By: J Block
Christie’s and Sotheby’s have completed their first auction cycle of the new year with a mixture of positive results and spin. With a greatly reduced number of lots offered and estimates on average lowered by at least 40%, both houses were holding their collective breath. What emerged was that several lots did surprisingly well; the bulk meeting or coming in just below their low estimates. It should be noted that the February sales are not known for spectacular art; but really serve as an appetizer for the spring auctions. When looking at the numbers, Sotheby’s brought in 43.9 million pounds and Christie’s 82.5 million pounds. By comparison, last year’s results for Christie’s were 144.4 million pounds and Sotheby’s 136 million pounds; this amounts to a significant reduction in revenue and buyer interest.
The sculpture of Degas’ Le Petite Danseuse de quatorze ans was one of the happy surprises for Sotheby’s. The bronze caste done four years after the artist’s death, closed with a bid of 13.3 million pounds, well above the pre-sale estimate. What makes this remarkable is that this work is one of 27 copies done from 1922-1937, all posthumous; with each caste different in detail, patina, and fabric. Opportunity may have driven the numerous copies to have been made, but with these same copies now prominent in museum collections, the buyer has a solid investment. It is premature to declare the art market stable using this series of sales. The secondary character of the works offered and its limited scope does not represent the health of the market in a broad sense.
The auction that will clearly indicate the strength or weakness or the broader market will take place in Paris next week. The collection of Yves Saint Laurent and Pierre Berge will be offered by Christie’s on February 23rd thru 25th. The auction is comprised of an eccentric and charming mix of Modernist and Old World aesthetic that the couple collected together over the many years or their relationship. The offerings range from an early Mondrian landscape, three mature Leger paintings, a rare Brancusi, and a large and amazing selection of Gris; to works outside the Modernist era that include the Dutch masters Frans Hals and Pieter de Hooch, the Pre-Raphaelite Sir Edward Burne-Jones, Art Deco furniture by Eileen Gray, 17th century sculpture, silver services, assortments of cameos, candlesticks and boxes in semi-precious materials. The sale is mammoth in scope and quality, the catalogue itself weighs 22 pounds.
Jussi Pylkkanen, president of Christie’s Europe, confirms how important this auction is:
“The depth and breath of this collection will allow the market to establish benchmark prices for museum quality works for many years to come in many different fields.”
The truth of the markets health will not be in how well the Leger’s sell, but in how this auction as a whole fares. What will be telling is how the decorative arts, household objects and less fashionable material sell. Yves Saint Laurent and Pierre Berge in their collecting demonstrate a level of connoisseurship rarely achieved and breathtaking in scope. If these items do well, it will indicate that buyers are willing to spend discretionary money for objects based primarily on their decorative qualities and celebrity provenance. This type of bidding would be a welcome sign of stability and consumer confidence that is much needed now for Christie’s Paris, and the art maket as a whole.
Collection Yves Saint Laurent et Pierre Berge
Christie’s, Paris
23-25 February
Viewing Hours, Paris
Feb 21 9am-12pm
Feb 22 9am - 12:00pm
Feb 23 9am - 1pm
Auction Schedule
Feb 23 7pm, Session 1
Feb 24 2pm & 3pm & 6pm, Session 2, 3, 4
Feb 25 1pm & 7pm, Session 5
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