{"id":44349,"date":"2022-03-03T13:44:00","date_gmt":"2022-03-03T18:44:00","guid":{"rendered":"https:\/\/rehs.com\/eng\/?p=44349"},"modified":"2023-12-18T08:46:18","modified_gmt":"2023-12-18T13:46:18","slug":"christies-evening-sales-20th-21st-century-the-art-of-the-surreal","status":"publish","type":"post","link":"https:\/\/rehs.com\/eng\/2022\/03\/christies-evening-sales-20th-21st-century-the-art-of-the-surreal\/","title":{"rendered":"Christie\u2019s Evening Sales \u2013 20th\/21st Century & The Art Of The Surreal"},"content":{"rendered":"

On March 1st, Christie’s offered a set of three auctions between Shanghai and London, which lasted some 5 hours. (Prices shown are with the buyer’s premium)<\/span><\/p>\n

\"an<\/a>

Basquiat<\/p><\/div>\n

The first auction took place in Shanghai and featured 20 lots, with the top seller being Basquiat’s 1982 painting, <\/span>Il Duce (The Leader)<\/span><\/em>, which brought CNY94.1M\/$15.06M on a CNY80-120M ($12.8-19.2M) estimate. In 2017, Christie’s offered this work with a $25-35M estimate, and the saleroom guaranteed it; it failed to sell, so they likely took a bit of a loss. Taking the second spot was Zao Wou-Ki\u2019s\u00a0<\/span>Le soir \u00e0 l\u2019H\u00f4tel du Palais (Palace Hotel by night)<\/span><\/em>\u00a0from 2004. The piece was acquired directly from the artist, carried a CNY11-18M estimate ($1.8-2.9M), and sold for CNY24.4M\/$3.9M. Rounding out the top three was Kees van Dongen’s\u00a0<\/span>La femme au collier<\/span><\/em>. The painting was purchased in 2008 from a London gallery, had a CNY19.5-32M estimate ($3.1-5.1M), and brought CNY23.2M\/$3.7M.<\/span><\/p>\n

Several works performed very well; these included Boafo’s\u00a0<\/span>Orange Shirt<\/span><\/em>\u00a0\u2013 CNY8.76M\/$1.4M (est. CNY3-5M \u2013 this same painting sold about two years ago for $212.5K), Figgis’\u00a0<\/span>Debutants Ball<\/span><\/em>\u00a0\u2013 CNY4.03M\/$545K (est. CNY800-1.2M), and Ewa Juszkiewicz’s\u00a0<\/span>Untitled<\/span><\/em>\u00a0\u2013 CNY3.3M\/$524K (est. CNY220-500K).<\/span><\/p>\n

Of the 20 lots offered, 19 sold (a sell-through rate of 95%), and the total reached CNY222M\/$35.5M. The low end of their estimate range was CNY141.5M, so they made it with plenty of room to spare.<\/span><\/p>\n

Next up was the London auction, consisting of 68 lots, 4 of which were withdrawn before the sale started. (Both hammer and buyer’s premium \u2013 w\/p \u2013 prices are shown)<\/span><\/p>\n

\"2<\/a>

Franz Marc<\/p><\/div>\n

The star of this segment was Franz Marc’s <\/span>The Foxes<\/span><\/em> \u2013 a recently restituted works from the St\u00e4dtische Kunstsammlung, Dusseldorf, to the heirs of Kurt and Else Grawi. The painting was expected to bring \u00a335M and hammered at \u00a337M\/$46.7M (\u00a342.4M\/$56.6M w\/p) — I am sure the heirs are now very happy and quite a bit richer! Next came Francis Bacon’s <\/span>Triptych 1986-7<\/span><\/em>. This large, late work (completed about five years before his death) carried a \u00a335-55M estimate and brought \u00a335M\/$47M (\u00a338.5M\/$51.3M w\/p). I can only assume that the seller \u2013 Norman Foster \u2013 was satisfied with the result. The third spot saw Lucian Freud’s <\/span>Girl with Closed Eyes<\/span><\/em>\u00a0fall in the middle of its \u00a310-15M estimate when it sold for \u00a313M (\u00a315.2\/$20.2M w\/p). Rounding out the top five were Marc Chagall’s\u00a0<\/span>Le jongleur<\/span><\/em>\u00a0at \u00a37.5M\/$10M (\u00a38.9M\/$12M w\/p) \u2013 the work last sold in 2005 for $4M, another happy seller \u2013 and Fernand Leger’s\u00a0<\/span>Composition<\/span><\/em>\u00a0(from 1920) which made \u00a35.2M\/$6.9M (\u00a36.24M\/$8.4M w\/p).<\/span><\/p>\n

