798 District Blog

Sotheby’s sold an Edouard Manet self-portrait for 22.4 million pounds ($33.1 million) on Tuesday, a record for the artist but toward the lower end of pre-sale expectations of 20-30 million pounds.

The painting, one of only two self-portraits by the artist and the only one in private hands, was the centerpiece of the auctioneer’s main impressionist and modern art sale in London this summer.

Overall the auction fetched 112.1 million pounds, within expectations of 101-148 million pounds, although the sale tally included buyer’s premium while the estimate did not.

Three works of art sold for eight figures — Manet’s “Self Portrait With a Palette, Andre Derain’s “Arbres a Collioure, which sold for 16.3 million pounds, double the previous record for the artist, and Henri Matisse’s “Odalisques jouant aux dames” (11.8 million pounds).

Sotheby’s said the results were “strong,” although the auction total was smaller than the equivalent sale in London in February which raised 146.8 million pounds.

Alberto Giacometti’s “L’homme qui marche I” sold for 65 million pounds, which was then a world record for any work of art at auction.

Christie’s, Sotheby’s main rival, holds its main sale on Wednesday, and expects to sell art worth 164-231 million pounds. If it makes even the lower end of the target, it would set a record for an art sale in London.

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Christie’s held London’s biggest ever art auction on Wednesday when its impressionist and modern sale fetched 153 million pounds ($227 million), but the total fell short of expectations of 164-231 million pounds.

The big disappointment on the night came when a Monet water-lily painting worth an estimated 30-40 million pounds failed to sell. Bidding reached 29 million pounds.

The other top lot did change hands, however, with a Blue Period portrait by Picasso selling for 34.8 million pounds. The price includes a buyer’s premium. Composer Andrew Lloyd Webber, whose charity sold the painting, said he was pleased with the price, “especially in such austere times.

“This is a significant amount to devote to the Foundation’s passions — architecture and the sponsorship of young talent in musical theatre.”

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NEW YORK, NY.- Sotheby’s Asia week sales concluded this week realizing the combined total of $22,574,864, well over pre sale expectations (combined est. $10.6/15 million). The top selling lot of the week was Two Mynas on a Rock, a 1692 masterpiece by Bada Shanren which sold for $3 million – many multiples of the pre-sale estimate and a new record for a Classical Chinese Painting sold at Sotheby’s in the US – in the Fine Chinese Ceramics and Works of Art sale. Bada Shanren, Two Mynas on a Rock, sold for $2,994,500 (est. $400/600,000) Manjit Bawa, Untitled, Sold for $602,500 (est. $200/300,000) There were also several exceptional prices in the Indian and South East Asian Art sale where a record was set for a painting at auction by Manjit Bawa when Untitled sold for $602,500 – double the pre-sale high estimate (est. $200/300,000). Further highlights included an Untitled work by MF Husain which fetched $1,058,500, over five times the high estimate (est. $150/200,000). Fine Chinese Ceramics and Works of Art Discussing the Fine Chinese Ceramics and Works of Art sale, Dr. Caroline Schulten, Head of the Chinese Works of Art Department at Sotheby’s New York, said “We are delighted with the result of the spring sale. The price of nearly $3 million for Bada Shanren’s Two Mynas on a Rock is a reflection of the compelling beauty of the painting. We are thrilled to have achieved such a stunning price for this masterful depiction of two birds that has not appeared on the market for over 25 years. Jades, ceramics and furniture also performed well with particularly strong prices for fresh to the market works priced conservatively.”

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With a total revenue figure up 255% compared with February 2009, Christie’s and Sotheby’s Contemporary Art sales have confirmed the recovery of the top end of the art market (combined revenue of $79,5m in February 2010 vs. £22.3m from the same sales in 2009).

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