AO Auction Results: Impressionist and Modern Art Evening Sale at Christie’s – Expectations reached

May 7th, 2009

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Pablo Picasso’s ‘Femme au Chapeau,’ via Christie’s, sold by Julian Schnabel, went for $7.7 million, slightly under the estimate of $8-12 million

Last night’s Impressionist and Modern Art Evening Sale at Christie’s fared better than Sotheby’s auction on Tuesday covered here by AO, with 38 of the 48 lots selling, realizing 94% of potential value, bringing in a total of $102.7 million, falling within estimates of $86.7-125.2 million. Highlights include two late Picasso paintings and a Giacometti sculpture, in contrast to the pricey Picasso and Giacometti works offered by Sotheby’s which failed to sell. Picasso’s ‘Mousquetaire à la Pipe,’ offered by Madoff victim Jerome Fisher, was the highest selling lot at $14.6 million, falling between estimates of $12-18 million. Julian Schnabel sold his own Picasso, ‘Femme au Chapeau,’ to recover debts due to construction costs at his West Village townhouse. The painting sold for $7.7 million, just shy of its low estimate of $8 million. The Giacometti sculpture, ‘Buste de Diego (Stele III)’ sold for $7.7 million, surpassing its high estimate of $6.5 million.

Impressionist and Modern Art Evening Sale [Christie’s]
Picassos Sell at Christie’s Auction, After Faltering at Sotheby’s [NY Times]
Christie’s Bests Sotheby’s With $102.7 Million Sale [WSJ]
Works by Picasso and Giacometti Lead Christie’s Sale of Impressionist and Modern Art [Artdaily]
Madoff Victim Sells Picasso for $14.6 Million at Christie’s [Bloomberg]

giacometti-buste-de-diego-stele-iii
Alberto Giacometti’s ‘Bust de Diego (Stele III)’ via Christie’s sold for $7.7 million, above estimates of $4.5-6.5 million

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Tamara de Lempicka’s ‘Portrait de Madame M.’ via NY Times sold for $6.1 million, a new record for the artist

At the Sotheby’s auction, four paintings by Tamara de Lempicka did well, with ‘Portrait de Marjorie Ferry’ setting a record for the artist at $4.8 million. ‘Portrait de Madame M.,’ however, surpassed that record with the hammer coming down at $6.1 million, on the lower end of estimates between $6-8 million.

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Edgar Degas’s ‘Après le bain, femme s’essuyant’ via Christie’s sold for $5.9 million, within estimates of $4-6 million

Modestly priced Impressionist paintings continue to sell well, with Degas’s ‘Après le bain, femme s’essuyant’ going for $5.9 million. Pissarro’s ‘La cueillette des pommes’ spurred a bidding war, ultimately coming in at $3.3 million, nearly double the high estimate.

pissarro-la-cueillette-des-pommes
Camille Pissarro’s ‘La cueillette des pommes’ via Christie’s sold for $3.3 million, well above estimates of $1.4-1.8 million