Christie's Impressionist and Modern Sale

Christie's London just wrapped up its Impressionist and Modern sales with some strong results.  The sales totaled $122.18 million including buyers premiums, with 81% of the lots selling.  The pre sale high estimate was just about $124 million, so the 81% of the selling lots came very close to meeting the pre sale high estimate.


The top selling lot was Tête de femme (Jacqueline), 1963, by Pablo Picasso which sold for $12,89 million against a pre-sale estimate of $4.8 million to $6.4 million (see image).  There are reports of strong interest and bidding competition from Russian and Eastern European collectors at this sale. Buyers (by lot / by origin) were 25% UK, 48% Europe, 25% Americas and 2% Asia.

Giovanna Bertazzoni, Director and Head of Impressionist and Modern Art, Christie’s London stated:

 “Tonight’s sale sent a strong signal to consignors that demand is high and that knowledgeable buyers from around the world are committed to acquiring works of art. The increased confidence of vendors meant that this evening we could feed the appetite of these buyers by offering a greater supply than in recent months. Competitive bidding saw eight of the top ten lots sell above their pre-sale estimates and 21 lots realise over £1 million, compared to 26 at both last year’s major London sales combined. We thus look forward with great encouragement to the next major auctions of Impressionist and Modern art in May in New York.”

The top price was paid for Tête de femme (Jacqueline), 1963, by Pablo Picasso which sold for £8,105,250 / $12,887,348 / €9,248,090 against a pre-sale estimate of £3 million to £4 million. A portrait of the artist’s second wife who became the most important of all his Muses and models, it sold to an anonymous telephone bidder.

At this evening’s auction, 4 works of art sold for over £5 million / 21 for over £1 million. Buyers (by lot / by origin) were 25% UK, 48% Europe, 25% Americas and 2% Asia.