the artnet 
auction report
spring sales: 
an examination 
by Stewart Waltzer

Knowing what price an object will fetch 
when it is put up for sale is the second 
most difficult job in the auction business. 
(The first most difficult job is convincing 
the owner to accept that amount.) In 
reviewing the lots that are to be offered 
at the major New York sales at Christie's 
on Apr. 30 and Sotheby's on May 1, one goes 
back through the records to see how other, 
comparable lots have fared in the past. One 
makes allowances for changes in the market, 
and allowances for works that have been 
exposed before. These records can be most 
easily found, of course, on the ArtNet 
auction database. 
Not all lots lend themselves to this sort 
of analysis. Private collections with works 
held for many years act somewhat 
differently. They have the cachet of their 
provenance as well as freshness to the 
salesroom. Both houses have fairly level 
sales, to judge from the catalogues, with a 
fair amount of private material to leaven 
the mix. The auction-house estimates are, 
on the whole, quite bullish; rather than 
flirting with boom-time prices, they are 
embracing them openly.
While most dealers are doing business, few 
would be prepared to join in a chorus of 
Happy Days Are Here Again, for one reason. 
The days are not that happy. The auction 
houses apparently feel differently. While 
the volume is still far from what it used 
to be, it won't be for long if they have 
their way.
The state of the market is a question of 
perception.  If the works are consigned at 
too high a level and do not sell or are 
skewed to the low end of the estimates, the 
market is perceived as poor.  If on the 
other hand, the houses acknowledge the 
market reality, and the estimates reflect 
this, then the work sells in an even spread 
across the estimates and the market is 
perceived as liquid and healthy.
In the last two evening sales at 
Christie's, auctioneer Michael Findlay 
masterminded paradigms of the normal, 
liquid market.  He restored the faith of 
every dealer in the room.  It wasn't 
necessarily the same at Sotheby's, where 
things appeared a bit more frantic.  A slow 
steady market is to be preferred to one 
with all those exhilarating ups and downs.
While one has enormous respect and regard 
for the people staffing the Impressionist 
and modern departments at Christie's and 
Sotheby's, it never hurts to shed a little 
light on what is normally a process that 
takes place behind closed doors. 
If you are unfamiliar with the auction 
consignment process, each work is offered 
subject to a reserve price, below which the 
work will not be sold. The amount is held 
secretly between the auction house and the 
owner.  The house then publishes an 
estimate, or a projection of what it 
believes the work will fetch. Some things 
sell and some do not.
Not every lot offered has been reviewed 
here. The project would be too vast. 
Instead, selected lots were examined in 
terms of their previous history at auction 
and the history of comparable works. Beyond 
the actual data presented relating to their 
value, one has a sense of the market and 
the expectations of the auction house 
beyond any pronouncements they may have 
made.
The works are arranged alphabetically by 
artist. Lots that have appeared at auction 
before are marked RECYCLED. 


|balthus|boudin|caillebotte|degas|delaunay| 
|lipchitz|manet|matisse|miro|modigliani|
|monet|moore|morandi|picasso|renoir|
|seurat|sisley|soutine|vangogh|vuillard|
            |results summary|
Is it a legend or is it a fact that no 
record price for an artist has endured 
longer than eight years in modern times?  
It is apparent that after the market 
debacle of the early `90s, the auction 
houses are doing their bit to make this 
dream come true. Prices once conjured only 
in "erotic" fantasies are being sought by 
the various houses in multi-page fold-out 
spreads for "important" pictures. The 
question is: "Who's dreaming,  them or us?"
|artist menu|

Balthus
Sotheby's, Balthus
4.Portrait de la famille Mouron-Cassandre
Oil on board 
28 3/8 x 28 3/8
Painted in 1935
Estimate: $600,000-$800,000
5.Le sou prefet de Pointoise
Oil on canvas
42 1/2 x 49 1/4
Painted in 1936
Estimate: $400,000-$600,000
6.Portrait de femme en robe bleue
Oil on panel 
31 1/2 x 21 5/8
Painted in 1935
Estimate: $300,000-$400,000
The three paintings by Balthus represent a 
unique occurrence in the auction records. 
Paintings by Balthus are rare and occur 
only sporadically, which may account for 
the substantial estimates on the works.
Thirty nine works have appeared since 1985. 
Eighteen of those works were bought in. I 
would imagine that the failure to find a 
buyer is less often an aesthetic problem as 
much as due to an overly aggressive 
reserve.  The auction record for Balthus is 
$2,090,000 and was set at Christie's in 
1989, which was unique as his pictures sold 
subsequently for $783,000, $550,000, 
$517,000, $500,000, and $482,000 on down. 
With the exception of Etude pour les trois 
soeurs, the highest prices were realized in 
the boom market prior to 1991.  Etude... 
sold at Christie's in November of 1992, and 
was an epiphany of upper class erotica. The 
more mainstream pictures sell between 
$200,000 and $300,000. The 1935 portrait of 
Lelia Caetani, 45" x 36", sold for $165,000 
at Christie's New York in 1991.
