Record Breaking Sales?

The Telegraph looks at the NY fine art sales which started Monday evening to possibly set new records, breaking the 2007 record of $1.75 billion.  Some presale estimates are looking toward a minimum of $1.85 million.  We will soon see if that is a reality or a fantasy, while earlier indicators are not strong.

Some results from a Picasso single owner sale Monday evening were not as strong as expected. The Wall Street Journal reported on the Christie's sale from the estate of Pablo Picasso's dealer Jan Krugier  "Overall, though, the sale proved a disappointment, garnering 71% of its potential value. The presale estimate was $157.8 million to $224.4 million.  What does this mean for the art market overall? Dealers said Mr. Krugier's estate may prove too small a sample size to influence art values across the week's coming sales, but the stakes are undoubtedly higher for Christie's day-long sale Tuesday of lower-priced pieces from Mr. Krugier's estate—as well as the house's Tuesday night sale of Impressionist and modern art. The latter sale is anchored by a Giacometti painting priced to sell for at least $30 million."

The Krugier sale totaled $92.5 million against the pre sale estimate of $157.8 million to $224.4 million. Over a third of the 62 lots failed to sell.

As the results from the various sales become available I will post them.  Stay tuned.

The Telegraph reports

The annual autumnal fortnight of Impressionist, modern and contemporary art sales in New York began last night, and if all goes to plan, it will set a new record for a series of such sales. The current record is still the $1.75 billion set in November 2007, which marks the peak of the last art boom. The slump that followed lasted about 18 months. Current sales suggest a minimum of $1.85 billion (£1.16 billion).

The main difference between now and 2007 is that totals for post-war and contemporary art (ie from Jackson Pollock to Jeff Koons), which were just creeping ahead then, are now several lengths clear of Impressionist and modern art (ie from Monet to Picasso). This week, Impressionist and modern sales have 10 works valued at more than $10 million and are estimated to fetch $750 million, including commission charges. Next week, contemporary sales have 24 works valued at more than $10 million, and are estimated to bring $1.1 billion including charges.

That said, the Impressionist and modern sales this week are expected to be the best since November 2007. Christie’s has a head start because it has 150 works from the estate of the dealer Jan Krugier, worth some $200 million. Krugier was appointed an adviser to the Picasso estate by the artist’s granddaughter, Marina, and several works by Picasso, including a tribal-looking steel sculpture estimated at $25 million, are included.

A considerable proportion of Krugier’s collection was bought at auction, so it will be interesting to see how the prices hold up. A standing figure by Giacometti, which Krugier bought during the last boom in 2007 for $8.1 million, for instance, is now estimated at $9 million.

Success will depend on whether the auctioneers have got their estimates right. There have been raised eyebrows, for instance, over a painting by Giacometti of his brother, Diego, in a tartan shirt, which is estimated at $30 million at Christie’s main sale tonight. No Giacometti painting has sold for more than $14.6 million at auction. However, Christie’s has found someone to guarantee that it will sell – someone, no doubt, who is happy to see the price of Giacometti paintings go up.

Also in tonight’s sale is a late Picasso – a self-portrait with a model from 1963 – with a $25 million estimate. Only one late Picasso has come close to that price – the more sensuous and dramatic L’Aubade, which sold for $23 million two years ago.

Source: The Telegraph