USA: Amedeo Modigliani piece fetches a whopping 31 million U.S. dollars at Sotheby's Impressionist art auction

The fall auction season got off to a solid start on Tuesday (November 7) at Sotheby's, which sold some 240 million U.S. dollars worth of Impressionist and Modern art at one of its biggest sales in years. The 238.67 million (USD) total -- toward the low end of the 220 million (USD) to 300 million USD pre-sale estimate -- was much helped by two paintings that broke the 30 million (USD) barrier: Cezanne's still life "Fruit and Ginger Jar" and Modigliani's "The Concierge's Son," which soared far past expectations to fetch 31,096,000, or just shy of the artist's record. "It was one of the most richly and wonderfully painted works. It used to be that one buying a Modigliani would believe one had to buy a female portrait or a nude reclining. But I think today collectors are much more driven by great quality works and are willing to spend on something they recognize as just being beautifully executed. And that was really it. It was a moving portrait," said David Norman Sotheby's Co-Chairman Of Impressionist And Modern Art speaking about the attraction of the Modigliani. Besides the Modigliani, Norman cited strong prices for sculpture like the 'Figure Decorative' by Henri Matisse, as well as works by Wassily Kandinsky and some Picassos. Matisse's work fetched 11.5 million (USD) while Kandinsky's "Starnberger See (Lake Starnberg)," a 1908 oil, went for 9,088,000 million (USD) including commission, eclipsing its high estimate of 8 million (USD) to become the fifth-highest priced work of the night. Records were also set for two woman artists, Barbara Hepworth and Lynn Chadwick, whose sculptures far outpaced their estimates. While prices were strong and bidding fairly steady, the auction lacked the charge that courses through salesrooms during the most dynamic events. Sotheby's officials nonetheless welcomed the result, saying it was its best showing since 1990. "This was our highest sale total since 1990. We made 240 million dollars in the evening and that's against a pre sale estimate at the low end of 219 million dollars," said Norman. The evening's top lot was, as expected, the Cezanne still life, which exceeded its high estimate and sold for 36,976,00 (USD). In all 87 percent of the 83 works on offer found buyers, but the unsold works included some major casualties. Among the most noteworthy was Monet's "The Beach at Trouville," which brought no bids beyond 14.25 million (USD) after an estimated of 16.5 million (USD) to 20 million (USD). Picasso's "The Rescue" also went unsold when bidding topped out at 10.75 million (USD), as did several lower-priced works by the artist, suggesting the red-hot market for Picassos of recent seasons could be ebbing just a bit. "Sometimes at auctions, it's still a very human event and either a little momentum gets picked up and people start bidding competitively against one another. In this instance, I think there were many people who admired the work but there was probably the sense that no one was blinking first, there weren't any hands coming up in the air. So it just never quite picked up the momentum that it needed to carry it through the estimate," said Norman referring to the Monet piece that did not meet it's sale expectations. It could also be that bidders were holding their cards close to the vest in anticipation of Christie's monumental Impressionist and Modern art sale on Wednesday (November 8). With a pre-sale estimate of up to 500 million (USD), it has been billed as the biggest single auction in history. Several works by Gustav Klimt looted by the Nazis and restituted to the heirs of Ferdinand and Adele Bloch-Bauer earlier this year are being sold, including "Adele Bloch-Bauer II," which could sell for more than 60 million (USD). Another Klimt portrait, "Adele Bloch-Bauer I," set a record price for any work of art when it sold last summer to a New York gallery for a reported 135 million (USD). Other works auctioned off on Tuesday night at Sotheby's included a painting by Vincent Van Gogh -- 'A Pair of Shoes' which sold for 8 million (USD). Another Picasso piece ' Le Fumeur' met with success when it was sold to a bidder for 9.5 million (USD).

ITN Source | November 11, 2006

Tags:. .nazis. .collectors. .werent. .admired. .steady