Christie’s New York organized the auction on Impressionist and Modern Art Evening Sale on Nov 13, 2017. The sale realized in this auction amounted to USD 479,320,250 (including buyer’s premium), with a sale of 60 lots. Last year (2016), the same auction realized a sale of USD 246,344,500 (including buyer’s premium), with a sale of 39 lots. The percentage of unsold/bought-in this year was only 12 % compared to 20.4 % last year (2016).
The Impressionist and Modern Art Evening Sale included standout masterworks from “The Collection of Nancy Lee and Perry R. Bass”, “The Anna-Maria and Stephen Kellen Foundation”, “The Stanford Z. Rothschild, Jr. Collection” and the “Estate of William Kelly Simpson”. The 68-lot sale that initiated the 20th Century Week at Christie’s New York, featured Claude Monet’s luminous “Matinée sur la Seine”, Joan Miró’s monumental “Peinture”, Vincent van Gogh’s fine landscape “Labourer dans un champ” and Fernand Léger’s ground-breaking 1913 “Contraste de forms”. The auction focused on strong and expressive colours and the artistic shift from early Impressionism to the materials, textures and media that define Modern art.
Vincent van Gogh’s “Laboureur dans un champ” at USD 81.3 Million, Fernand Léger’s “Contraste de forms” at USD 70 Million and Pablo Picasso’s “Femme accroupie” at USD 36.8 Million were the top three lots of this auction.
Auction Review- Analytical Insights powered by BASI (Blouin Art Sales Index):
For the art enthusiasts, BlouinArtInfo presents a detailed post auction analysis:
• A Summary of Sales.
• Price Estimation Accuracy: What percentage of Artworks sold above high estimates, between low and the high estimates, and below low estimates?
• Top Artworks Sold- Their Hammer Prices and Price Estimates.
• Big Surprises- Artworks that got sold much above the low estimates.
• Big Disappointments- Artworks that got sold much below the low estimates.
A Summary of Sales:
On an average, artworks were sold for 1.32 times the estimated low price. About 12 % (8 artworks) were bought-ins/withdrawn.
· Sale Total: USD 479,320,250
· Sale Volume: 60 Artworks
· # of Artists (Sold): 37
If we compare the impressionist and modern art evening auctions at Christie’s New York in the past, this year’s sale has exceeded the previous year’s sale by 94.6 %. A comparative analysis for the period 2013 to 2017 is presented below.
Price Estimation Accuracy
What percentage of artworks sold above high estimates, between low and the high estimates, and below low estimates?
· 23.7% (14) of artworks sold above the high estimate at 1.71 times the low estimate.
· There were a significant number of artworks (60%) that sold between the low and high estimates, at a multiple of 1.10 times the low estimate.
· The rest (16.7 %) artworks sold below the low estimate.
Top Artworks Sold- Hammer Prices and Price Estimates
The price estimates of the top two artworks of this sale, Vincent van Gogh’s “Laboureur dans un champ” (sold at $81.3 Million), and Fernand Léger’s “Contraste de forms” (sold at $70 Million), were not disclosed by the auction house prior to the sale.
Pablo Picasso’s, “Femme accroupie (Jacqueline)”, sold for much above the estimated price (1.63 times the low estimate), and realized a sale of $36.8 Million (including buyer’s premium). Edouard Vuillard’s “Misia Et Vallotton Ã Villeneuve” sold for 2.23 times the low estimate realizing a sale of $17.75 Million (including buyer’s premium). The blue bar in the graph shows the estimated price band (low to high).
The lots that sold between $5 Million to $10 Million are shown in the above graph. Three lots in this segment sold for much above their estimated prices. Emil Nolde’s “Indische Tänzerin” at $ 5.3 Million, Edouard Vuillard’s “Autoportrait Ã La Canne Et Au Canotier”at $5.3 Million, and Pablo Picasso’s “La Villa Au Palmier” at $ 5 Million, sold for 1.8, 2,2 and 2.8 times their estimated low prices respectively. Rest of the artworks in this segment sold between the low and the high estimates.
The graph above shows the artworks that sold much above the low estimates. Francis Picabia’s “Animation” was estimated to sell between $ 900 K to $ 1.2 Million, while it sold for $2.4 Million (hammer price) which was 2.7 times the estimated low price. Edouard Vuillard’s “Misia Et Vallotton Ã Villeneuve” was estimated to sell between $ 7 Million to $10 Million and it ended up selling for $ 17.7 Million, which was 2.23 times the estimated low price.