Of the 64 works that were offered, 54 sold (84.4% sell-through rate), and by my calculations, the total take was \u00a3153M\/$205M (\u00a3182.7M\/$244.5M w\/p). The low end of their estimate range was about \u00a3152M, so they just squeezed by. Looking a little deeper, we find that 8 works sold below, 27 with, and 19 above their estimate ranges. This gave them an accuracy rate of 42%, which is a pretty high number. But the evening was not over; next up the Surrealists.<\/span><\/p>\n

\"a<\/a>

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

Shortly after the big auction, a selection of 21 Surrealist works was offered \u2013 hey, the fun never ends! (Prices shown are with the buyer’s premium)<\/span><\/p>\n

Taking the number one spot was an artist whose works seem to cover most of the leading art movements of the 20th century \u2013 Pablo Picasso. His 1929 painting <\/span>La fen\u00eatre ouverte<\/span><\/em>, which had been in a family collection since 1974, was expected to sell in the \u00a314-24M range and realized \u00a314M\/$18.7M (\u00a316.32M\/$21.8M w\/p), just hitting the low end of its estimate. Then came Ren\u00e9 Magritte’s\u00a0<\/span>La lumi\u00e8re du pole<\/span><\/em>\u00a0that was estimated to bring<\/span>\u00a0<\/span><\/em>\u00a35.5-7.5M and ended up selling for \u00a35.99M\/$8M w\/p. In third they saw Joan Mir\u00f3\u2019s\u00a0<\/span>Personnage, oiseau, \u00e9toile dans un paysage<\/span><\/em>\u00a0(from 1978) bring in \u00a33.04M\/$4.07M w\/p on a \u00a31.5-2.5M estimate. The seller acquired the painting back in 1996 for about $600K — so there was another happy seller.<\/span><\/p>\n

There were 21 works offered, and all were sold (100% sell-through rate). The total take was \u00a339.9M\/$53.4M w\/p on a presale estimate range was \u00a330.5-47.7M, so they made it even without the buyer’s premium. That was nice to see.<\/span><\/p>\n

By the end of the three sessions, the total for the evening was \u00a3249M\/$334M w\/p on a presale estimate of \u00a3208-299M ($278-398M). They offered 105 works and sold 94, giving them a sell-through rate of 89.5%. Again, not too bad.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

On March 1st, Christie’s offered a set of three auctions between Shanghai and London, which lasted some 5 hours. (Prices shown are with the buyer’s premium) The first auction took place in Shanghai and featured 20 lots, with the top … More…<\/a><\/p>\n","protected":false},"author":21,"featured_media":44353,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[207,20,429,120],"class_list":["post-44349","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rehs-contemporary","tag-auction-news","tag-auction-results","tag-contemporary-art","tag-modern-art"],"yoast_head":"\nChristie\u2019s Evening Sales \u2013 20th\/21st Century & The Art Of The Surreal<\/title>\n<meta name=\"description\" content=\"A review of the March 2nd evening sales that took place in London and Shanghai featuring works by Franz Marc, Basquiat, and Picasso.\" \/>\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\/2022\/03\/christies-evening-sales-20th-21st-century-the-art-of-the-surreal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Christie\u2019s Evening Sales \u2013 20th\/21st Century & The Art Of The Surreal\" \/>\n<meta property=\"og:description\" content=\"A review of the March 2nd evening sales that took place in London and Shanghai featuring works by Franz Marc, Basquiat, and Picasso.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/rehs.com\/eng\/2022\/03\/christies-evening-sales-20th-21st-century-the-art-of-the-surreal\/\" \/>\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=\"2022-03-03T18:44:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-18T13:46:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/rehs.com\/eng\/wp-content\/uploads\/2022\/03\/Franz_Marc_-_The_Foxes_--scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1918\" \/>\n\t<meta property=\"og:image:height\" content=\"2560\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Howard L. 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