Back to the Future. New York sales a hint of things to come?

5 11 2010

In constrained economic times, it would be unsurprising to see art buyers swinging their attention to established artists from days of yore. Sure enough, in the latest series of fine art auctions held in New York, some surprising prices were realised for work by artists who were out of favour during the boom. Particularly notable was the sale of Lawrence Alma-Tadema’s The Finding of Moses, 1904 (pictured above). The painting was offered for sale with a pre-auction high-end estimate of US$5 million, and a flurry of bidding quickly pushed the price to $35.9 million, including buyer’s premium. The first session of Sotheby’s auction of 19th century European art realised a healthy $61.5 million and by my reckoning, based on Sotheby’s published results, they sold a healthy 75% or so of the lots on offer.

Christie’s Impressionist and Modernist auction results from 3 November are equally impressive, with a sale total of just under US$231.5 million, and a clearance rate of 80% of the lots on offer. A new record price was set for Henri Matisse for the monumental bronze Nu de dos, 4 état, acquired by über dealer Larry Gagosian on behalf of a private client (in the New York Times, Carol Vogel hints the monied collector in question may be hedge fund billionaire, Steven A. Cohen). The hunger for works by Italian sculptor, Alberto Giacometti, remains unsated, with Femme de Venise V selling for $10,274,500 to a private buyer. An important 1913 cubist painting by Juan Gris, Violon et Guitare, also set a new auction record for that artist when it sold for over $28.6 million to a private European collector. In its press release, Christie’s Americas Chair, Marc Porter, credits the success of the sale to “deep bidding from a diverse group of collectors representing North and South America, Europe and Asia.”

When Sotheby’s goes to auction on 23 November in Sydney, with an estimated sale range of A$3,879,000-5,292,000 and featured lots by artists Rupert Bunny, John Peter Russell, Arthur Streeton, Arthur Boyd and Sidney Nolan, the powers-that-be will undoubtedly have their collective fingers crossed that the trend back towards traditional and modernist masters has translated to the Antipodes. And, with 20 of the 94 lots on offer by sculptor Robert Klippel, let’s hope bronzes are all the rage here as well.

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