Sotheby's has demonstrated a very canny 
sense of the market when it comes to 
dealing with multiple-lot consignments. The 
rarity of the material coupled with a more 
positive market, at least for the auction 
house, may justify its enthusiasm.
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Eugene Boudin
Christie's, Eugene Boudin
1.Venise, Le quai de la Giudecca
oil on canvas
18 1/2" x 25 3/4"
Painted in Venice in 1895
Estimate: $300,000-$400,000
Of the 934 four works by Boudin to appear 
at auction in the past ten years only 14 
are from the 1895 series of works made in 
Venice, and six of them have appeared since 
1994.Venise, la douane sold at 
Christie's New York in 1994 for $195,000; 
Petit canal a Venise sold there the same 
year for $145,000;Venise, vue prise du 
Grand Canal did not find a buyer at 
Sotheby's London in 1994, where it was 
estimated at 250,000-350,000 BP;Venise, 
le Grand Canal sold at Picard in Paris in 
1995 for $135,000; Vue de Venise sold at 
Sotheby's New York in 1995 for $112,500; 
and Venise, le Campanile sold at Adjer, 
Tajan in Paris in 1994 for a record 
$702,000, after a previous unsuccessful 
outing in 1990. The market up till now has 
been eloquent. 
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Gustave Caillebotte
Sotheby's, Gustave Caillebotte
24.Le pont d'Argenteuil
oil on canvas
24" x 21 5/8"
Painted in 1893
Estimate: $400,000-$600,000
RECYCLED
Originally sold on Nov. 10, 1987, at 
Christie's New York by order of the board 
of trustees of the Art Institute of 
Chicago. The work was estimated at 
$400,000-$500,000 and sold for $440,000 
(including the ten percent premium). The 
present estimate, with a higher upper 
register, may reflect the hope that some of 
the glory of the Renoir's Le pont 
d'Argenteuil, on the block the night 
before, may rub off. The very beautiful 
Caillebotte, Madame Renoir dans le jardin 
du petit Gennevilliers, sold at Sotheby's 
New York last Nov. and brought only 
$320,000 with an estimate of $300,000-
$400,000.
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Edgar Dégas
Christie's, Edgar Dégas
34 Loge d'actrices
6 1/2" x 9"
Executed circa 1885
Estimate: $800,000-$1,000,000
RECYCLED
This pastel must be a pretty good picture 
because it sold in the dreariest part of 
the Dark Times for $770,000, well over its 
estimate of $400,000-$600,000. The sale 
took place at Sotheby's New York on May 7, 
1991. In the 47 lots offered that evening, 
17 were passed and over 80 percent of the 
sale failed to exceed the low estimate. 
Still, one would be permitted to question 
the sagacity that brings a piece back to 
auction a mere five years after the sale, 
and at a higher estimate to boot. It would 
almost seem naive and that's not one of the 
words one uses to describe the management 
at Christie's.
A detailed examination of recent auction 
records tends very much in their favor, 
since in 1995 the Degas market exceeded all 
expectations. On June 26, Christie's London 
sold La sortie du bain (femme s'essuyant) 
for close to $500,000, nearly $100,000 
above the high estimate. On the 27, 
Sotheby's London sold the less exalted 
Torse de femme for $230,000, nearly twice 
the high estimate. On Nov. 7, Christie's 
New York sold Apres le bain (femme nue 
couchee) for $2.4 million, over an estimate 
of $1.2 million-$1.6 million. This was 
followed at Christie's on the 8th by La 
sortie du bain (femme s'essuyant), which is 
a woman bent over toweling her bum 
(presumably a different picture) for 
$503,000--$200,000 above the high estimate. 
Finally back to London on Nov. 27 at 
Sotheby's, La Toilette sold for $1,673,000, 
over an estimate of $1.2 million-$1.5 
million.
Who knows where this is leading except that 
$4,800,000 probably won't buy you Loge 
d'actrices.
Sotheby's, Dégas
22.Portrait de Guilia Bellelli
Oil on canvas
9 3/4" x 7 1/2"
Painted in 1858-59
Estimate: $300,000-$400,000
RECYCLED
Is this the sleeper of two houses? Is this 
the small, understated work of surpassing 
beauty that will find happiness only with 
some latter day post-industrial Lancelot 
who's heart is pure? No matter that purity 
doesn't naturally attach to wealth. This 
rare work appeared on June 27, 1994, at 
Christie's London, where it sold for 
$630,000. It is now offered for 
considerably less. Lest your pure heart 
beat too quickly, it was modestly estimated 
in its previous outing at $220,000-
$275,000, and look what someone went and 
did.
