Post Sale Review of Christie's Contemporary Art Sale

Bloomberg has a good review of the very strong Christie's contemporary art sale held in London this past week.  One of the interesting comments is that the upper end of the market where the quality art is remains strong, but if the work is considered even slightly below that high quality point, prices can fall dramatically.  The Bloomberg article then notes the rather lack luster sale at Sotheby's.

Bloomberg reports 

Concern about the euro and economic growth is making buyers more tentative for lesser works. The auction raised 132.8 million pounds with fees against a low estimate of 102.6 million pounds, based on hammer prices. The previous evening, a less trophy-studded auction of contemporary pieces at Sotheby’s (BID) made 69.3 million pounds, 40 million pounds down on last year.

Klein’s 1960 painted relief “Le Rose du bleu (RE 22),” encrusted with sea sponges, was valued at as much as 20 million pounds and guaranteed by a third-party bid. It was won by a telephone bid taken by Francis Outred, Christie’s European head of contemporary art.

Three other guaranteed works sold for more than 10 million pounds, with another 21.5 million pounds for the 1964 Francis Bacon “Study for Self-Portrait” against a valuation of as much as 20 million pounds.

Lawsuit Settled

The painting had been previously offered by Christie’s New York in 2008, when it failed to sell. The work had subsequently become the subject of a lawsuit between the auction house and a family trust led by the Connecticut collector George A. Weiss. It was guaranteed by the auction house, rather than a third- party, and was bought by the New York dealer Christophe Van de Weghe, underbid by Manhattan gallerist William Acquavella.

“I was bidding for an international financier who lives in a plane,” Van de Weghe said.

Source: Bloomberg