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Displaying items by tag: presale estimate

Sotheby’s Jewels and Noble Jewels sale in Geneva raised a total of CHF 149.85 million (US$ 160.91 million) well in excess of its pre-sale estimate of CHF 87 million with 94 percent of the lots sold.

The result was partly attributable to the setting of a new world record for a ruby, with the "Sunrise Ruby," a 25.59-carat Burmese stone set with diamonds by Cartier, which sold for CHF 28.3 million ($30.3 million), more than double of its CHF 11.7-17.5 million estimate. The price also established a new record both for any ruby per carat and for any stone by Cartier.

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Picasso’s dream that anyone could own one of his works was further cemented at Sotheby’s London yesterday at the sale of Important Ceramics by Pablo Picasso (March 18). The auction almost tripled its pre-sale low estimate to bring £1,726,625 ($2,548,153), with a 95% sell-through rate by lot and 68% of the works sold achieving prices above their high estimates. Seven of the top ten prices established records for the subjects. The top lot, "Tripode,"soared above its estimate to bring £233,000 (est. £55,000-65,000), while many pieces reached amounts well above pre-sale expectations, including "Chouette visage de femme," which sold for £37,500, more than 12 times its estimate.

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A rare negative of legendary movie star Marilyn Monroe, taken during her first professional photo shoot when she was 20 years old, has been sold at auction.

The photograph was taken when the unknown Norma Jeane Baker was a factory girl hoping to become a model.

The picture, along with the negative and copyright, was sold for £4,250. It had been expected to fetch between £5,000 and £8,000.

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The Pennsylvania Academy of the Fine Arts will sell a painting by Edward Hopper to start an endowment fund to acquire contemporary art. East Wind Over Weekhawken is one of two paintings by the American Modernist artist in the museum’s collection. The work will be sold at auction at Christie’s in New York in December and is expected to garner between $22 million and $28 million.

East Wind Over Weehawken was purchased by the museum from Hopper’s dealer, Frank K.M. Rehn, in 1952 for $2,750. If the painting realizes its pre-sale estimate, it will quintuple the funds generated annually for acquisitions. While a portion of the endowment will be used for purchasing historic art, the majority of new acquisitions will be in contemporary art, mainly American painting and sculpture.

The Pennsylvania Academy will keep its other Hopper painting, Apartment Houses, which was purchased from the artist directly and was the first oil painting by Hopper to enter the Pennsylvania Academy’s collection.

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An ornately decorated 18th century Chinese porcelain vase sold for a record-setting $83 million in London on November 11, 2010. The vase, which was made for the Qianlong Emperor, soared past its presale estimate and became the highest-selling Asian work of art ever offered at auction. However, the original buyer failed to pay for the vase and the piece is now being sold for less than half its record-setting price.  

The vase’s owners, Tony Johnson, a retired lawyer, and his mother, Gene, have held on to the work for over two years after the original sale without seeing a profit. Johnson and his mother recently found another buyer for the vase, which will sell for an undisclosed amount believed to be between $32.1 million and $40.2 million. The London-based auction house Bonhams helped facilitate the sale.

The recent price tag is much more sensible for the Qing-dynasty vase, which features a reticulated body painted in the famille rose palette. The sale of Chinese art and antiquities peaked in 2010, leading to a number of major sales that were not always realized. The demand for Chinese works of art has since leveled off.

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