It has been a mixed show of stark contrasts and quick reversals. Earlier, the Christie’s Impressionist & modern art sale performed poorly. This made Sotheby’s sale look like a triumph by comparison as Monet and Giacometti, Klimt and Caillebotte works fetched prices that far exceeded lower expectations.
Coming in second obviously had its own advantages. Studying the competition’s results (Christie’s fetched $140.7 million, below its $211.9 million low estimate, with 31 out of total 82 works remaining unsold.), experts at Sotheby’s could gauge the market mood and persuade consignors towards lowering their reserves (the secret minimums usually agreed upon by the seller and the auction house).
The latest sale was filled with fresher material more conservatively estimated. Thankfully, collectors responded. The total sale was $199.8 million, bang in the middle of its estimate of $167.5-$229.8 million. Of the 70 works on offer, just 13 failed to sell.
The star work was a colorful Klimt landscape ‘Litzlberg on the Attersee’ painted around 1914-15. It made $40.4 million. The painting, it was expected would go for roughly $25 million. Five people ended up bidding for it, and it came down to a telephone bidder eventually against a Zurich dealer, David Lachenmann.
Although he didn’t divulge the name of the collector he was representing, Mr. Lachenmann remarked. “We approached the lawyer for the seller and gave an offer quite a bit higher that what we could buy it for. But it was refused. This shows how things can go when you’re greedy.”
Of the top 10 sellers, eight happened to be modern works. Just as at Christie’s, a Max Ernst painting took the top spot. Also in spotlight were Magrittes and Giacomettis, Picassos and Kandinskys. Late Picassos have emerged winners for quite a few seasons now. His homage to Manet’s ‘Olympia’ (‘L’Aubade’, 1967) went to a bidder for $23 million against $18 million-$25 million estimate.
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