold for US$13 million, above a US$8 million high estimate.\u00a0<\/p>\n
Hockney\u2019s Early Blossom, Woldgate, <\/em>2009, sold for US$19.4 million, with fees, above a US$7 million high estimate, while The Gate<\/em>, 2000, sold for US$14.7 million, with fees, above an US$8 million high estimate. Felled Trees<\/em>, 2009, sold for US$10.8 million, with fees, above a US$6 million high estimate.\u00a0<\/p>\n
In all, the Allen collection achieved nearly US$89 million Thursday evening.\u00a0<\/p>\n
The estate of the late Chicago commodities trader Alan Press and his wife, Dorothy, which included nine works in the 20th-century sale, achieved nearly US$44.5 million. The collection included Ed Ruscha\u2019s Burning Gas Station<\/em>, 1966-69, which realized US$22.3 million, within a presale estimate range, and Henri Matisse\u2019s Jeune fille accoud\u00e9e<\/em>, 1947, which fetched US$1.6 million, above a US$700,00 high estimate.\u00a0<\/p>\n
Other highlights of the Newhouse auction included Cy Twombly\u2019s Untitled (Bolsena)<\/em>, which achieved nearly US$20 million, with fees, within presale expectations, and Picasso\u2019s Cafeti\u00e8re, tasse et pipe<\/em>, 1911, which sold for US$11.3 million, with fees, also within expectations.\u00a0<\/p>\n
Among works that failed to find buyers was Yves Klein\u2019s Anthropom\u00e9trie sans titre, (ANT 80)<\/em>, with an estimate range between US$8 million and US$12 million, Fernand Leger\u2019s Femme portant une statuette<\/em>, with an estimate between US$5 million and US$8 million, and Picasso\u2019s Bougie et masque<\/em>, with an estimate between US$1.5 million and US$2.5 million.\u00a0<\/p>\n<\/p><\/div>\n