Results: Christie's London Impressionist and Modern Art Evening Sale

The results are out for Christie's Impressionist and Modern Evening Sale.  The sale was a bit large than the Sotheby's sale which had 48 lots, but where only 33 sold.  The Christie's sale offered 70 lots with 56 selling for a respectable, although not great 80% sell through rate.  The sale totaled $145.54 million including buyers premiums, against pre sale estimates of $116.19 million to $169.53 million.  The sale was solidly in the middle of the pre sale estimate range, where the Sotheby's sale just crossed over the low estimate with buyers premiums included.  The Christie's sale sold 84% by value.

The top lot was Pablo Picasso's Femme assise, 1949 which sold for $13.45 million including the buyers premium, against a pre sale estimate of $7.80 million to $11.70 million (see image).  Seven of the top ten lots surpassed the pre sale high estimate and the other three were within the estimated range. Of the top ten lots 4 were US private sales, two were European private, one was US trade, one was International trade, and two were anonymous. 36 lots sold for over $1 million.

Christies's Reported on the sale

THE IMPRESSIONIST AND MODERN ART EVENING SALE AT CHRISTIE’S LONDON ON 20 JUNE 2012 REALISED £92,583,550 / $145,541,341/ € 114,618,435, SELLING 80% BY LOT AND 84% BY VALUE.
The Impressionist and Modern Art Evening Sale at Christie’s London on 20 June 2012 realised £92,583,550 / $145,541,341/ € 114,618,435, selling 80% by lot and 84% by value. The auction had a pre-sale estimate of £74.5 million to £108.7 million. The top price was paid for Femme assise, 1949, by Pablo Picasso (1881-1973) which sold for £8,553,250/ $13,445,709/ €10,588,924 (estimate: £5 million to £7.5 million). In total, 27 works of art sold for over £1 million / 36 for over $1 million, and two artist records were set.

Jay Vincze, International Director and Head of The Impressionist and Modern Art Evening Sale, Christie’s London:  “Quality, rarity and considered pricing were key to the successful results of this evening’s sale. Nearly every one of the top 10 lots was offered on the open market for the first time in 20 years or more, and in some cases for the first time in up to three generations; these stellar opportunities, coupled with intelligent estimates, attracted determined bidding. There were particularly notable prices for Surrealist works, reflecting the current fervor for this field which has steadily grown since Christie’s pioneering standalone sale in 2001. These were led by Magritte’s ‘Les jours gigantesques’ which sparked a fierce battle between 10 bidders and which sold for almost five times its high estimate, setting the second highest price for the artist at auction. We look forward to tomorrow’s day sales, and the auctions at South Kensington including Monday’s sale of Picasso Ceramics from The Madoura Collection.”

The top price at the auction was paid for Femme assise, 1949, by Pablo Picasso (1881-1973) which sold for £8,553,250/ $13,445,709/ €10,588,924 (estimate: £5 million to £7.5 million). This work maps not only the development of Picasso’s representations of his partner Francoise Gilot – who is heavily pregnant with their daughter Paloma in this work - but also his longstanding exploration of the theme of the sitting woman. Offered from a private Californian Collection, Femme assise was formerly part of the impressive collection of the American steel magnate and philanthropist Leigh B. Block.

Source: Christie's