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Robert Delaunay
Christie's, Robert Delaunay
60.Triomphe de Paris
Oil on canvas
25 5/8" x 31 7/8"
Painted in 1928-29
Estimate: $250,000-$350,000
RECYCLED
To say this picture has been recycled is 
generous. Arbitraged would be closer to the 
mark. The piece was bought in Paris six 
months ago for $107,128 at the operative 
exchange rate. To be precise, it sold on 
November 24, 1995, at Picard in Paris and 
was lot number 30 in the sale. Estimated 
now at $250,000-$350,000, we believe that 
it will sell. After all, who checks?
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Jacques Lipchitz
Christie's, Jacques Lipchitz
44.Baigneuse assise
Bronze with brown patina
28 1/8" H
Executed in 1916
Estimate: $180,000-$220,000
Marlborough Gallery recently had a 
phenomenal Lipchitz exhibition on view in 
New York. Alan Wilkinson will release the 
first volume of the Lipchitz catalogue 
raisonne (designed, by the way, by ArtNet's 
own Doug Milford) in a matter of months. 
There is a flurry of interest in the 
artist's work.Baigneuse assise appeared 
last at Sotheby's New York day sale on May 
12, 1994, where the work sold for $255,000, 
over an estimate of $175,000-$225,000. This 
cast, 6/7, appears as rich as 1/7, which 
sold two years ago. I would be surprised if 
it did not equal or exceed the former sale.
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Edouard Manet
Christie's, Edouard Manet
3.Jeune fille en deshabille
pastel on canvas
22 1/8 x 13 7/8
Drawn in 1882
Estimate: $400,000-$600,000
Similar works to have appeared on the 
market are:Jeune femme decolletee, 1882, 
22 1/8" x 18 1/4", pastel on canvas, 
selling at Christie's New York on Nov. 15, 
1990, for $352,000. after an unsuccessful 
outing in 1985; and Jeune fille au chapeau 
marron, 1882, 21 3/4" x 13 3/4", pastel on 
canvas, which also sold at Christie's on 
May 12, 1992, for $385,000.Jeune fille 
en deshabille, given its quality, 
including one of the most sensitive 
renditions of a nipple in western art, 
should eclipse the previous offerings by a 
considerable margin.
|artist menu|

Henri Matisse
Christie's, Henri Matisse
49. Lydia (Etude pour portrait au 
manteau bleu)
1935
Charcoal on paper
26 3/8 x 18 5/8 "
Drawn in Nice, November 19, 1935
Estimate: $600,000-$800,000
This drawing is the first of a pair made on 
Nov. 19 and 20, 1935. The latter drawing 
sold at Christie's on Nov. 15, 1989, at the 
top of the market for $990,000. In it, 
Lydia is in the identical costume, in the 
identical pose, except that the chair has 
been incorporated into the drawing.  
True, there are few examples of charcoal 
drawings of this magnitude to appear at 
auction in the past ten years. In view of 
the contraction of the market, and similar 
works available in galleries, one would 
presume that this baby is fully priced. But 
as one dealer said to me," You want 'em, 
that's what they cost." 
Sotheby's, Matisse
43.Femme a la fenetre, Nice
oil on canvas
28 1/2 x 23 1/2 in.
Estimated: $1,500,000-$2,000,000
RECYCLED
Is it hubris that prompted Sotheby's to put 
this picture up for sale atop an estimate 
of $3.2 million-$4 million on Apr. 3, 1990, 
in London? There were no takers. Hubris 
reconciled at $1.5 million-$2 million? 
Maybe not. Find out Wednesday night.
|artist menu|

Joan Miro
Christie's, Joan Miro
57.Peinture
oil, casein, tar and sand on masonite
30 3/4 x 42 1/2 in.
Painted in 1936
Estimate: $500,000-$700,000
RECYCLED
The general rule of thumb for certain 
pictures bought at the height of the market 
(like Holland Monets, Normandy Gauguins, 
just-too-late-to-be-Fauve Derains--or Miros 
that are not constellations, for instance) 
is that upon resale the market will exact a 
toll of at least 30 percent from the 
purchase price. And that's more 
conservative than William Acquavella. How 
is it that this modestly "difficult," 
hardly mainstream painting that was 
purchased in boom times on June 27, 1989, 
at Sotheby's London for $563,000 with an 
estimate of approximately $460,000-$620,000 
is put back on the market with even higher 
aspirations? There is not enough activity 
in the Miro market to justify it nor is 
there activity approaching this level. Can 
it be the owner still believes Ronald 
Reagan is president?  Either that, or he's 
Japanese.
Christie's, Miro
54.Les Amoureux
oil on panel
16 x 12 3/4 in.
Painted in 1932
Estimate: $500,000-$700,000
RECYCLED
Outside of the sale of Ralph Colin's 
constellation at close to $5 million, there 
has not been all that much activity in 
Miro. This picture opened in London at 
Christie's on June 26, 1995, with an 
estimate of approximately $800,000-$1.1 
million. Failing to sell it has been 
brought across the pond.  
