New York under the spotlight

The evenings of 4 and 5 November see two of the biggest media events of the year: the eagerly awaited New York Impressionist & Modern Art sales. The art market is generally having a thin time, but is the same true at the very top end? We will find out when we see how the world’s wealthiest collectors receive the exceptional pieces on the stands in New York.

Sotheby’s and Christie’s are offering a smaller selection than last year, when between them they put up 141 lots in their evening sales, but only 70% found buyers. At Philips the evening session was particularly grim with only 19 of 44 lots changing hands. This year, the catalogues have been cut to 44 lots at Christie’s and 59 at Sotheby’s. The quantity may be smaller but quality is higher. The average estimated price across both auctions is USD 1.85-2.6 million compared to USD 1.57-2.2 million in 2002. The biggest buzz is for a Gustav KLIMT landscape, estimated at USD 18-25 million at Sotheby’s and a major nude by Amedeo MODIGLIANI from 1917 (estimate: USD 20-25 million) at Christie’s.

There are also four works by Vincent VAN GOGH. The most important is a canvas painted in Arles, L’allée des Alyscamps (estimated at USD 12-18 million) and offered by Christie’s after Le pont de Langlois à Arles (USD 6-8 million) and Nature morte, branche d’amandier (USD 3-4 million). This last painting was sold in 1992 for USD 2 million. Sotheby’s has a much more modest estimate on the watercolour la Moisson en Provence: estimated at USD 7-9 million despite having been knocked down for the equivalent of USD 13.2 million six years ago.
Other works put up by Sotheby’s carry similarly cautious estimates: Une Moderne Olympia (La Pacha), by Paul CÉZANNE is estimated at USD 5-7 million after selling for USD 5.4 million (excluding buyer’s fees) in 1997. Fernand LÉGER’s Les Danseuses, sold for USD 600,000 in 1990, is offered for USD 500,000-700,000. The same artist has a major canvas at Christie’s, La femme en rouge et vert, expected to fetch USD 10-15 million. The painting was looted from the Rosenbergs in the war and recently restored to the family by the Musée National d’Art Moderne (Paris) which had had it since 1948. Painted in 1914, this is a historic work and Fernand Léger’s index has already gained 32% since his existing record with Le Moteur (USD 15.2 million) was set on November 6 quelle 2001 (see ArtMarketInsigh of 7 April 2003)).
As for sculpture, Sotheby’s offers a major Alberto GIACOMETTI piece, Grande Femme Debout IV (USD 8-10 million). They will be hoping to expunge the disappointment of La Clairière last May, when Sotheby’s and Christie’s both offered a cast of the same work within 24 hours of each other, with the result that neither piece — numbers 1 or 5 of a six-piece edition and both estimated at USD 8-10 million — could find a buyer. Note too that Giacometti’s index has been on the decline this year. Unlike that of Henry MOORE, the other major modern sculptor in the sale. Moore’s price level rose by 44% over the six first months of the year. No less than four of the master’s sculptures will be offered, including the monumental Three Piece Reclining Figure: Draped estimated at USD 4-5 million at Christie’s.

This will still leave us well short of the turnover at the November 2000 sales, when the evening sessions at Sotheby’s and Christie’s made USD 112 million and USD 130 million, respectively, and 135 lots went under the hammer in a matter of hours.

Growth of the average valuations by auctioneers during the Impressionism & Modern Art Sales of New York in November

Average valuations of the lots put on Impressionist & Modern Art sales of New-York in November (evening auctions) Sotheby’sChristie’s1997$ 950,000 – 1,328,000$ 1,254,000 – 1,734,0001998$ 1,907,000 – 2,555,000$ 1,113,000 – 1,512,0001999$ 3,340,000 – 4,575,000$ 1,000,000 – 1,350,0002000$ 2,526,000 – 3,547,000$ 2,134,000 – 3,008,0002001$ 1,103,000 – 1,521,000$ 1,378,000 – 1,903,0002002$ 1,535,000 – 2,150,000$ 1,616,000 – 2,263,0002003$ 1,908,000 – 2,663,000$ 2,067,000 – 2,835,000