The final evening sale of the week and while we cannot call this one a sizzler, we also cannot say it was ice cold. Everyone knows that right now the hot market is Contemporary and owners of really good Impressionist and Modern works are not eager to sell — they are just sitting on the sidelines waiting for the pendulum to swing back. Without those blockbuster works, the auction rooms are forced to create sale that have a mixture of good and not-so-good works.
Last night, Christie’s offered their selection of Impressionist and Modern art and even though they were short on the $100M works, the sale was ok. Monet’s Le Bassin aux Nympheas sold for $27M (est. $25-$35M) while his Au Petit-Gennevilliers made $11.4M (est. $12-$18M). Modigliani’s Jeune Femme a la Rose (Margherita) brought $12.8M (est. $12-$18M) and a large Picasso made $8M (est. $8-$12M). In the end, of the 51 lots offered, 86% sold and the total take was $141.5M (low end of the estimate range was $134M).
What people need to remember is that the auction rooms are not necessarily the barometer of the art market. They are just a small part of a big picture. These sale just did not have those WOW factor paintings and the results were in line with the art being offered. Also, let’s face it — $27 million for a painting is a great deal of money!
For more on the sale, click HERE.
Claude Monet “Le Bassin aux Nymphéas”