The results are in and the news is positive. As a matter of fact it is very good. I posted the other day on session one of the Sotheby's impressionist and modern sale which had acceptable results with about 75% of the lots selling.Session two of the Sotheby's sale saw an incredible 25 of 27 lots sell for a total of $25.79 million including buyers premiums. That is over 92% of the lots selling. Rather impressive. The sale had over 200 bidders registered for the auction. The pre sale estimate range was 24.14/45.5. The sale actually came in at just above the low estimate, with two lots being unsold. The buyers included 24% from the US, 48% European, 12% Middle Eastern and 16% Asian. Seven lots sold for over a $1 million, with the top lot being Lucio Fontana’s Concetto Spaziale 1961 selling for $6,359,020, setting a new record for a Venezia series painting by the artist at auction.
At the Christies sale there is also good news. The sale sold a total of $91.2 million, with Claude Monet's Dans la Prairie selling for $16.16 million (see image). The pre sale estimates for the sale were $86/125 million, so the sale, with buyers premium was nicely above the low estimate for change. 47 lots were offered at the main Christies sale with 39 selling, for nearly an 83% rate of lots selling. Buyers included 18% from the UK, 54% Europe other than the UK, 26% from the US and 2% from Asia.
For a poor market, I would think many in the art world are breathing a sigh of relief. It appears some interest, confidence, and dollars are coming back into the market. Perhaps a bit more of value as well, and that could be the key, with reasonable reserves, better estimates and quality product. The news is good, and perhaps other fine and decorative markets at all levels will gain a bit of confidence from these sales. I would bet the the estate of Yves St Laurent are smiling right now with the sale quickly approaching.
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