The whole series of 1932 oil-on-panel 
pictures are in fact quite lovely. Two 
others have appeared at auction.  Femme 
Assise, 18" x 11", sold for $1 million in 
Nov. 1986;Femmes au repos, 9 1/2" x 13", 
sold a day later for $440,000 and was 
offered a second time in May of 1992, when 
it did not find a buyer. It is hard to 
imagine that Les amoureux wouldn't be 
tempting at this more realistic value.
|artist menu|

Modigliani
Sotheby's, Modigliani
49.Elena Picard
Oil on canvas
36 1/2" x 24 1/4"
Painted 1917
Estimate: $3 million-$4 million
RECYCLED
44.Jeanne Hebuterne con cappello e 
collana
Oil on canvas
25 1/2" x 21 1/4"
Painted in 1917
Estimate: $3 million-$4 million
The Elena Picard portrait was offered as La 
fille au collier on Dec. 1, 1987, at 
Sotheby's London, when it failed to find a 
buyer. It was estimated at approximately 
$1.8 million-$2.7 million at the current 
exchange rate.
More recently at Christie's,Femme assise 
devant une cheminee, 1915, 31 /3/4 x 25 
3/8, sold for $1.5 million in Nov. 1995, 
and the Ralph Colin picture Nu assise au 
collier, 1917, 36 x 23 1/2, sold for $12.5 
million. At Sotheby's La Belle Epiciere, 
1918, 39 3/8 x 25 1/2", sold for $6.6 
million.  
Other prices that are of interest are:
$8,250,000 for Jeanne Hebuterne con grande 
capello, 1918, 21" x 15", May 15, 1990, 
Christie's New York $2,916,000 for Jeanne 
Hebuterne (au foulard), 1919, 36 1/4" x 21", 
June 23, 1986, Christie's London
$5,950,000 for Portrait de Jeanne 
Hebuterne, 1919, 36 1/4 x 25 1/4", Nov. 8, 
1994, Sotheby's New York
|artist menu|

Henry Moore
Christie's, Henry Moore
66.Upright, Internal and External 
Forms
bronze
79 in. tall
Executed in 1952 - 1953
Estimate: $800,000-$1,200,000
Appearing Nov. 13, 1990, at Sotheby's New 
York, a similar cast brings $1.7 million 
with an estimate of $1 million-$1.5 
million.  
Christie's, Moore
62.Reclining Figure No.7
bronze
22 H x 36 W in.
Executed in 1978 - 1980
Estimate: $350,000-$450,000
Casts have appeared at Sotheby's London on 
June 24, 1986, selling for $330,000; at 
Sotheby's New York on May 10, 1988, selling 
for $687,000; and at Sotheby's New York on 
May 9, 1989, selling for $825,000. It would 
appear, at least as far as Henry Moore is 
concerned, that we are looking back with 
nostalgia.
Christie's, Moore 
51.Family Group
bronze
Ca. 17 in. tall
Executed in 1946
Estimate: $600,000-$800,000
Last Nov. a similar cast sold for $937,500 
at Christie's New York. Various casts were 
offered four other times.  One sold for 
$1.5 million at Christie's London in 1989. 
The others, appearing variously in 1989 and 
1990, were bought in. No doubt it is what 
makes the auction business so fascinating.
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Claude Monet
Sotheby's, Claude Monet
23.Les Meules, Giverney, effet du 
matin
Oil on canvas
25 5/8" x 36 1/4"
Painted 1889
Estimate: on request (around $6 million)
As Sotheby's points out, this picture sold 
on Nov. 15, 1989. In those years, it rated 
only a single page in the catalogue and 
carried a published estimate of $5 million-
$7 million. It sold for $6,710,000. The 
most costly of the six Meules to have 
appeared at auction since 1985 was Meules, 
effet de niege, le matin. It sold for 
$8,525,000 on Oct. 18, 1989, also at 
Sotheby's New York. It wasn't even in the 
main autumn sale. No picture has appeared 
since Dec. 1990, when Meules, impressions 
roses et bleu went on sale at Christie's 
London with an estimate of approximately 
$10 million-$14 million and was bought in. 
By then, however, the market wasn't 
cooperating.
The present offering of Les Meules, 
Giverney, effet du matin is a triumph for 
Sotheby's. How many of the 30 works of the 
series remain in private hands?  More to 
the point, however, is how many people are 
willing to pony up Reagan rocket prices in 
1996. There is no question that the serial 
works are killers with killer prices, but 
this really is 1996.
Christie's, Monet
29.Le Palais Contarini
Oil on canvas
28 3/4" x 36 1/4"
Painted in 1908
Estimate: $4 million-$6 million
Lovely picture. Having said that, let me 
point out that Venetian Monets have 
appeared twice annually since 1994 to mixed 
results. Le Palais da Mula, 1908, 25 " x 35 
1/2", was auctioned at Christie's New York 
in May 1994 and sold for $4.2 million; its 
presale estimate was $4 million-$6 million. 
The hammer price was $3.8 million, just 
below the low estimate. It was a lot of 
money for a Monet in those hard-pressed 
times.
