Sotheby’s February series of Impressionist and Modern art and contemporary art sales concluded on February 5, having realized a combined total of $98,884,169, against presale expectations for the series of $71.4/98 million. The evening sale brought $46.2 million while the strong performance of the day sale yielded $16.2 million and saw a sold-by-lot rate of 83 percent and a sold-by-value rate of 90 percent. The series established a new world auction record for a sculpture by Degas as well as saw two works command prices in excess of $7 million and six lots achieve nearly $1.5 million.
The top price of the series was for Edgar Degas’s “Petite danseuse de quatorze ans,” which was competed for by three bidders before selling †to a round of applause †to a private Asian collector for $18,823,969. This price, which surpassed presale expectations, establishes a new auction record for a Degas sculpture. The bronze captures a young ballet dancer assuming a delicate and subtle pose and it is one of the most ambitious and iconic works by Degas. One of only a handful of casts that had remained in private hands, the consignor of the sculpture was Sir John Madejski, one of Britain’s leading arts philanthropists whose generosity has helped to transform many cultural institutions in the United Kingdom, including the Royal Academy of Arts and the Victoria and Albert Museum. Sir John purchased the sculpture at Sotheby’s London in February 2004 for $9.1 million
Commenting on the sales, Melanie Clore, co-chairman, Impressionist and Modern art, Sotheby’s worldwide, said, “This series of sales was the first test of the market in this field this year, and we’re delighted that the strategy we employed in assembling two tightly edited sales achieved the highest sell-through rates since last summer †76 percent sold-by-lot for the evening sale and 83 percent sold-by-lot for the day sale. In addition, we’re extremely pleased with the new world auction record price established for a Degas sculpture of $18.8 million, an excellent price given that the same sculpture sold in 2004 for $9.1 million. The sales clearly demonstrate that the market continues to respond to quality and rarity.”
The $7,691,953 achieved for Ernst Ludwig Kirchner’s “Strassenszene (Street Scene)” from 1913 demonstrates the extraordinary growth that the German Expressionist market has witnessed in recent years. The painting †which captures a Berlin street scene, a theme which occupies a central position in Kirchner’s oeuvre †is one of the quintessential images of the German Expressionist movement. Kirchner produced only 11 Berlin street scenes in oil during the years 1913‱5 and “Strassenszene” was the last of these important paintings from this series and date in private hands.
Further highlights of the Impressionist and Modern art evening sale included Joan Miró’s monumental oil “Femmes et oiseaux dans la nuit,” which performed well, selling for $2,841,575, double its presale estimate.
Sculpture was highly sought-after, with strong prices for Auguste Rodin’s “Les Bourgeois de Calais,” which realized $933,229, comfortably within estimate.
The top-selling lot of the Impressionist and Modern art day sale was Pablo Picasso’s “Deux Têtes,” a late work from 1964, which had never before been offered at auction. The painting comfortably exceeded its high estimate to sell for $925,596.
Prices reported have been converted from British pounds to US dollars and include the buyer’s premium. For information, www.sothebys.com or +44 20 7293 5000.
