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Thursday, 07 November 2013 17:23

Sale at Christie’s Fails to Reach Low Estimate

Alberto Giacometti's 'Diego en chemise écossaise.' Alberto Giacometti's 'Diego en chemise écossaise.' AFP PHOTO/Don Emmert

Christie’s sale of Impressionist and Modern art on November 5 failed to reach its low estimate of $188.8 million despite strong interest from buyers in the middle market. The 46-lot sale ended up fetching $144.3 million with the top lot being a portrait by Alberto Giacometti of his brother Diego. The painting sold to an anonymous buyer for $32.65 million, just past its low estimate of $30 million; Christie’s said that the price was a world record for the artist in that medium.

A number of lots were withheld from the sale after bidding fell short, including works by Pablo Picasso and Amedeo Modigliani. Brooke Lampley, head of Impressionist and Modern art at Christie’s, said, “We believed in the pictures. We didn’t find the bid in the room tonight but I’m sure we’ll either be receiving good after sale interest of you’ll see them in the future sale venue.”

On Tuesday, November 12, Christie’s will hold its highly anticipated sale of post-war and contemporary art in New York.

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