Results: Christie's London Impressionist and Modern Sale

Christie's has just completed its London Impressionist and Modern evening sale and the Art of the Surreal evening sale.  The following results are consolidated for the two evening sales.  The sales offered a total of 76 lots, with 60 selling for a solid buy through rate of 79%.  The total of the sales was $136.3 million (includes buyers premium) with an 84% sold by value rate. The pre sale estimates (without buyers premiums) ranged from $117 million to $173 million.

The top lot was a Pierre Bonnard (see image) selling for a world record for the artist at auction $11.6 million including buyers premium. Of the top ten lots, 6 sold for above the high estimates, and the other four were between the pre sale estimates.  Interesting, like the Sotheby's sale there was a Giacometti which failed to meet reserve and did not sell.  Most thought the sale was good, although I understand there were a fair number of lots that did not reach the low estimate.

Christie's made the following statement about the sales

Giovanna Bertazzoni, Director and Head of Impressionist and Modern Art, Christie’s London: “Strong results at this evening’s auction illustrate a solid market for both classic impressionism and the masterpieces of the avant-garde. Colour continues to draw fierce competition, from the glowing yellow of Degas’ ballerinas to the vibrant red in the Fauve Derain. In a buzzing saleroom, buyers from 20 different countries bought works at the sale with a deep pool of international bidders and more than 10 clients competing on several lots. The most intense interest was for the works which were released from private collections for the first time – nearly all of the top 10 lots had been in the same hands for a generation or more.”

Olivier Camu, International Director of Impressionist and Modern Art, Christie’s: “Since we staged the first auction dedicated to Surrealist art in 2001 we have seen the market continue to grow in stature and tonight we realized a record total for the category, and a record price for any work by Dali. This pioneering movement of 20th century art now attracts collectors from every corner of the world and from other collecting areas, in particular contemporary art. This is driving the market to new levels.”