Riding on the heels of their arch-nemesis and competitor, Christie's, last night's sale of Impressionist and Modern Art at Sotheby's was an undeniable success. While there wasn't a headline-grabbing showstopper like the previous evening's Picasso sensation, the sale boasted a number of quality lots which achieved quality prices. Not to be outdone by rival Christie's, Simon Shaw, head of Impressionist and Modern Art at Sotheby's said, “We saw very vigorous and spirited bidding and achieved a total that surpassed that of November and tripled the results achieved in May 2009. We are absolutely delighted with these results.”
All in, the sale brought $196 million to the auction house, just 5% short of the $204 million pre-show high estimate. Of the 57 lots in the show, 50 sold, 43 brought in over $1 million, and four of those 43 brought in over $10 million.
Interestingly, unlike the previous night at Christie's, none of the Picassos in the sale did anything dramatic. In fact, the highest price of the night was achieved by Henri Matisse, mistakenly called Picasso's rival by many. Bouquet Pour le Quatorze Juillet, the artist's celebration of Bastille Day after the end of the first world war, sold for $28,642,500 (estimate $18-25 million). This is an easy-to-love Matisse, painted in his golden period and full of the vibrant colors and textures so closely associated with his work.
Not surprisingly, several works by perennial favorite Claude Monet crept past their high estimate. One highlight of the sale was a portrait by Amadeo Modigliani not seen at auction in 70 years. The 1917 portrait ended up with a Japanese collector who paid $13,802,500 for it.
The sales of the past two nights solidify the fact that like the stock market, the art market is back in a big way. Collectors, dealers, and artists all have good reason for optimism.
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