Subsequently,Le Grand Canal et Santa Maria 
della Salute, 1908, 29" x 36 3/8", was 
offered May 11, 1994, at Sotheby's New 
York. It was passed at $5.7 million over an 
unpublished estimate of $6 million-$8 
million. Too much money.
Le Palais Darrio, 1908, 31 3/4" x 25 7/8", 
was auctioned on May 11, 1995, at 
Christie's New York with an estimate of $3 
million-$4 million. It passed at $2.5 
million. Too much money.
La Rio de la Salute, 1908, 31 7/8" x 25 
5/8" was auctioned at Sotheby's London on 
Nov. 28, 1995, with an estimate of $2.1 
million-$2.7 million. It didn't sell. Too 
much money. 
If ever there were a series of works that 
were more suited for private sale, this 
must be it. The Monet market is a shadow of 
its former self.  The prices must be 
realistic, but what is realistic for a 
major Venetian work is only now becoming 
clear. Le Palais Contarini is a beautiful 
picture.  I hope it does not add to this 
list.
Christie's, Monet
36.Charing Cross Bridge a la Hauteur 
de Parliament
25 1/2 x 31 3/4
Painted in 1899
Estimate; $2.8 million-$3.5 million
Christie's must have been delighted last 
November 7, when Charing Cross Bridge, 
1903, estimated at $2.4 million-$2.8 
million and hammered at $3.2 million and 
sold all up at $3,522,000.Charing Cross 
Bridge la tamise, which sold at 
Christie's London in June 1992, was 
estimated at $3,700,000-$4,700,000 and sold 
for $4,125,000 at the current exchange 
rates. Christie's estimate is timely given 
the previous activity in these pictures. It 
seems likely that the earlier version will 
fare as well regardless of the difference 
in the time of execution. Less propitious 
was Charing Cross Bridge, brouillard, 
which did not find a buyer estimated at $5 
million-$7 million at Christie's in Nov. 
1989. Nor did Charing Cross Bridge, 
1899, appearing at Sotheby's London a few 
weeks later. It was estimated at that time 
at $4 million-$5 million.
Sotheby's, Monet
27.Antibes, vue du plateau Notre-Dame
oil on canvas
25 5/8 x 36 3/8 in.
Painted 1888
Estimate: $3 million-$4 million
RECYCLED
The work was sold on Nov. 11, 1987, at 
Sotheby's New York for $2,530,000, with an 
estimate of $1 million-$1.5 million. 
Compare that to La Prairie a Giverny, 1888, 
29" x 36 1/2", that was auctioned for 
$3,850,000 on May 15, 1990, and fell 
precisely within its $3 million-$4 million 
estimate. Both are excellent paintings. If 
La Prairie were auctioned today it would 
likely do as well even though its earlier 
appearance was at the very summit of the 
Reagan market. If the bullish trend 
projected by both houses is to be credited, 
then the Antibes picture will eclipse its 
previous price of $2.5 million, perhaps by 
as much as $1 million.
Christie's, Monet
38.Le Mont Kolsaas, effet de soleil
oil on canvas
25 1/2" x 39 1/4"
Painted in 1895
Estimate: $600,000-$800,000
RECYCLED
The work appeared last, teamed with Monet's 
Palais da Mula, in Christie's May 1994 
sale. Le Mont Kolsaas, effet de 
soleil, was estimated at $700,000-$900,000 
in that sale. This time around it is 
offered with the Palais Contarini and at a 
modest reduction.
A similar painting,Le Mont Kolsaas, was 
offered at the Habsberg Feldman sale in May 
1990, estimated at $1 million-$1.5 million 
but bought in.Le Mont Kolsaas originally 
sold at Sotheby's New York in Nov. 1987 for 
$682,000.
Sotheby's, Monet
5.Bateau de peche au large de 
Pourville
oil on canvas
21 1/2" x 25 7/8"
Painted in 1882
Estimate: $300,000-$400,000
Christie's, Monet
19.Falaise des Petites-Dalles
oil on canvas
23 5/8" x 29 1/8"
Painted in 1881
Estimate: $300,000-$500,000
The price is right. The Sotheby's catalogue 
notes that Bateau de peche au large de 
Pourville was purchased at auction in 1983. 
It would be interesting to know what the 
owner paid for it. One assumes that the 
price was right at that time too. In regard 
to both works, the average price for 1882 
Monets in the present market is probably 
around $500,000.
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Giorgio Morandi
Christie's, Giorgio Morandi
58.Natura Morta
oil on canvas
12 1/4 x 14 in.
painted in 1959
Estimate: $200,000-$300,000
RECYCLED
See Christie's New York, Nov. 2, 1993, 
where the picture hammered down at $240,000 
($266,500 with the premium) to someone on 
the phone. The estimate is certainly 
accurate; recent activity shows that 
Morandis of this size, date and title do 
sell between $200,000 and $300,000.
|artist menu|

Pablo Picasso
Christie's Pablo Picasso
50.La Lecture
Oil on panel
25 5/8" x 20"
Painted Dec. 11, 1932
Estimate: $6 million-$8 million
It is May 8, 1989, in the ballroom of the 
Regency Hotel in New York City. Habsburg 
Feldman is about to open its second or 
third sale. It is a time when the market, 
riding on Ronald Reagan's economic 
rocketship, seems to know no limits. 
