|
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.
|artist menu|
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?
|artist menu|
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.
|artist menu|
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.
|artist menu|
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.
|artist menu|
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.
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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.
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