{"id":39117,"date":"2020-03-01T12:32:56","date_gmt":"2020-03-01T17:32:56","guid":{"rendered":"https:\/\/rehs.com\/eng\/?p=39117"},"modified":"2024-02-27T06:22:51","modified_gmt":"2024-02-27T11:22:51","slug":"londons-impressionist-modern-surrealist-sales","status":"publish","type":"post","link":"https:\/\/rehs.com\/eng\/2020\/03\/londons-impressionist-modern-surrealist-sales\/","title":{"rendered":"London’s Impressionist, Modern & Surrealist Sales"},"content":{"rendered":"

February was a busy month for us, bouncing from fair to fair, and it was also a busy month in the auction arena, so we\u2019re going to play a bit of catch-up.\u00a0 Over in London, both Sotheby\u2019s and Christie\u2019s hosted Impressionist, Modern & Surrealist sales as well as Post-War & Contemporary sales.<\/p>\n

\"Pissarro\u2019s<\/a>

Pissarro\u2019s Gel\u00e9e blanche, jeune paysanne faisant du feu<\/p><\/div>\n

Let\u2019s first take a look at the Impressionist, Modern & Surrealist markets \u2013 and keep in mind this is the first set of sales after Brexit became official. The top lot at Sotheby\u2019s Evening sale, a title usually reserved for a gaudy price, achieved just \u00a313.2M ($17.2M) on a \u00a38-12M ($10.3-15.5M) estimate\u2026 comparatively speaking, last year\u2019s top lot was a Monet that pushed \u00a330M. This time around we are talking about Pissarro\u2019s Gel\u00e9e blanche, jeune paysanne faisant du feu<\/em> which went into the sale sporting the highest estimate a work by Pissarro has seen at auction (and it achieved the second highest price by the artist).\u00a0 Just behind in second, was a marine work by Paul Signac, which found a buyer at \u00a37.6M ($9.9M) on a \u00a33-5M ($6.5 \u2013 9.1M) estimate. Both this work and the Pissarro were looted by the Nazis from Jewish collector Gaston Levy. Rounding out the top three was a bit of a surprise, a work by Franz Marc – it found a buyer at \u00a34M ($5.2M) on a \u00a31-1.5 estimate. When the sale closed, 29 of the 33 works sold for a total of \u00a349.9M ($64.8M – est. \u00a341.8-59.6); while that is a solid number with respect to the estimate, that figure represents a decline of 36.7% from last year\u2019s sale\u2026 and last year\u2019s sale was down 35.5% from the year prior \u2013 not a good trend.<\/p>\n

\"Magritte\u2019s<\/a>

Magritte\u2019s A la rencontre du plaisir<\/p><\/div>\n

The following night, Christie\u2019s held two individual sales\u2026 The Art of the Surreal Evening Sale and the Impressionist and Modern Art Evening sale. Similarly, the night was void of a mega lot\u2026 last year they watched a Monet waterlily painting fail on a \u00a340M estimate, but this time around they didn\u2019t even have the opportunity at a major failure. The top lot between the two came from the Surreal offerings \u2013 Magritte\u2019s A la rencontre du plaisir <\/em>achieved \u00a318.9M (est. \u00a38-12M).\u00a0 In total, 7 Magritte paintings were offered in the Surreal sale, which accounted for 75% of the sale total.\u00a0 Just behind in second was Tamara de Lempicka\u2019s Portrait de Marjorie Ferry<\/em>, which sparked a small bidding war seeing the price climb to \u00a316.3M and setting a new auction record for the artist. The same work sold back in 1995 for just $552K, and then again in 2009 for $4.9M \u2013 a pretty solid return for the seller both times! Rounding out the top three was a smallish Giacometti from 1950 \u2013 the work sold for \u00a311.3M (est. \u00a38-12M), which was only a modest gain for the seller. This same piece sold back in 2008, above its then estimate, for \u00a39.4M. At the end of the night, Christie\u2019s failed to find buyers for just 8 works, which works out to 84% sold. The sold works totaled \u00a3106.8M ($138.8M) \u2013 a considerably higher total than their counterpart, though Christie\u2019s suffered a similar fate when comparing previous year\u2019s sales\u2026 in 2019, this same sale achieved \u00a3165.6M ($220.2M), so this year\u2019s sale saw a decline of roughly 35%.<\/p>\n

The main issue here seems to be sourcing material for the sales\u2026 if collectors are not willing to part with their prized possessions, the auction houses can\u2019t offer them, and in turn the bottom line suffers \u2013 it is not as much a statement on the strength of the market, as when nice examples are offered, they make excellent prices\u2026 this more so seems to be a result of economic uncertainty and an unwillingness on collectors part to risk consigning their top works in a time of great volatility.<\/p>\n","protected":false},"excerpt":{"rendered":"

February was a busy month for us, bouncing from fair to fair, and it was also a busy month in the auction arena, so we\u2019re going to play a bit of catch-up.\u00a0 Over in London, both Sotheby\u2019s and Christie\u2019s hosted … More…<\/a><\/p>\n","protected":false},"author":5,"featured_media":39118,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[207,20,88,120,228],"class_list":["post-39117","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","tag-surrealism"],"yoast_head":"\nLondon\u2019s Impressionist, Modern & Surrealist Sales<\/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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