Displaying items by tag: bidding

The success of Sotheby’s and Christie’s Impressionist, Surrealist, and Modern sales in London this week is proof that the demand for such works is on the rise. On February 6, 2013 Christie’s brought in $214 million worth of sales, just one day after Sotheby’s evening auction garnered $228 million.

The top lot at Christie’s was Amedeo Modigliani’s (1884-1920) portrait of his common-law wife titled Jeanne Hebuterne (au chapeau) (1919). The work, which was completed just one year before Modigliani’s death, sold for $42.1 million to one of Christie’s Russian-speaking client services representatives, who was bidding on behalf of a client. The work significantly surpassed its high estimate of $34.5 million.

Other major sales from Christie’s auction included Rene Magritte’s (1898-1967) landscape Le plagiat (Plagiary) (1940), which sold for nearly $8.2 million, Pablo Picasso’s (1881-1973) Nu accroupi (1960), which went for $11.4 million, and Pierre-Auguste Renoir’s (1841-1919) L’ombrelle (1878), which garnered $15.2 million.

With 89% of lots sold, the sale was a record in the Impressionist, Surrealist, and Modern category by Christie’s in February in the UK.

At Sotheby’s London’s Evening Sale of Old Master & British Paintings on December 5, a rare drawing by Raphael set a new record for the artist at auction. A masterpiece in black chalk, Head of a Young Apostle (circa 1519-20), has been part of the Devonshire Collection at Chatsworth since 1720 and features one of the key figures in the artist’s final work, Transfiguration, a celebrated painting from the Renaissance, which is now in Rome’s Vatican Museum.

Amid a considerable amount of bidding both in the auction room and on the telephone, Head of a Young Apostle sold for $47.8 million, nearly three times the drawing’s low estimate of $16 million to $24 million. Gregory Rubenstein, Worldwide Head of Old Master Drawings at Sotheby’s, said, “A number of the world’s greatest collectors stepped up tonight in recognition of the genius of Raphael and the extraordinary beauty of this drawing.”

The sale proves that the market is still prime for Old Master works. Head of a Young Apostle is one of three exceptional Raphael drawings to appear at auction in the past 50 years; each work has set an all-time sale record for an Old Master drawing. This particular sale is the highest price paid at a European auction in 2012 and is the second highest Old Master sale to date. The first is Peter Paul Rubens’ Massacre of the Innocents, which sold for $76.7 million at Sotheby’s in 2002.

Sotheby’s Old Master sale realized almost $94 million and sold 74.5% by lot.

When Beth Feeback, an artist based in North Carolina, bought two paintings at her local thrift shop for just $9.99, she assumed they were a couple of outdated pieces from the 1970s. Feeback brought her purchases home and planned to cover the works with her signature oversized cat faces. Luckily, Feeback turned the paintings around before going to work on her feline creations.

A closer look at the thrift store finds revealed a label identifying Ilya Bolotowsky (1907–1981), a leading 20^th century abstract painter, as the artist of one of the works. The label also indicated that the painting had once been on display at the Weatherspoon Art Gallery at the University of North Carolina, Greensboro. After a couple of Google searches, Feeback realized that she had something special on her hands.

The bidding began at Sotheby’s on September 21^st and the painting, identified as Vertical Diamond, sold for much more than expected. While the estimated auction price was set at $15,000 to $20,000, the painting ended up selling for $34,500. Feeback told ABC that her and her husband planned to renovate their home and pay down some debts with the sale’s proceeds. As an homage to Bolotowsky, Feeback will re-create Vertical Diamond, but with giant cat faces painted in the middle.