{"id":37958,"date":"2019-06-26T16:52:09","date_gmt":"2019-06-26T20:52:09","guid":{"rendered":"https:\/\/rehs.com\/eng\/?p=37958"},"modified":"2024-03-01T01:27:37","modified_gmt":"2024-03-01T06:27:37","slug":"better-than-the-competition-sothebys-london-impressionist-and-modern","status":"publish","type":"post","link":"https:\/\/rehs.com\/eng\/2019\/06\/better-than-the-competition-sothebys-london-impressionist-and-modern\/","title":{"rendered":"Better Than The Competition: Sotheby’s London – Impressionist and Modern"},"content":{"rendered":"

On the 19th<\/sup>, Sotheby\u2019s London offered up a lean Impressionist & Modern evening sale with just 25 works up for grabs\u2026 and even with less material than Christie\u2019s the evening prior, Sotheby\u2019s had loftier expectations \u2013 Christie\u2019s was only expecting between \u00a364-89M\u2026 Sotheby\u2019s had a presale estimate of \u00a387.5-126.3M. That said, I\u2019d be hard-pressed to say we saw great results\u2026 they were mediocre at best.<\/p>\n

\"Monet\"

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

Much of the hoopla was in relation to the expected top lot of the evening \u2013 Monet\u2019s Nympheas (1908)<\/em>, which was coming from a \u201cdistinguished family collection\u201d in Argentina, along with another Monet and a Pissarro. The three works were all guaranteed and carried a combined estimate of \u00a330.2-42.8M \u2013 just to highlight the inequality in offerings between the two houses, these three works could have surpassed Christie\u2019s entire sale total! Getting back to the Monet\u2026 the work saw shaky bidding as they were only able to garner \u00a323.7M ($29.8M with premiums) for the work, though they were expecting \u00a325-35M ($31.4-43.9M)… that figure was still good for the top spot. The other Monet and Pissarro from the collection did not see strong results either\u2026 Monet\u2019s Printemps a Giverny <\/em>went well below the \u00a34-6M ($5-7.5M) estimate as it sold for \u00a33.1M ($3.9M) including the buyer\u2019s premium! After doing some quick math, I found that means the hammer was just \u00a32.6M\u2026 and the Pissarro hammered at the bottom end of its \u00a31.2-1.8M ($1.5-2.2M) estimate; adding in the premium brings the price up to \u00a31.45M ($1.8M) \u2013 so ultimately, the three only garnered \u00a328.25M\u2026 below the combined estimate.<\/p>\n

\"Modigliani\"

Amedeo Modigliani<\/p><\/div>\n

The number two lot of the evening went to Modigliani\u2019s Jeune Homme Assis<\/em>, for \u00a318.4M ($23.1M) on a \u00a316-24M ($20.1-30.1M) estimate\u2026 that works out to a hammer price of \u00a316M \u2013 the bottom end of the estimate range. This work also came out of a collection in Argentina\u2026 provenance is always a concern with works coming out of South America, particularly Argentina\u2026 after World War II, many Nazi\u2019s fled to Argentina, and they took their looted works with them. This one is said to have belonged to Rafael Crespo, and was then passed on to his son and daughter-in-law\u2026 it had been in the family collection since 1927, when it was bought from the artist\u2019s primary dealer Lepold Zborowski. I was pretty surprised to see such a fresh work go at the low end of the estimate\u2026 though it is likely because Modigliani\u2019s paintings of men are not as desirable as those of women.<\/p>\n

\"Miro\"

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

Rounding out the top three, and the only other work to top the \u00a310M mark, was Joan Miro\u2019s Peinture<\/em>\u2026 the work carried a \u00a310-15M ($12.5-18.8M) estimate and found a buyer at \u00a312M ($15M). It last appeared on the market in 2010 at Christie\u2019s New York in an evening sale and actually went below the $12-18M estimate, selling for just $10.3M (including premium).<\/p>\n

There were not many surprises\u2026 a good chunk of the lots fell within their range \u2013 11 of the 25 (44% accuracy rate); not bad\u2026 additionally, 8 lots went above their estimate! That left just 4 works below their estimate along with two unsold works\u2026 a seemingly solid performance, especially after the nightmarish showing at Christie\u2019s. Overall, the Sotheby\u2019s sale brought in \u00a398.8M \u2013 inside the presale estimate range but only with the help of the premiums. While this certainly is not an overwhelmingly strong result, it definitely provides some relief after a rocky sale the night before.<\/p>\n","protected":false},"excerpt":{"rendered":"

On the 19th, Sotheby\u2019s London offered up a lean Impressionist & Modern evening sale with just 25 works up for grabs\u2026 and even with less material than Christie\u2019s the evening prior, Sotheby\u2019s had loftier expectations \u2013 Christie\u2019s was only expecting … More…<\/a><\/p>\n","protected":false},"author":5,"featured_media":37961,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[207,20],"class_list":["post-37958","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rehs-contemporary","tag-auction-news","tag-auction-results"],"yoast_head":"\nBetter Than The Competition: Sotheby's London - Impressionist and Modern<\/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\/2019\/06\/better-than-the-competition-sothebys-london-impressionist-and-modern\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Better Than The Competition: Sotheby's London - 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