The Economist recently ran an article on the greatly anticipated Yves Saint Laurent sale, being held at Christie's in Paris, February 23rd - 25th. Many feel if this sale is a great success it might have enough strength to invigorate the art market.The sale contains690 lots (according to the Christie's site, the Economist states 733) of fine and decorative arts including furniture, jewelry, lighting, sculptures, paintings, and decorative accessories. The statement is made that this will be the largest single owner auction sale ever. The sale is expected to generate over $350 million. There appears to be a little something for everyone. The quality of the collection is considered by many to be outstanding, with excellent items and a great provenance.
The Economist states Yves Saint Laurent, a French fashion designer who died last June at the age of 71, and Pierre Bergé, his business and personal partner, assembled the collection together over 50 years. At the end of February at the Grand Palais, Christie’s will bring the hammer down on 733 objects. This is the biggest single-owner sale in auction history and, potentially, a coup for the Paris art market, which recently suffered the humiliation of being overtaken, in auction turnover, by Hong Kong (New York and London still rank first and second).
The article continues The collection is so renowned, and the works combine so well, that it is not surprising that Abu Dhabi tried to pre-empt the auction by buying it all. Mr Bergé acknowledges that a dealer approached him on behalf of someone in the Middle East, but was unwilling to elaborate. Mr Bergé, however, is set on dismantling the collection for emotional as well as financial reasons. The auction is a spectacular homage and final goodbye to an intimate collaboration.
The scale and ambition of the auction hark back to a rosier art market. Although Christie’s has offered Mr Bergé no guarantees and the estimates are considered reasonable (a few have even been revised downwards since the autumn) the sheer volume of lots will be a challenge to the market. None of that seems to worry Mr Bergé. “Maybe I’m presumptuous, but the majority of the lots are so beautiful and so important that I don’t think the crisis exists really for that,” he says. “Even if the sale is not as successful as it might have been two years ago, it will bring in money enough for its objectives.” Christie’s is expecting at least 100 gros acheteurs, and it is confident bidders will be unable to resist the combination of quality and fame. “What is more secure today than a timeless masterpiece with an illustrious provenance?” asks Mr De Ricqlès. “We are cautious, but we expect some world-record prices.”
The sale will be interesting to follow, not only before hand with all of the hype and promotion which is already starting, but during the actual sale to see what many consider to be the greatest single owner sale and how it fares in a difficult market. Expectations are strong from many experts because of the quality of property, the YSL brand and provenance, and the opportunity to be part of a potentially historic sale.
To read the Economist article, click HERE.
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