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NOT A GREAT NIGHT FOR CHRISTIE'S
12 November 2018
Category : MARKET

Christie's expected a 305 million USD turnover for its Impressionist and Modern art evening sale held on November 11 in New York but had to be content with 279.3 million because of surprisingly unsold pieces.

Of the 61 lots offered for sale, 52 were sold, but Vincent Van Gogh's « Coin de Jardin avec Papillons » (1887) failed to sell at 30 million, far from its pre-sale estimate of 40 million as did Claude Monet's « L'Escalier à Vétheuil » (1881) stranded at 7.5 million against an estimate of 12.5 million or René Magritte's « La Statue Volante » with no bid at 5 million, one million short o its low valuation.

Pablo Picasso'Femme au béret orange et au col de fourrure (Marie-Thérèse) (1937) painstakingly fetched 14 million USD whereas it was estimated between 15 million and 20 million.

Monet's Le bassin aux nymphéas (1917–19). Previously sold at Christie's in May 2000 for the then-below-estimate price of $6.8 million, Monet's « Le Bassin aux Nymphéas » (1917-1919) entered the auction with an estimate of $30 million to $50 million but only reached a 28 million hammer price- 31.8 million with buyer's premium) well behind the larger, Nymphéas en fleur (circa 1914–1917) from the Peggy and David Rockefeller collection that sold at Christie's in May for $84.7 million.

Secured by a third-party, Picasso's La Lampe (1931), the cover lot for the sale, carried a 25 million to 35 million USD estimate but sold for only 29.6 million with premium while Monet's « Effet de Neige à Giverny » (1893) rose to 15.5 million USD (with premium) against a high pre-sale estimate of 8 million. A world record was set for Tamara de Lempicka's « La Musicienne » with 9.1 million USD with premium while Hans Arp's white marble sculpture  "Déméter", sold for 5.8 million—nearly double its high estimate.

Déméter was also one of 13 works from the collection of Herbert and Adele Klapper which sold for 41.1 million USD against a global estimate of nearly 45 million. The three successful lots from the Sam Rose and Julie Walters collection brought 20.7 million, led by a 7.7 million winning bid for Picasso's Buste de femme  (1939), four works from the collection of Elizabeth Stafford brought 20.5 million while lots consigned from the collection of Jerrold A. Perenchio added another 15.4 million with a bid of 9.3 million with premium recorded on Henry Moore's Reclining Figure

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