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The cream of the New York artworld will never abandon the market. Prices were unspectacular at the Impressionism and Modern Art sales of May 6-7, but 63 of 70 lots put up by Christie’s and Sotheby’s in the evening found a buyer, with both star pieces, a self-portrait of Paul Cézanne and a large format Renoir, being bought by Las Vegas hotelier Steve Wynn.
On May 6 Sotheby’s opened proceedings in a modest way, turning over 66 million dollars from 28 sales, of 39 lots offered. Of these, nine sold for more than a million but only one, Max LIEBERMANN ’s Mein Haus in Wannsee, mit Garten (USD1.4 million), beat its high estimate. The highest hammer price was paid by Steve Wynn who bought Auguste RENOIR ’s Dans les Roses (Madame Léon Clapisson) for USD21 million before buyer’s fees (see ArtMarketInsight of 17 April 2003). The next day at Christie’s Wynn was there again, this time paying USD15.5 million for Portrait de Paul Cézanne by Paul CÉZANNE . Other top prices at the same sale included the USD7.2 million paid for Composition in White, Blue, and Yellow by Piet MONDRIAAN , and Edgar DEGAS ’s Petite Danseuse de Quatorze ans bought for USD10.3 million (including fees) by the dealer Richard Gray. By the end of the evening Christie’s had turned over USD59 million.
True, the bidding was rarely hotly contested at either auction but nearly 76% of the lots offered were sold. Prices may not have taken off but the success of these two major auctions will reassure collectors. Between them, the two auctions took a respectable USD125 million. Mind you, this compares to a turnover in 2001 and 2002 of USD246 million and USD224 million, respectively. Items bought in at Sotheby’s included a fine Kasimir Sevrinovitch MALEVICH canvas, Suprematist painting, Rectangle and Circle, which had been estimated at USD5-7 million. Nor was anyone there for La Clairière by Alberto GIACOMETTI , another cast of which was also bought in the next day at Christie’s on a USD7.5 million estimate. This could well reflect the glut of Giacometti sculptures on the market over the last year or so. (see ArtMarketInsight of 12 September 2002).
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Auction turnover realized during "Impressionist and Modern Art" evening sales of May at Sotheby's and Christie's (1997 - 2003)
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