{"id":30077,"date":"2018-05-17T16:32:10","date_gmt":"2018-05-17T20:32:10","guid":{"rendered":"https:\/\/rehs.com\/blog\/?p=30077"},"modified":"2024-02-01T02:10:41","modified_gmt":"2024-02-01T07:10:41","slug":"now-we-know-when-too-many-picassos-are-too-much","status":"publish","type":"post","link":"https:\/\/rehs.com\/eng\/2018\/05\/now-we-know-when-too-many-picassos-are-too-much\/","title":{"rendered":"Now We Know When Too Many Picassos Are Too Much"},"content":{"rendered":"
\"malevich-242x300\"<\/a>

Malevich\u2019s Suprematist Composition<\/p><\/div>\n

After Sotheby\u2019s uninspiring performance, expectations were a bit tempered heading into Christie\u2019s evening sale of Impressionist and Modern works\u2026 that feeling would be short-lived as the sale got off to a hot start and kept it going!<\/p>\n

The first lot up for sale, a small crayon work by Picasso, was only expected to make $700K-1M and it more than tripled that number! Just a few lots later, a Miro topped it\u2019s $10-15M estimate at $21.6M. Not too long after that came the top lot of the night\u2026 Though it was projected to come in at number two, Malevich\u2019s Suprematist Composition <\/em>garnered $85.5M on a $72-80M estimate. The 1916 canvas last sold in 2008 for $60M\u2026 this time around, it set a new auction record for the artist.<\/p>\n

\"Brancusi-201x300\"<\/a>

Brancusi<\/p><\/div>\n

Falling to second was the bronze by Brancusi\u2026 with a $70-100M estimate, it was supposed to be the star of the show, but bidding sputtered out and fell short of the estimate at $63M. Once we add in the premium, it bumps the price up to $71M, just inside the expected range. The $71M mark was also good for a new auction record as well, which was set just last year when his work, La muse endormie<\/em>, nearly doubled it\u2019s $20-30M estimate at $57M. The work in this evening\u2019s sale carried a third-party guarantee along with 6 other lots, which helped ensure the sale.<\/p>\n

\"van-gogh-300x220\"<\/a>

Van Gogh<\/p><\/div>\n

Taking third was Van Gogh\u2019s Vue de l\u2019asile et de la Chapelle Saint-Paul de Mausole \u2013<\/em> a work painted while he was being treated for mental illness. Carrying a $35-55M estimate, the work just made it at $39.6 with premium. It was last sold in 2012, where the current owner purchased it for just \u00a310.1M.<\/p>\n

A few lots were withdrawn, but none more interesting than the two Picassos being offered up by Steve Wynn\u2026 both works had third-party guarantees and would have added at least another $105M to the pot. In any case, it is reported that Christie\u2019s actually damaged the more impressive of the two works \u2013 the one that was estimated in the region of $70M! The other work, estimated at $22-28M was also pulled but for unspecified reasons. I wonder if the fact that about half of the Picassos in the Sotheby’s sale failed to find a buyer had anything to do with it?\u00a0 Have they finally oversaturated the upper end of the Picasso market? In any event, I\u2019m sure Mr. Wynn was not too pleased\u2026 its been a rough few months for the casino magnate after he was forced to resign from his company amid allegations of sexual assault in February.<\/p>\n

The final numbers were pretty solid\u2026 of the 37 works that actually made it to the block, 33 sold, good for a sell-through rate of 89% and a total take of $416M (including premium \u2013 the sale only totaled $362.2M before the premiums were added in). Any\u00a0way you slice it, they hit their $326-450M estimate range (is it me or is that one hell of a range?)<\/p>\n

Comparatively speaking, this evening\u2019s sale saw bidding that was far more evenly dispersed across the lots\u2026 Sotheby\u2019s total take from the night before was predominantly comprised of the proceeds from the Modigliani (which accounted for approximately half of the sale\u2019s total)\u2026 At Christie\u2019s, the top 3 lots together didn\u2019t even account for half of the sale\u2019s total with 37% of the works above the high end of the estimate, 39% falling into the estimate range and 24% below the estimate.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

After Sotheby\u2019s uninspiring performance, expectations were a bit tempered heading into Christie\u2019s evening sale of Impressionist and Modern works\u2026 that feeling would be short-lived as the sale got off to a hot start and kept it going! The first lot … More…<\/a><\/p>\n","protected":false},"author":5,"featured_media":30079,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[207,134,20,88,120,86,9],"class_list":["post-30077","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rehs-contemporary","tag-auction-news","tag-auction-records","tag-auction-results","tag-french-impressionist","tag-modern-art","tag-post-impressionist","tag-rehs-galleries-news"],"yoast_head":"\nNow We Know When Too Many Picassos Are Too Much<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/rehs.com\/eng\/2018\/05\/now-we-know-when-too-many-picassos-are-too-much\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Now We Know When Too Many Picassos Are Too Much\" \/>\n<meta property=\"og:description\" content=\"After Sotheby\u2019s uninspiring performance, expectations were a bit tempered heading into Christie\u2019s evening sale of Impressionist and Modern works\u2026 that feeling would be short-lived as the sale got off to a hot start and kept it going! 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