Anything seems possible, even Habsburg 
Feldman emerging as a market force.
Looking back through the catalogue, of what 
must have seemed at least a plausible sale 
in the face of the Christie's/Sotheby's 
juggernaut, now seems more like a cotillion 
of debutantes in dated gowns. The last 
picture in the sale and the piece that 
graced the cover of the catalogue is 
Picasso's La Lecture.  It sold that day for 
$6,270,000. It was rumored to be on the 
market more than once in the intervening 
years. Christie's has put it up for sale 
with the expectation, given the $6 million-
$8 million estimate, to recapture the 
purchase price. Isn't it 1996?
On May 10, 1994, Christie's hammered down 
Femme Couchee a la meche blonde, 1932, 51" 
x 63", for $4.2 million. Last Nov. 8, 1995, 
Sotheby's sold Femme dans une fauteuil, 
1932, 36 1/4" x 28 3/4". It was estimated 
at $2,500,000-$3,500,000 and sold for 
$1,700,000 at the hammer. What is La 
Lecture worth? Three million, four million, 
four and a half million, maybe, but six to 
eight million...?
Christie's, Picasso
67.Buste d'homme 
Oil on canvas
35 1/8" x 45 3/4"
Painted 1969
Estimate: $650,000-$850,000.
At the Stanley Seeger sale on Nov. 4, 1993, 
Sotheby's realized prices that had dealers 
in the room shaking their heads with both 
astonishment and envy.Femme Accroupie, 
1969, 50" x 35", oil on canvas, hammered 
down at $600,000. The equally unlovely 
Couple,le baisser, 1969, 45" x 35", 
hammered at $530,000. The similar Buste 
d'homme, 1969, 45 3/4" x 35", sold this 
past Nov. 21, 1995, at Breist in Paris for 
$476,000. The present estimate of $650,000-
$850,00 is full in every sense for a 
portrait that has an uncanny resemblance to 
Alfred E. Neuman, but for late Picassos 
that seems to be the reigning aesthetic.
Sotheby's, Picasso
40. Bouteille et guitare sur une table
Charcoal, India ink, and paper pasted onto 
paper
24" x 18 1/8"
executed in 1912
Estimate: $450,000-$550,000.
Sotheby's has a clear idea of the value of 
this work in so far as they sold it's 
lesser twin,Bouteille et verre sur un 
gueridon, on May 9, 1995, for $520,000 at 
the hammer.
Sotheby's, Picasso
42.Nus sur la plage
Pastel on paper
19 3/4" x 25 5/8"
Executed 1920
Estimate: $500,000-$700,000
See Trois Baigneuse, 1920, 19 5/8" x 25 
5/8", pastel on paper, Sotheby's Nov. 8, 
1995, Lot 23, estimated at $500,000-
$700,000 and selling for $1,100,000.  Do we 
expect the same fate?  Maybe.
Christie's, Picasso
63.Tete d'homme
oil on canvas
24" x 19 5/8"
Painted in 1964
Estimate: $300,000-$400,000
When one thinks of the work that Picasso 
did between 1910 and 1914 it is difficult 
to believe that its the same man who 
painted Tete d'homme.  
This work appeared last in public at 
Lempertz Kunsthaus in Germany on Nov. 21, 
1992, where it bought in with an estimate 
of approximately $375,000-$400,000. I guess 
they thought they'd give it another try and 
see if the New York boys could do better. 
Alarmingly,Tete de Jeune Garcon, 1964, 13 
7/8" x 10 3/4", about half the size but 
painted on the same day, Dec. 10, 1964, and 
according to Picasso's numbering, just 
before he painted this one, his fifth, sold 
for $442,000 with an estimate of $150,000-
$200,000 at Christie's on May 11, 1994. Go 
figure.
Sotheby's, Picasso
58A.Le matador et femme nue
Oil on canvas
63 3/4" x 51 1/8"
Painted 1970
Estimate: $1.5 million-$2 million
From the Sotheby's catalogue, "in the 
present picture the seated male leans to 
gaze tenderly at his paramour. The 
reciprocity is further enhanced by the red, 
white and blue palette favored by the 
artist which establishes a mood of 
patriotic (although non-specific) 
celebration." How does one find tenderness 
in the leer of one post-post-Cubist 
gargoyle ogling another? How does one find 
reciprocity in an election year color 
scheme? And how does one find justification 
for this price? 
