Two Picasso's oil paintings sold at Christies NY Impressionist and Modern Sale Wed evening! The Christie's sales showed some positive results and live in the market. Although Tuesday evening, the Picasso owned by a Madoff victim failed to sell and which had a $16 - $24 million estimate and the sale was considered by many to be less than robust.One of the Christie's Picasso's was owned by a Madoff victim and sold for $14.6 million including buyers premium(see image). The second Picasso oil sold for $7.75 million including buyers premium. The Christies sale had 48 lots of which 38 sold for a 79% buy through rate, the total sale brought $102.7 million, which was close to the middle of Christie’s pre sale estimate range of $87.6 million to $125.2 million.
Carol Vogel of the NY Times reported on the sale and stated A day can make all the difference in the life of auctions. Buyers appeared afraid to shop on Tuesday night, unsure of whether there was a market. But by Wednesday evening, fears of conspicuous consumption had apparently evaporated, with multiple bidders for most of the works. And Christie’s experts had the benefit of adjusting their pricing in the wake of Sotheby’s results. “I was surprised to see people spending money,” said Mark Fisch, a Manhattan real estate developer and collector who was sitting in the second row at Christie’s. In this economy, he added, he thought bidding would have been more tentative.
To read the NY Times review, click HERE.
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