{"id":30733,"date":"2018-10-15T16:20:51","date_gmt":"2018-10-15T20:20:51","guid":{"rendered":"https:\/\/rehs.com\/eng\/?p=30733"},"modified":"2019-02-28T21:25:38","modified_gmt":"2019-03-01T02:25:38","slug":"bonhams-london-foujita-dominates","status":"publish","type":"post","link":"https:\/\/rehs.com\/eng\/2018\/10\/bonhams-london-foujita-dominates\/","title":{"rendered":"Bonhams London – Foujita Dominates"},"content":{"rendered":"
\"image-foujita\"<\/a>

Foujita<\/p><\/div>\n

We often talk about an auction\u2019s ability to either meet or beat its estimate.\u00a0 Most times, salerooms struggle to hit the mark \u2026 often requiring the addition of the buyer\u2019s premium to settle in range.\u00a0 Then, there are those rare occasions when a sale leaves its pre-sale estimate in the dust.\u00a0 Earlier this year, we experienced such a result with the Rockefeller sale in New York… and now there was a small sale in London that also crushed its pre-sale estimate!\u00a0 Before you get too excited, this will be a classic example of what I have always called the \u2018what a difference one painting can make\u2019 effect. (unless otherwise noted, all prices shown are the hammer price)<\/p>\n

\"image-rouault_clown\"<\/a>

Rouault<\/p><\/div>\n

On October 11, Bonhams presented an Impressionist and Modern Art sale in London.\u00a0 On the surface, it was a nice looking sale with a number of attractive low to mid-level works of art; however, hidden among them was one which would steal the show. Lot 18 was a large painting by the Japanese\/French artist L\u00e9onard Tsuguharu Foujita titled La f\u00eate d’anniversaire,<\/em>\u00a0which was painted in 1949, sold in 1950, and has remained in the same family\u2019s possession since – that is what we call fresh!\u00a0 Now, I am no expert on this artist… however, I have followed his market over the years and to me, the estimate (\u00a3900-1.3M \/ $1.2-$1.7M) seemed a bit low given that the highest price (until now) was just over $6M for a painting that sold back in 1990. More recently, his Nu au chat<\/em> sold for $5.1M in 2016 (this same work sold in 2014 for $1.96M). By the time the bidding was over, La f\u00eate d’anniversaire<\/em> achieved a new record for the artist \u2013 selling for \u00a36.1M hammer ($8.06M – \u00a37.1\/$9.4M with commission). As I am sure you can guess, that one painting put them over the top \u2026 way over the top!\u00a0 Now we can get back to reality.<\/p>\n

\"image-miro\"

Miro<\/p><\/div>\n

Coming in second was Georges Rouault\u2019s Clown de profil<\/em> at \u00a3350K\/$462K (est. \u00a3350-550K) \u2013 this same painting last sold in 2014 and hammered at $468K \u2026 so the seller took a loss (that one lacked freshness). \u00a0Joan Miro\u2019s Femme, \u00e9toile<\/em> took third at \u00a3210K\/$277K (est. \u00a3180K\/220K) \u2013 this one sold for $346K in 2014 and generated a loss for the owner … freshness baby, freshness.\u00a0 Rounding out the top five were two Chagall\u2019s:\u00a0Les amoureux \u00e0 l’\u00e2ne bleu<\/em> at \u00a3185K\/$224K (est. \u00a380K\/120K) \u2013 this one sold back in 1983 for $36,200 (fresh), and\u00a0Sc\u00e8ne de cirque<\/em> at \u00a3180K\/$238K (est. \u00a3180K\/$220K) \u2013 another one from 2014 and sold back then for $197K (again, not very fresh, but a slight improvement).\u00a0 For many years I have stressed the need for works to be fresh in order to perform well \u2026 these five works really drive home that point.<\/p>\n

\"image-pierre-auguste-renoir-la-poste-\u00e0-cagnes\"

Renoir<\/p><\/div>\n

There were a few pricier works that failed to find buyers: Miro (est. \u00a325-35K), Picabia (est. \u00a3350-550K), Vlaminck (est. \u00a370-90K), and Cezanne (est. \u00a3100-150K). In addition, two works were withdrawn – a Toyen (est. \u00a31.5-2.5K) and Renoir (est. \u00a330-50K).\u00a0 I often make fun of paintings that sell just for the signature (you know, those subpar paintings by famous artists people buy just so they can tell their friends they have a so-and-so), so I was pleased to see that the \u2018subpar\u2019 Renoir was pulled \u2026 wonder if the reason was that it had no signature?<\/p>\n

When the action ended, of the 65 works offered, 57 sold (87.7% sell-through rate, which was pretty good) and the total take was \u00a38.87M\/ $11.7M hammer \u2013 the low end of their pre-sale estimate range was \u00a33.71M, so they crushed it. \u00a0But, do keep in mind that this happened because of a one-hit-wonder — the Foujita accounted for 69% of the sale\u2019s total.<\/p>\n

Digging a little deeper, we see that 9 works sold below, 28 within, and 20 above their estimate range giving them an accuracy rate of 43% (among the best we have seen) and I am sure they were happy that 31% of the works sold above their ranges.\u00a0 The top 5 works accounted for 79.2% and the top 10 took 87.2% of the sale\u2019s total.<\/p>\n

 <\/p>\n

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

We often talk about an auction\u2019s ability to either meet or beat its estimate.\u00a0 Most times, salerooms struggle to hit the mark \u2026 often requiring the addition of the buyer\u2019s premium to settle in range.\u00a0 Then, there are those rare … More…<\/a><\/p>\n","protected":false},"author":21,"featured_media":30734,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[207,134,20],"class_list":["post-30733","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rehs-galleries","tag-auction-news","tag-auction-records","tag-auction-results"],"yoast_head":"\nBonhams London - Foujita Dominates - Rehs Galleries<\/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\/10\/bonhams-london-foujita-dominates\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bonhams London - Foujita Dominates\" \/>\n<meta property=\"og:description\" content=\"We often talk about an auction\u2019s ability to either meet or beat its estimate.\u00a0 Most times, salerooms struggle to hit the mark \u2026 often requiring the addition of the buyer\u2019s premium to settle in range.\u00a0 Then, there are those rare … More...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/rehs.com\/eng\/2018\/10\/bonhams-london-foujita-dominates\/\" \/>\n<meta property=\"og:site_name\" content=\"Rehs Galleries\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/RehsGalleriesInc\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/howard.rehs\" \/>\n<meta property=\"article:published_time\" content=\"2018-10-15T20:20:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-03-01T02:25:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/rehs.com\/eng\/wp-content\/uploads\/2018\/10\/foujita-2.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"546\" \/>\n\t<meta property=\"og:image:height\" content=\"411\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Howard L. 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