Auctioneer Henry Wyndam sells L’Homme qui marche I by Alberto Giacometti. Estimate: £8-12 million Price Realized: $104,327,006. Image via Associated Press

A bronze sculpture, entitled L’Homme qui marche I, by Alberto Giacometti became the most expensive work ever sold at auction this evening when it realized $104,327,006 at Sotheby’s Impressionist and Modern Art Evening Sale in London. In an interesting turn of events, Giacometti’s sculpture represents the recession from beginning to end – it was being auctioned as an asset of the failed bank Dresdner Bank and the remarkable price undoubtedly signals a resurgence in the art market. In total, the 39-lot sale realised $233,622,228.37 – the highest total ever reached for a sale in London. While 8 lots went unsold, an impressive 17 pieces sailed past the £1 million mark including three works that individually realized more than £10 million – in reflection of these enormous sales Melanie Clore, Co-Chairman, Impressionist & Modern Art, Sotheby’s Worldwide, stated: “We are thrilled to have sold these great works this evening and that they have been recognized for the masterpieces that they are.  The competition which generated these exceptional results demonstrates the continued quest for quality that compels today’s collectors.”

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L’Homme qui marche I, Alberto Giacometti. Estimate: £8-12 million Price Realized: $104,327,006 via Sotheby’s

Tonight, Alberto Giacometti’s L’homme qui marche I fetched $104,327,006 at Sotheby’s Impressionist and Modern Evening Sale in London – making it the most expensive work of art ever sold at auction. The bronze sculpture exceeded the previous record of $104.1 million that was set at Sotheby’s in May 2004 by Pablo Picasso’s Garçon à la Pipe.  10 bidders, mostly on telephone, fought a fast and furious battle over a period of eight minutes – the eventual winner was an anonymous client on the telephone with Philip Hook, Senior European Director of Impressionist & Modern Art at the auction house. Sotheby’s had expected the sculpture to bring-in between $19.2 million and $28.8 million. The work was being sold by Dresdner Bank in Germany, which acquired it in 1980.

The sale is still in progress – more details will follow shortly.

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Kirche in Cassone (Church in Cassone), Gustav Klimt via Sotheby’s

Masterpieces by Pablo Picasso, Gustav Klimt and Henri Matisse that have been unseen for decades will go under the hammer this week at Christie’s and Sotheby’s in London at the first major European auctions of 2010. The appearance of many top-quality, ‘lost’ works marks a distinct change in the attitude of sellers who have been encouraged to put their prized works on the market by the recent success of Impressionist and Modern Art sales – most notable is Sotheby’s November Impressionist and Modern sale in New York that exceeded all expectations when it realized $182m over a high-end estimate of $163m. The sales kick-off with Christie’s Impressionist and Modern Art evening sale on February 2 that will offer 86 lots with a total pre-sale value of £56,505,000 to £80,805,000. The sale is led by works by Kees van Dongen, Natalia Goncharova, Pablo Picasso and Henri Matisse. Sotheby’s evening sale of Impressionist and Modern Art on Wednesday, February 3 is smaller with only 39 lots but the target of £102million is considerably higher. This high estimate is excelled by three works from Gustave Klimt, Alberto Giacometti and Paul Cézanne that are individually estimated to realize more than £10 million – the auction house sold three works for that price across all categories all last year.

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