On Tuesday evening Sotheby's held is NY Impressionist and Modern sale. The results were mixed. Two of the larger items, a Picasso being sold by a Madoff victim (see image, estimated at $16 - $24 million) and “The Cat,” a bronze sculpture by Alberto Giacometti also estimated at $16 - $24 million failed to sell. Antoher Madoff Picasso is up for sale at the Christies sale on Wed evening. I will post results of the Christies sale when avaialble.The sale had a total of 36 lots, selling 29 for a 80% buy through rate. The total sale brought $61.4 million including buyers premiums against a total low estimate of all lots of $81.5 million. 11 of the lots deal sell for above their high estimates. If either the Picasso or the Giacometti had sold for around their low estimate, the sale would have been close to meeting the overall low estimate. Sort of a would of, could of, should of scenario I know, but during these tough times we try to cling on to the positives we find.
The NY Times reviewed the sale, click HERE for that article.
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