Sotheyb's Sets World Record for a Work of Art at Auction

The Sotheby's Impressionist and Modern sale has set some new world records. A new world record for an artist has not been that unusal over the years, but a new record for a work of art is rather impressive, especially given the current economic issues. First, the record, then more information on the sale. The Alberto Giacometti 1961 bronze walking man sold for $104.33 million including buyers premium (see image). The previous record was Pablo Picasso’s Garçon à la Pipe, which sold for $104,168,000 at Sotheby’s New York in May 2004. The buyer or nationality of the Giacometti was not listed. The seller was Commerzbank AG. The pre sale estimate, after conversion from GBP to US dollars was about $19 million to $28 million.

Now on to the sale, which offered only 39 lots of which 31 sold. The buy through rate was 79.5% and the sale totaled $235.66 million. This set a new record for an auction in London. The pre sale estimate total was about $69 million to $160 million. The sale is considered a succes with all of the top ten lots selling for over $4 million each. The average price at the sale was a staggering $7.4 million. Six buyer origins were listed, with 3 European privates, one European trad and two US privates.

Melanie Clore, Co-Chairman, Impressionist & Modern Art, Sotheby’s Worldwide, said:

“We are thrilled to have sold these great works this evening and that they have been recognised for the masterpieces that they are. The competition which generated these exceptional results demonstrates the continued quest for quality that compels today’s collectors.”

Giacometti’s L’homme qui marche I (Walking Man I) The expectant saleroom fell quiet as bidding opened at £12 million. Some eight minutes later, after a fast and furious bidding battle between at least ten prospective purchasers, this spectacular piece - the only life-time cast of this iconic subject ever to have come to auction - sold to an anonymous telephone bidder, establishing a new record price not only for the artist, and for any piece of sculpture ever sold at auction but also, and more importantly, taking its place in history as a world record for a work of art at auction, and eclipsing Pablo Picasso’s Garçon à la Pipe, which sold for $104,168,000/ £58,052,830/ €85,949,017 at Sotheby’s New York in May 2004. Commenting on the price achieved for the Giacometti, Helena Newman, Vice Chairman of Sotheby’s Impressionist & Modern Art department worldwide, said: “The price is a reflection of the extraordinary importance of this exceptionally rare work, and the only life-time cast of this iconic subject ever to have come to auction.”
Formerly part of the corporate collection of Dresdner Bank AG, the sculpture came into the possession of Commerzbank AG after the latter’s takeover of Dresdner Bank in 2009.

Commerzbank intends to use the sale proceeds to strengthen the resources of its new
Foundation Centre, and also to provide funds to their partner museums for restoration work and educational programmes.

Other notable prices, moments and information
• Important still life by Paul Cézanne sells for £11,801,250 / $18,941,006 /€13,468,777 Painted in 1893-4, when Cezanne’s mastery of the still life was at its height, Pichet et fruits sur une table ranks among the finest works by the artist ever to have come to auction. Once part of such illustrious collections as those of Dr Albert C. Barnes, Chester A. Beatty and Laurance S. Rockefeller, the painting has now found a new place in the home of the collector who paid £11.8 million to secure it.
• Egon Schiele’s, Sitzende Frau mit violetten Strümpfen, (Seated Woman in Violet Stockings), of 1917, made £4,857,250/ $7,795,886 /€5,543,584 against an estimate of £3,000,000-5,000,000. Fresh to the market and never previously offered at auction, this powerful work had been in the same distinguished private collection for the 34 years prior to this evening’s sale.
• Henri Matisse’s Femme Couchée – a magnificent example of Matisse’s favourite subject, made £4,409,250/ $7,076,846 /€5,032,281 against an estimate of £3,500,000-5,500,000
• The sale saw the highest price of the week for a Surrealist work: Rene Magritte’s Le Beau Navire – one of the finest 1940s nudes ever to have appeared on the market, and in the same private collection since 1977 – made £3,737,250 /$5,998,286 / €4,265,327 against an estimate of £2,500,000-3,500,000.
• Fauve and Expressionist works, which were well represented in the sale, also
performed strongly. In addition to the prices achieved for the Matisse and Schiele
mentioned above, Ernst Ludwig Kirchner’s Variétéparade (Variety Show) almost
doubled its pre-sale high estimate when it sold for £2,953,250 / $4,739,966 / €3,370, 547 (est: £1,000,000-1,500,000) - the third highest price for the artist at auction