The Fall New York auctions are on right now, beginning with this Evening’s Sotheby’s Contemporary Sales

November 3rd, 2008


Danseuse au Repos, the 1879 painting by Edgar Degas is a highlight of this evening’s Sotheby’s auction though it remains to be seen if it will sell for its estimated $40 million, via NY Times

After extremely high sales in May which tallied $1.56 billion, and then more recently lackluster sales in London which missed low estimates by up to $40 million, as covered by Art Observed here, the art world is up for a major test in the next two weeks as Sotheby’s and Christie’s begin tonight selling contemporary, impressionist, and modern works that add up to high estimates of $1.76 billion, including a work by the Russian Kazimir Malevich (“Suprematist Composition” 1916, a $60 million geometric work) and a $40 million self-portrait by Francis Bacon and other works from high profile financiers Kohlberg, Kravis, Roberts & Co. co-founder Henry Kravis and Lehman Brothers Chief Executive Officer Fuld.

Despite Pablo Picasso’s 1909 painting ‘Arlequin’ (which was estimated at $30 million) being pulled before the Sotheby’s auction recently, this evening’s Sotheby’s impressionist and modern art sale is slated to tally about $320 million and includes 71 lots including “Danseuse au repos” by French Impressionist Edgard Degas which is expected to go for $40 million (pictured above).

This auction will be followed by Christie’s $153 million high estimate November 5th sale which includes works from the estates of the widows, Rita Hillman and Alice Lawrence, and then a November 6th sale, comprised of art from various owners, estimated to total up to $344 million. Sotheby’s November 11th sale of contemporary art could total up to $281.6 million and features works by John Currin, Richard Prince, and Yves Klein. Following that is Christie’s November 12th sale with a high estimate of $321.7 million, featuring Metallica drummer Lars Ulrich’s Jean-Michel Basquiat painting of a boxer at an estimate of $12 million.

On Auctions Overall:
Big Prices, Big Risks at Fall Art Auctions
[NY Times]
NY art auctions under microscope amid financial crisis [AFP]
Art world dreading declines at upcoming key NY sales [Reuters]
Kravis, Fuld Brace for N.Y. Auctions as Collectors Lower Prices
[Bloomberg]
Falling under the hammer
[Financial Times]
It’s not a pretty picture Christie’s, Sotheby’s may be on the hook
[New York Post]
Art sales face acid test in midst of credit crunch [Financial Times]
Exceptional Work by Francis Bacon Leads Christie’s New York Post-War & Contemporary Art Sale [ArtDaily]
Things Are Cold, Clammy at City Auction Houses [NYObserver]

From ArtObserved:
Metallica’s drummer to sell Basquiat painting at Christie’s New York, November 12th auction; ‘Boxer’ to be displayed during Frieze Art Fair in London [ArtObserved]
Sotheby’s hopes to smash Russian art at auction record with $60 million sale of Malevich painting in New York on November 3rd [ArtObserved]

On withdrawn Picasso:
Picasso work withdrawn from Sotheby’s sale
[Reuters]
Picasso painting pulled from sale [BBC News]
Picasso Work Is Withdrawn From Sotheby’s Sale [NY Times]
Sotheby’s Withdraws Picasso’s Arlequin From Impressionist and Modern Art Sale [Art Daily]
Picasso Withdrawn From Sotheby’s Imp-Mod Sale [Artinfo]
Picasso painting withdrawn from Sotheby’s auction [Associated Press]

Auction Information:
Impressionist & Modern Art Evening Sale – Sotheby’s November 3 [Sotheby's]
Christie’s Impressionist/Modern Evening Sale November 5th [Christie's]

more pictures from the Sotheby’s Sale and other auctions after the jump…


Pablo Picasso’s 1909 painting Arlequin was pulled from Sotheby’s Impressionist and modern evening sale, via Art Info.


lot-6-kazimir-malevich-1879-1935-suprematist-composition-estimate-upon-request
LOT 6 – KAZIMIR MALEVICH – 1879-1935 – SUPREMATIST COMPOSITION – with a high estimate of over $60M via Sotheby’s

lot-8-vincent-van-gogh-statuette-de-platre-torse-de-femme-vue-de-face-7000000e2809410000000-usd

LOT 8 – VINCENT VAN GOGH – 1853-1890 – STATUETTE DE PLÂTRE: TORSE DE FEMME, VUE DE FACE – estimate: $7,000,000—$10,000,000 via Sotheby’s

lot-11-claude-monet-1840-1926-paysage-a-port-villez-3500000e280945000000-usd

LOT 11 – CLAUDE MONET – 1840-1926 – PAYSAGE À PORT-VILLEZ – estimate: $3,500,000—$5,000,000 via Sotheby’s

lot-26-amedeo-modigliani-1884-1920-homme-assis-appuye-sur-une-canne-18000000e2809425000000-usd
LOT 26 – AMEDEO MODIGLIANI – 1884-1920 – HOMME ASSIS (APPUYÉ SUR UNE CANNE) – estimate: $18,000,000—$25,000,000 via Sotheby’s

lot-32-alberto-giacometti-1901-1966-tete-de-diego-6000000e280948000000-usd
LOT 32 – ALBERTO GIACOMETTI – 1901-1966 – TÊTE DE DIEGO -estimate: $6,000,000—$8,000,000 via Sotheby’s

lot-54-claude-monet-1840-1926-la-cathedrale-dans-le-brouillard-16000000e2809422000000-usd

LOT 54 – CLAUDE MONET – 1840-1926 – LA CATHÉDRALE DANS LE BROUILLARD – estimate:
$16,000,000—$22,000,000 via Sotheby’s

lot-55-pierre-auguste-renoir-1841-1919-portrait-de-nini-5000000e280947000000-usd

LOT 55 – PIERRE-AUGUSTE RENOIR – 1841-1919 – PORTRAIT DE NINI – Estimate: $5,000,000—$7,000,000 via Sotheby’s

pablo-picasso-lot-5-femme-au-chapeau-bleu-garni-dune-guirlande-sothebys

LOT 5 – PROPERTY FROM THE HAKONE OPEN-AIR MUSEUM, JAPAN – PABLO PICASSO – 1881-1973
FEMME AU CHAPEAU BLEU GARNI D’UNE GUIRLANDE – $6,000,000—$8,000,000 via Sotheby’s

Christie\'s is pleased to announce the sale of the Francis Bacon’s Study for Self Portrait, 1964,
Christie’s lot: Francis Bacon’s Study for Self Portrait, 1964.