Preview of London Contemporary, Impressionist and Modern Sales

Kelly Crow, writing for the Wall Street Journal has a good preview of the upcoming London Contemporary, Impressionist and Modern sales. Christie's, Sotheby's, and Phillips all have numerous sales planned over the next few weeks. Crow reports that after a slow 2009 many quality contemporary works were not offered for sale. Now as the markets have improved interest is growing.  Crow asks the question, will collectors from emerging markets such as China have interest in the contemporary market and further drive up prices?

I will of course post on the sales results from the major sales. Stay tuned.

Crow reports

Earlier this week, Christie's threw a sit-down dinner for 70 collectors in London so they could eat beneath the house's star lot, Paul Gauguin's 1901 "Still Life with 'Hope.'" The tableau of drooping sunflowers references the painter's friendship with Vincent van Gogh and is priced to sell for at least $11.3 million. Christie's is also selling a peppermint-colored Warhol "Self-Portrait" from 1967 for at least $4.6 million.

Sotheby's produced a 200-page catalogue to showcase 60 works formerly owned by Geneva-based collector George Kostalitz. Those works are expected to bring in at least $64 million, and include the red Bacon and four cerulean scenes by Marc Chagall that once hung in Mr. Kostalitz's dining room. In a move that would have seemed audacious a couple years ago, Sotheby's expert Helena Newman says her staff is encouraging bidders to try to buy the four Chagalls as a set. The Chagalls are priced to sell for between $3.2 million and $5.5 million apiece.

To read the full WSJ article, click HERE.