{"id":41981,"date":"2021-05-13T16:01:47","date_gmt":"2021-05-13T20:01:47","guid":{"rendered":"https:\/\/rehs.com\/eng\/?p=41981"},"modified":"2024-04-15T01:20:05","modified_gmt":"2024-04-15T05:20:05","slug":"the-marathons-final-leg-impressionist-modern","status":"publish","type":"post","link":"https:\/\/rehs.com\/eng\/2021\/05\/the-marathons-final-leg-impressionist-modern\/","title":{"rendered":"The Marathon’s Final Leg – Impressionist & Modern"},"content":{"rendered":"\n\n\t
\"waterlilies\"<\/a>

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

There was a short break after the Contemporary sale, and by about 9:20 pm, the final leg of their marathon event started – those UK staff members must have been drinking a lot of coffee! The auctioneer began by announcing that 11 of 30 works in the sale had irrevocable bids (basically, they were already sold).<\/p>\n

\"fruit<\/a>

Paul Cezanne<\/p><\/div>\n

The top lot in the sale was Claude Monet’s\u00a0Le Bassin<\/a> aux nymph\u00e9as,<\/em> a large work with an added signature that carried an Estimate on Request notation (whisper number was $40M). The bidding opened at $38M and by the time the action stopped, the work sold for $61M ($70.3M), making it the most expensive piece of the three sessions (it was one of the guaranteed lots). On a side note, the painting last sold in 2004 for $16.8M — a nice return. Paul C\u00e9zanne’s Nature morte: pommes et poires<\/em>\u00a0carried a hefty estimate of $25-35M, and I guess others felt the same way, as it hammered at $17.15M ($19.9M w\/p – the work last sold in 2003 for $8.75M) – making it the second most expensive work in the sale. Amedeo Modigliani’s\u00a0Jeune fille<\/a> assise, les cheveux d\u00e9nou\u00e9s (Jeune fille en bleu)<\/em>\u00a0was expected to bring between $15-20M, but only managed to achieve $14M ($16.4M – this was a guaranteed lot with an irrevocable bid, so it is likely that the guarantor is now the owner). Rounding out the top five were Picasso’s\u00a0Femme assise en costume vert<\/em> at $18M ($21M w\/p – est. $14-18M – the seller acquired the painting back in 1983 for $568K), and Joan Mir\u00f3’s Peinture<\/em>\u00a0at $10.8M ($12.7M – est. $12-18M – it last sold in 2015 for $12.2M – so the seller took a bit of a loss).<\/p>\n

\"seated<\/a>

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

For some reason, they decided to include Childe Hassam’s\u00a0Flags on 57th Street, Winter 1918<\/em> (this one belonged in their American sale, which takes place next week). The work was the property of The New-York Historical Society and estimated at $12-18M. There was very little action, but it managed to find a buyer at $10.5M ($12.3M w\/p – also a guaranteed lot, so maybe they now own it). While this was an auction record for the artist, I believe that by offering it in next week’s sale, there would have been much more buzz and possibly a higher price – but we will never know.<\/p>\n

Among the other lots that did well were Monet’s\u00a0Fleurs dans un pot (Roses et brouillard)<\/em>\u00a0at $8.8M ($10.4M w\/p – est. $4-6M – it last sold in 2002 for $3M), Diego Rivera’s\u00a0Retrato de Columba Dom\u00ednguez de Fern\u00e1ndez<\/em>\u00a0– $6.25M ($7.45M w\/p – est. $2-3M), a small Renoir nude,\u00a0Femme nue couch\u00e9e<\/em>, at $3.5M ($4.3M w\/p – est. $1-1.5M – last sold in December of 2008 for $1M ), and Leonor Fini’s\u00a0Autoportrait au scorpion, <\/em>which\u00a0sparked a battle and sold for $1.9M ($2.3M w\/p – est. $600-800K).<\/p>\n

By the end of the sale (around 10:30 pm New York time), of the 33 lots, 31 sold (94% sell-through rate), and the sale totaled $188.6M ($221.3M w\/p). Their presale estimate range was $167-$219M, so even without the buyer’s premium, they made it. Of the 31 sold works, 13 were below, 12 within, and 6 above their presale ranges, leaving them with an accuracy rate of 38.7% — a reasonable number.<\/p>\n

My takeaway from this group of sales is that the salerooms need to spread out the material. While we are not buyers at these levels, I cannot imagine that people in Europe were happy having to stay up all night to place a bid. They should go back to the days when the Impressionist and Contemporary sales were spread out over a two week period. There is just too much material offered in such a short period — it has to impact the prices achieved.<\/p>\n\n","protected":false},"excerpt":{"rendered":"

There was a short break after the Contemporary sale, and by about 9:20 pm, the final leg of their marathon event started – those UK staff members must have been drinking a lot of coffee! 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