There are 48 lots of Picasso paintings from 
1969 to 1971 to have appeared at auction 
since 1985. In all that time, including the 
Reagan rocket years, only four lots 
exceeded $1 million. Three of them sold for 
$1.1 million-$1.4 million and one lot sold 
in May 1990 for $3.3 million. The most 
recent sale at that level was at Christie's 
New York, on May 12, 1993,Homme et femme, 
1969, 63 3/4" x 51 1/8", which sold for 
$1,102,500. The present estimate for this 
picture of $1.5 million-$2 million seems 
more than a bit over done, but then so does 
everything else about this, including the 
painting.
Sotheby's, Picasso
62.Homme assis les bras croise
oil on canvas
36 1/4 x 28 3/4
Painted in 1964
Estimate: $700,000-$900,000
The year is 2013 and it's bread and circus 
time at Sotheby's once again. This time 
musical accompaniment has been added to the 
presentation in an effort to get this well-
to-do and dignified audience to reach for 
the ceiling in a fever of acquisition. The 
late van Gogh opens to the Ode to Joy from 
Beethoven's Ninth Symphony. The Cezanne 
appears amid the stirring first bars of 
Strauss' Thus Spake Zarathrustra.Homme 
assis, es bras croise sits back stage on 
the turntable. As it begins to spin we hear 
Patti Page sing a quaint tune from long 
ago. "How much is that doggie in the 
window..."
Lest you mistake my meaning, bear in mind 
that the market stands in clear 
counterpoint.  As noted elsewhere,Tete de 
jeune garcon sold for twice its high 
estimate in 1994.  On Nov. 27, 1995, 
Sotheby's, London sold Le peintre et son 
modele, 1964, 45 5/8" x 28 3/4" for 
$627,000 well above the high estimate of 
approximately $600,000. The next day, 
Sotheby's also sold Le peintre tete, 1964, 
16" x 13", for $226,000. comfortably within 
its estimate. Whether or not Homme assis, 
es bras croise will reach the heights 
projected by its estimate is unclear. The 
recent market did not reach that high, but 
Sotheby's has been notably accurate of 
late.
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Pierre-Auguste Renoir
Christie's, Pierre-Auguste Renoir
4.Le Pont d'Argenteuil
oil on canvas
21 3/8" x 25 7/8"
Painted in 1882
Estimate: $1,400,000-$1,800,000
RECYCLED
This picture hammered down at Christie's 
New York on May 10, 1989, for $3,500,000, 
or $3,850,000 with the then-current premium 
of ten percent. It was the highest price 
ever paid for an early `80s Renoir and in 
every way a testament to the quality of the 
picture. It was finally eclipsed last May 
by Christie's when the 1882 Portrait of 
Mademoiselle Demarsy (femme accoudee) sold 
for $5.5 million.
The prices that Christie's has set wisely 
reflects the realities of the present 
market, but the price it will realize may 
reflect the stronger market to come.
Christie's, Renoir
30.Deux Baigneuse
oil on canvas
13 x 16 1/8
Painted in 1896
Estimate: $700,000-$900,000
A perfect, and typical, picture that sold 
on Dec. 20, 1986, at Sotheby's London for 
$1,043,000.  It had been estimated at 
approximately $400,000-$450,000. The price 
too was more or less typical for 1985, and 
1986. There has not been any activity in 
mid-'90s Renoirs in recent years. Is it the 
lack of the Japanese market that we feel?  
At $700,000, the low estimate, one could 
almost guarantee that someone will take it 
home.
Christie's, Renoir
6.Femme Assise
pastel on paper
25 5/8" x 19 1/2"
Drawn in 1879
Estimate: $400,000 - $600,000
RECYCLED
This picture was sold on Nov. 14, 1989, at 
Christie's New York for $1,650,000, a price 
which must have had the dealers howling at 
the moon with joy as they sat atop bales of 
money. In Nov. 1995 at Christie's New York 
the comparable 1879 pastel,Femme nue de 
dos, was hammered down for $550,000, below 
its $700,000-$900,000 estimate. The more 
reasonable Femme assise should sell 
within the projected range.
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Georges Seurat
Sotheby's, Georges Seurat
34.Le Chenal de Gravelines: Petite 
Port Phillipe
oil on panel
6 1/4 x 9 7/8 in.
Painted circa 1890
Estimate: $2,000,000 - $3,000,000
Fourteen Seurat paintings have been to 
auction since 1985.  None have reached this 
level in recent history.
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Alfred Sisley
Christie's, Alfred Sisley
35.Le pont de Moret au soleil
Oil on canvas
25 5/8 x 31 7/8"
Painted in 1892
Estimate $1,000,000 - $1,500,000
RECYCLED
The picture sells originally at Sotheby's 
New York on May 10, 1988, for $1,375,000.  
Last year Christie's sold Le Pont de Moret, 
1892, 13" x 16", for $464,000. There is no 
equivalence between the two pictures.Le 
Pont de Moret au soleil couchant, 1892, 23" 
x 28", has also appeared at auction 
numerous times and sold at Christie's on 
Nov. 14, 1989, for $1,430,000.Le Pont de 
Moret au soleil couchant and Le Pont de 
Moret au soleil are similar although the 
present work is by far more attractive. The 
high end of the estimate is a resurrection 
of the Reagan rocket years, but I bet it 
gets there.
|artist menu|

Chaim Soutine
Christie's, Chaim Soutine
8.La fille en rose
oil on canvas
34 1/4" x 24 7/8"
Painted in 1925
Estimate $350,000 - $450,000.
