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
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
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 – with a high estimate of over $60M via Sotheby’s

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 À PORT-VILLEZ – estimate: $3,500,000—$5,000,000 via Sotheby’s

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 – TÊTE DE DIEGO -estimate: $6,000,000—$8,000,000 via Sotheby’s

$16,000,000—$22,000,000 via Sotheby’s

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

FEMME AU CHAPEAU BLEU GARNI D’UNE GUIRLANDE – $6,000,000—$8,000,000 via Sotheby’s

Christie’s lot: Francis Bacon’s Study for Self Portrait, 1964.