Sotheby’s November 4 evening sale of Impressionist and Modern art was a resounding success, surpassing the high estimate and bringing a total of $181,760,000. The sale was 84.8 percent sold by lot and 93.4 percent sold by value. Five works sold for more than $10 million and two artist records were set †André Derain’s “Barques au Port de Collioure” brought $14,802,500, and Kees van Dongen’s “Jeune Arabe” totaled $13,802,500, both works significantly exceeding their high estimates.
The November 5 day sale achieved $30,832,125, within the estimate of $27/39 million. The sale was 75.3 percent sold by lot and 74 percent sold by value.
“These results were a clear vote of confidence for the art market,” said Simon Shaw, head of Sotheby’s Impressionist and Modern art department in New York following the November 4 sale. “We wanted to put together a sale with works that were not just of great quality but were also presented with attractive estimates. I think the great depth of bidding we saw is a testament to that strategy. It was the first time since May 2006 in New York that we exceeded our top estimate, proving what we have seen consistently this year, that there is an enormous appetite for works of art of great quality.”
“Collectors are guided by quality and pricing,” said Emmanuel Di-Donna, vice chairman of Sotheby’s Impressionist and Modern art department worldwide. “When you have the right property, such as the iconic work by Giacometti, which made $19.3 million against a high estimate of $12 million, you get fireworks. Sixty-four percent of the sold lots exceeded their high estimates †a remarkable result. Demand continues for classic Impressionist works, as evidenced by the fantastic results achieved for seven paintings from the Durand-Ruel family which brought $18.9 million, well above the high estimate.”
The auction was led by Alberto Giacometti’s “L’Homme qui Chavire,” an instantly recognizable icon of the modern era, cast in 1951 which sold for $19,346,500. Caught in the instant he loses his balance, the legendary “Falling Man,” as he is known in translation, exists in a state of perpetual instability and in a moment of transcendence as he hurls towards the future.
Two Fauvist works were among the new auction records established in the sale. Five different bidders competed for Kees van Dongen’s powerful masterwork “Jeune Arabe.” André Derain’s glittering depiction of “Barques au port de Collioure,” circa 1905, also inspired heated bidding from six different collectors, finally selling to a bidder in the room, comfortably doubling the artist’s previous record.
Wassily Kandinsky’s “Krass und Mild (Dramatic and Mild),” one of the greatest Bauhaus-period works to have appeared at auction in decades, achieved $10,610,500 and led a group of pictures from the collections of renowned philanthropist and patron of the arts Dr Arthur M. Sackler.
Demand for classic Impressionist works remained strong, with seven works consigned by the family of legendary dealer Paul Durand-Ruel. The group was led by Camille Pissarro’s “Le Pont Boieldieu et la Gare d’Orléans, Rouen, Soleil,” which achieved $7,026,500, doubling the presale estimate.
Also among the top ten lots was one of Pablo Picasso’s greatest monumental interpretations of the musketeer, “Buste d’homme,” 1969, which sold for $10,386,500. The picture was included in the 1970 exhibition of the artist’s recent work at the Palais des Papes in Avignon and has not been shown publicly since.
Fernand Léger’s “Les Trois Musiciens, ler Etat,” 1932, a vivid depiction of the spirit of the prewar era from the estate of Chicago collector Grace E. Hokin, was also highly sought-after, totaling $5,682,500. Salvador Dali’s “Giraffe en Feu,”which was pursued by at least nine bidders, both in the salesroom and on the telephone, far exceeded its estimate to bring $1,874,500, a record for a work on paper by the artist. Marino Marini’s “Grande Teatro” achieved $1,482,500, a record for a painting by the artist.
The top lot of the day sale was Giorgio de Chirico’s “Trovatore,” which more than quadrupled its low estimate of $400,000 to bring $1.7 million, and Camille Claudel’s “La Valse” jumped to $932,500 from an estimate of $300/500,000.
Prices reported include the buyer’s premium. For information, 212-606-7000 or www.sothebys.com .