This painting is from the collection of 
Joseph Hazen. One suspects that it is 
offered under a global reserve that allows 
Christie's to set a very realistic 
estimate.  The estimate reflects an 
extremely reasonable low value and a modest 
high value.  The key is the sale of the 
Soutine La petite fille en rose which 
Christie's auctioned in New York on Nov. 5, 
1991, for $638,000.  Other activity at 
auction in Soutine has been L'enfant 
italien, 1928, 24 1/2" x 19 1/2" selling at 
Sotheby's New York in May 1994 for 
$300,000; and Le garcon d'etage, 1928, 21 
1/2" x 15", selling at Maitre Binoche, 
Paris, for $321,000.  One would expect it 
to go higher than estimated given that it 
has been held privately for a considerable 
time.
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Vincent Van Gogh
Sotheby's, Vincent Van Gogh
21.<La vue de la chambre de l'artiste, 
Rue Lepic
Oil on board 
18 1/8 x 15 1/8"
Painted in 1887
Estimate: $1,000,000 - $1,500,000. 
RECYCLED
The picture is more like Van Gogh's 
drawings in its sensibility, than like his 
paintings.  It sold earlier at Sotheby's in 
New York on May 14, 1985, for $715,000.Le 
Pont de Clichy, 1888, is the only work to 
appear at auction that is remotely similar 
and because of its reputed condition 
problems it is not the best choice as a 
comparison. Le Pont de Clichy had been 
estimated in it most recent incarnation at 
$400,000 - $600,000 and earlier at $1 
million-$2 million.La vue de la chambre de 
l'artiste, Rue Lepic has no clear precedent 
but well may profit from the excitement 
which is sure to surround the van Gogh 
offered at Christie's on the night before.
Christie's, van Gogh
31.Interieur d'un restaurant
oil on canvas
21 1/4 x 25 3/4 in.
Painted in 1887-88
Estimate: On request ($10 million-$15 
million)
Tronc d'un vieil if, painted in Oct.1888, 
sells at Christie's Nov. 14, 1989, for 
$6,350,000. Le Pont de Trinquetaille, Oct. 
1888 sells in June of 1987 at Christie's 
London for $6,600,000. Last Nov., Sotheby's 
New York sells the 1890 Sous bois for 
$6,000,000. Why does this matter?
Interieur d'un restaurant was painted in 
Aug. 1888, and organizationally is probably 
closer to Le Pont de Trinquetaille than any 
other work to have appeared at auction. 
Sous bois appeared with an estimate of 
approximately $8 million in recognition of 
the devastated van Gogh market, sans 
Japanese and went on into the stratosphere 
as at least two individuals recognized the 
quality of the picture. The wholesale 
reluctance to purchase van Gogh is over. 
The auction houses clearly favor the 
bullish prices of the late `80s and if that 
is the case, then Interieur d'un 
restaurant, if it is a good as it appears 
in the catalog, will sell closer to $20 
million than not.  
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Edouard Vuillard
Sotheby's Edouard Vuillard
16. Le Square Berlioz (La Place 
Vintimille)
tempera on canvas
64" x 90"
Painted 1915-1923
Estimate: $3,000,000 - $4,000,000
On Oct. 18, 1989, at Sotheby's New York, 
lot 44,Square Vintimille, 1917-1918, 39 
5/8 x 19 1/8, was sold for $2,200,000. at 
the very top of the estimate. No Vuillard 
of the same period has even come close. 
Till now. The question that initially 
occured is whether or not this was an 
aberration of boom town New York or will 
lightning actually strike twice. Bet on the 
lightning. The picture has never been at 
auction and has been held quietly for 30 
years. 
This was an interesting project and I am 
obliged to ArtNet Worldwide for the 
generous use of its data base, which proves 
to my mind that knowledge is indeed 
valuable. I also wish to thank various 
dealers both public and private, who helped 
to clarify the intricacies of various 
markets. Finally I want to thank certain 
staff from the auction houses themselves, 
who were happy to share their knowledge 
with me.
This project was a test to learn what could 
be gained from a detailed examination of 
the individual lots offered at the major 
New York auctions in the spring and fall. 
The more one knows about a given lot the 
more wisely one can determine the real 
value for him or herself. If you enjoyed 
the report, or found it valuable, we would 
like very much to hear. If you have a 
suggestion on how it might be improved we 
urge you to contact us.
Next November, an advance report on the 
major Impressionist and Modern auctions 
will be available to special subscribers. 
If you are interested in obtaining such a 
report, please contact Stewart Waltzer at 
ArtNet, 145 East 57th Street, New York, NY 
10021 (212) 497-9700, or by e-mail at 
waltzer@artnet.com.