Claude Monet, Iris Mauves (1914-1917), via Christie’s

The London summer auctions are underway, after Christie’s opening sale this evening at its King Street location, a steady if somewhat relaxed sale that seemed a markedly subdued affair compared to the fireworks the auction house saw last month in New York.  Capping the 52-lot sale with a final tally of £71,461,000, the evening was still a strong entry in the auction house’s recent outings.  Despite lackluster bidding, the sale achieved a remarkably strong sell-through rate, with only 8 works going unsold.  The auction house seemed content to let a number of works go just below estimate, continuing a commitment to a sales-first strategy outgoing president Steven Murphy had outlined late last year. (more…)

Sotheby’s has announced that its London Impressionist and Modern Evening Sale, scheduled for June 24th, will lead with Edgar Degas’ iconic sculpture Petite danseuse de quatorze ans, estimated at £10-£15 million.  “The artist’s ambitious and highly innovative work marks the pinnacle of his achievements as a sculptor, and its forthcoming sale represents a rare opportunity to acquire an icon of Impressionist art,” says Helena Newman, Sotheby’s Co-Head of Impressionist & Modern Art Worldwide. (more…)

Paul Gauguin’s Nafea Faa Ipoipo (When will you Marry?) seems to have had its massive $300 million price tag confirmed by the Museo Reina Sofia in Madrid, which has currently taken the work on loan for a new exhibition.  “Nafea Faa Ipoipo was recently purchased by the Qatar Museums Authority from the Swiss collection of Rudolf Staechelin for more than $300m,” reads text released by the museum, further supporting its new place as the world’s most expensive piece of art. (more…)

Just as Sotheby’s is preparing its first pop-up sale in Silicon Valley, rival Christie’s has also entered the fray, announcing a similar event in California focused on works by Roy Lichtenstein, Jasper Johns, and more, alongside works by young artists including Korakrit Arunanondchai. “While it is well known that the Bay Area is home to some of the most impressive collections in private hands, it has recently become evident that it is also one of the most robust emerging markets for art collecting with a growing group of young and new collectors,” says Christie’s Post-War specialist Charlie Adamski. (more…)

Francis Bacon, Study for Head of Lucian Freud, at Christie’s

Following the Impressionist and Modern sales in London last week, the British arms of the major auction houses will open their doors once again for a series of Contemporary sales this week, bringing the spring art season to a close with one last set of high-profile sales evenings.

Peter Doig, Country-Rock (Wing-Mirror) via Sotheby’s  (more…)

Francis Bacon, Portrait of George Dyer Talking (1966), via Christie’s

Another week of contemporary art auctions have come and gone, with a number of high-profile works changing hands in London this week, and a number of new records being for artists across the board.  All auction houses boasted strong sales results, with Christie’s once again taking the lead.

Gerhard Richter, Abstraktes Bild 776-1 (1992), via Phillips (more…)

Francis Bacon, Three Studies of Lucian Freud (1969), Image via Christie’s

Tonight, the week of Post War & Contemporary Art Evening Sales commence with Phillips kicking off the week long auctions. After last week’s mixed results in sales, with Christie’s and Sotheby’s hosting their respective Impressionist & Modern Art Sales, the contemporary art offerings will provide a more definitive litmus test of the international art market’s power and predilections. A great deal of press and attention has been drawn to the forthcoming sales, both nationally and internationally, attributed to exceptional offerings in all three houses, and a multitude of enormous price tags to accompany the museum-quality works.

Andy Warhol, Silver Car Crash (Double Disaster) (1963), Image via Sotheby’s (more…)

The Wall Street Journal reports on the current state of Sotheby’s auction house going into the fall art season, detailing the company’s increasing stock price despite sales that have been less than exemplary.  With a series of high-profile investors now on board, including the recent addition of Daniel Loeb’s Third Point, Sotheby’s has a number of options standing before it to increase its value for shareholders. (more…)