Consignments Shows Confidence in the Art Market

Bloomberg has an article about how a Picasso (see image) and a collection of German art from the 1960s and 1970's will add nearly $99 million to the estimates at the June art sales in London.

Perhaps what is important about the consignment of these items is that the art market is considered strong, and prices have continued to grow and show reseliency (for quality 20th century art). These qualty consignments would not be materilizing unless strong values were predicted.  If you recall during 2009, many of the major art sales were considered lacking in across the sale quality.  The sales over the past year have shown strong results, and therefore more collectors are willing to part with their fine art.

Bloomberg reports

Picasso’s canvas “Jeune fille endormie,” showing Marie- Therese snoozing on her folded arms, is estimated to fetch 9 million pounds to 12 million pounds at Christie’s International. The group of 59 German contemporary works has an upper estimate of 47.5 million pounds at Sotheby’s.

Owners of valuable 20th-century trophies have become more confident about selling after record prices last year. Picasso’s 1932 Marie-Therese painting “Nude, Green Leaves and Bust” fetched $106.5 million -- the most for any artwork at auction -- at Christie’s, New York, in May 2010. A simpler portrait of her may fetch as much as $35 million at Sotheby’s New York in May.

“Prices have climbed back dramatically,” David Leiber, director of the New York-based gallery Sperone Westwater, said in an interview. “For the classic works, collectors like the spectacle of buying at auction.”

Christie’s 1935 Picasso is being sold by an anonymous owner who is donating proceeds to the University of Sydney to fund medical research. The canvas included in Christie’s June 21 auction of Impressionist and modern art hasn’t been seen in public for 70 years, the London-based company said in an e-mail today.

Paintings inspired by Picasso’s love affair with Marie- Therese -- a favorite with Russian collectors -- have set eight of the 20 highest auction prices for the world’s biggest-selling artist.

To read the full Bloomberg article, click HERE.