Sotheby's Sale Makes a Thin Impression
November 15 2016 - 12:00PM
Dow Jones News
Sotheby's New York kicked off a major week of fall auctions
Monday with a tepid, $157.7 million sale of impressionist and
modern art dominated by bargain hunters who lobbed lone bids to win
pieces by Edvard Munch and Pablo Picasso.
Thin bidding sapped the energy from Sotheby's York Avenue
salesroom, which met its $142.8 million expectations but only
managed to find buyers for 81% of its offerings—a passable
performance but a long way from the runaway exuberance of a couple
of years ago.
The sale's star, Munch's 1902 "Girls on the Bridge," sold for
$54.5 million to an anonymous telephone bidder that Sotheby's had
locked in before the sale using a financial mechanism called an
irrevocable bid, whereby the bidder pledges to bid and buy a work
if no one else steps up in the sale. (In exchange for taking such a
risk, Munch's winner received a $2 million discount.) The Munch was
sold by Swiss-based collector Larissa Chertok and was estimated to
sell for about $50 million.
At one point during the sale, Sotheby's auctioneer Helena
Newman—the first woman to wield the gavel in a New York evening
sale—tried to buy time and coax additional bidders for the Munch by
sipping water and making small talk with a colleague who typically
bids on behalf of Chinese collectors, to no avail.
It took only one bid to win Picasso's 1963 "Painter and His
Model" for $12.9 million. Maurice de Vlaminck's Fauve scene from
1906, "The Orchard," sold following two bids to another telephone
bidder for $7.5 million, above its $7 million low estimate.
Dealers, sensing potential steals, largely held sway. London
dealer Alan Hobart of Pyms Gallery won Picasso's 1951 bronze bust,
"Head of a Woman," for $8.4 million, above its $8 million high
estimate but far less than the $29 million record price paid for
another Picasso bust nine years ago.
Zurich dealer Mathias Rastorfer paid $6 million for "EM 1
Telephone Picture," a spare, geometric abstract by Hungarian artist
Lá szló Moholy-Nagy, well over its $4 million high estimate.
Moholy-Nagy was a professor in the Bauhaus school whose
retrospective, "Moholy-Nagy: Future Present," is on view at the Art
Institute of Chicago—garnering praise and cries that his prices are
low compared with his peers, such as Kazimir Malevich, whose pieces
have sold for as much as $60 million. Before Sotheby's sale,
Moholy-Nagy's record stood at $1.6 million.
The night's biggest casualty was Henri Matisse's 1923 "Woman in
Blue at a Table, Red Background," which was estimated to sell for
at least $5 million but stalled at $4.2 million and failed to sell.
Christie's and Phillips will counter with their sales later this
week.
Write to Kelly Crow at kelly.crow@wsj.com
(END) Dow Jones Newswires
November 15, 2016 11:45 ET (16:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Sothebys (NYSE:BID)
Historical Stock Chart
From Mar 2024 to Apr 2024
Sothebys (NYSE:BID)
Historical Stock Chart
From Apr 2023 to Apr 2024