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Rembrandt To Richter – 500 Centuries Of Art

July 29, 2020
Joan Miro’s Peinture (Femme au Chapeau Rouge)

Joan Miro’s Peinture (Femme au Chapeau Rouge)

The onslaught continues, and this week, Sotheby’s presented their Rembrandt to Richter sale … a mash-up of pricier works from Old Master to Contemporary.  I, for one, have never been a fan of this type of sale, especially when you go to the viewing and see a Picasso sitting next to a Rubens.  Yes, both were exceptional artists, but their styles are so different that, at times, it hurts the eye.  I will say that since there are no physical viewings right now, the juxtaposition of these very different works is less troubling. (w/p = with the buyer’s premium)

Rembrandt’s Self-Portrait of the Artist…

Rembrandt’s Self-Portrait of the Artist…

Taking the number one spot was Joan Miro’s Peinture (Femme au Chapeau Rouge) that carried a £20-30M estimate and sold for £19,406,620/$25.03M (£22,302,140/$28.8M w/p) – I assume these wacky numbers are because the guarantor purchased the work (so they were afforded a bit of a discount).  Oh, in case you are wondering, the seller was billionaire Ronald Perelman.  In second, and at the other end of the art history spectrum, was Rembrandt’s Self-Portrait of the Artist… which made £12.6M/$16.3M (£14.55M/$18.77M w/p – est. £12-16M).  I was told that the painting had some condition issues, but I guess the fact that this was only one of three self-portraits still in private hands, overshadowed that.  The third spot was taken by Fernand Leger’s Nature Morte at £10.5M/$13.55M (£12.16M/$15.7M w/p) falling comfortably inside its £8 – 12M estimate. Rounding out the top five were Giacometti’s Femme Debout at £9.2M/$11.9M (£10.68M/$13.8M – est. £4-6M), and Gerhard Richter’s Clouds (Window) at £9M/$11.6M (£10.5M /$13.5M w/p – est. £9 – 12M).

Fernand Leger’s Nature Morte

Fernand Leger’s Nature Morte

The most interesting thing about these online sales is the ability to withdraw lots just before, or even during, a sale.  In all, six works were pulled, including Francis Bacon’s Study for a Portrait of John Edwards, which was expected to bring in excess of £12M, and Gustave Bauernfeind’s Jerusalem, From the Mount of Olives at Sunrise that was estimated at £3-4M.  I guess that helps make the sell-through rate a lot stronger!

By the end of the show (and it was a show), of the 65 works offered, just three failed to find buyers (Sigmar Polke’s After Dali, Giacometti’s Figurine, and Louise Bourgeois Arched Figure).  This gave them a sell-through rate of 95%, and the total take was £126.34M/$163M (£149.7M/$193M – w/p) against a presale estimate range of £111-159M.  Of the 62 sold works, 2 were below, 25 within, and 26 above their estimate ranges, leaving them with an overall accuracy rate of 40.3% … somewhat respectable.  I am sure that the seller’s whose works eclipsed their ranges were pretty happy.

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