{"id":30932,"date":"2018-11-12T16:50:26","date_gmt":"2018-11-12T21:50:26","guid":{"rendered":"https:\/\/rehs.com\/eng\/?p=30932"},"modified":"2024-01-30T06:02:54","modified_gmt":"2024-01-30T11:02:54","slug":"christies-impressionist-modern-evening-sale-a-lots-left-on-the-table","status":"publish","type":"post","link":"https:\/\/rehs.com\/eng\/2018\/11\/christies-impressionist-modern-evening-sale-a-lots-left-on-the-table\/","title":{"rendered":"Christie’s Impressionist\/Modern Evening Sale: A-Lots Left On The Table"},"content":{"rendered":"

Twice each year, the major auction houses offer up an absurd amount of material in New York, and last night Christie\u2019s kicked things off\u2026 most unfortunately, this evening sale would pale in comparison to recent years \u2013 putting a damper on hopes of pushing the $2 billion mark for the week (combined estimates put the week\u2019s total around $1.8B). Watching the live feed, there was noticeably less energy in the room than usual for an evening sale\u2026 bidding was more sporadic, and prices achieved were not nearly as lofty as we often see\u2026 not to mention, a few major lots failed to sell.<\/p>\n

The sale began with a few \u201clesser\u201d works\u2026 a small Picasso, which measured just 8 x 6 inches, followed by a small Dali gouache, and then another Picasso (a pencil on paper work)\u2026 the first substantial lot was number 6 – Giacometti\u2019s Femme Assise. <\/em>It was an obvious predictor of how things would go\u2026 it featured provenance back to the artist and was fresh to the market, as it was privately acquired in 1986. With a seemingly fair $14-18M estimate, the winning bid of $12M was not a great look ($13.8 with premiums \u2013 w\/p). That is how much of the night would unfold\u2026 just a bit short.<\/p>\n

\"claude-monet-le-bassin-aux-nympheas\"<\/a>

Clude Monet<\/p><\/div>\n

The top lot of the evening went to the catalog cover piece \u2013 Claude Monet\u2019s Le basin aux nympheas<\/em>, was projected to sell between $30-50M. They opened bidding at $20M and things quickly stalled out at $22M\u2026 it was actually a bit tense for a moment, and then a few more bids rolled in\u2026 slowly climbing, the work ultimately found a buyer at a mere $28M ($31.8M w\/p) \u2026 I feel a need to repeat and highlight that \u2013 the top lot of an evening sale sold below the estimate.<\/u><\/p>\n

\"e5ab823105e984b036fe6b3fa1a22d10\"<\/a>

Picasso<\/p><\/div>\n

Second on the evening went to Picasso\u2019s La Lampe<\/em>, which was set up for success\u2026 the work, featuring the first physical depiction of his mistress and long-time muse Marie-Therese Walter, was accompanied by provenance dating back to the artist\u2019s estate. In an oddly twisted way, the work had remained with his daughter Maya until it was sold in 2008\u2026 not sure about you, but I don\u2019t know many people who\u2019d want to hang onto a painting of their father\u2019s mistress. In any case, the work was expected to bring between $25-35M and just eked into that range as the hammer fell at $26M ($29.5M w\/p).<\/p>\n

\"giacometti_le_chat\"<\/a>

Giacometti<\/p><\/div>\n

Rounding out the top three was a sculpture by Giacometti titled Le Chat<\/em>\u2026 a cleverly titled rendition of a stray cat the artist took into his studio. The work features provenance back to the artist and was part of Baroness Johanna Lambert of Brussels\u2019 private collection since 1955 (the year the work was cast). With an estimate of $14-18M, this lot also just made the range with a hammer price of $15M ($17.1M).<\/p>\n

\"monet_-_effet_de_neige_a_giverny_-_1893\"<\/a>

Claude Monet<\/p><\/div>\n

Usually, there are a plethora of other well-performing lots from evening sales and a short list of failures but this time around things were diametrically different. While there were a total of 16 lots that topped their estimate, most of them were just passed the range\u2026 except for one \u2013 Monet\u2019s white-out landscape Effet de neige a Giverny<\/em>, hammered at $13.5M ($15.5M) on a $5-8M estimate, accompanied by applause and all.<\/p>\n

Aside from that, the evening had a pretty rough feel overall\u2026 many works under-performed. A handful of works by Picasso, estimated at $10-15M, $8-12M, $5-8M, and $4-6M, sold at the low end (or below) the estimate range (that doesn\u2019t include the aforementioned La Lampe<\/em>) along with an unsold work estimated at $15-20M\u2026 bidding on that sputtered out at $14M but didn\u2019t meet the reserve. Picasso wasn\u2019t the only one to have a poor showing\u2026 Three works by Monet (including the top lot) sold below the estimate\u2026 $28M (est. $30-50M), $14M (est. $15-25M), and $3.3M (est. $3.5-5.5M) along with one unsold lot, which was estimated at $12-18M \u2013 bidding topped out at just $7.5M on that one. In addition to those, works by Magritte (est. $6-9M and $3-5M) and Toulouse-Lautrec (est. $6-8M) failed to sell.<\/p>\n

\"van-gogh-corner-flowers\"<\/a>

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

Nothing could have prepared them for lot 40 though\u2026 Van Gogh\u2019s small floral work titled Coin de jardin avec papillons<\/em> was offered with an estimate on request (luckily, I stopped by on Saturday and bugged a security guard until she went and got a specialist so I could find out the estimate \u2013 in the region of $40M)\u2026 they opened the bidding at $27M but bidding was sparse and it quickly passed.<\/p>\n

By the end of the evening, Christie\u2019s found buyers for 85% of the material\u2026 a number that sounds good for most auctions these days but not for an evening sale of this caliber\u2026 especially when you consider which lots made up the unsold 15%. Comparatively speaking, this year\u2019s total take of $279.2M was approximately 42% less than last year\u2019s sale! And let us not forget that the $279.2M includes the premiums\u2026 without those, the total was just $239M. The low end of expectations was $305M, so they were well short of the mark\u2026 hopefully, this is not a sign of things to come for the remainder of the week.<\/p>\n","protected":false},"excerpt":{"rendered":"

Twice each year, the major auction houses offer up an absurd amount of material in New York, and last night Christie\u2019s kicked things off\u2026 most unfortunately, this evening sale would pale in comparison to recent years \u2013 putting a damper … More…<\/a><\/p>\n","protected":false},"author":5,"featured_media":30933,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[207,20,88,120],"class_list":["post-30932","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rehs-contemporary","tag-auction-news","tag-auction-results","tag-french-impressionist","tag-modern-art"],"yoast_head":"\nChristie\u2019s Impressionist\/Modern A-Lots Left On The Table<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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