Picasso painting sets auction record
Source: Agencies |
May 6, 2010, Thursday
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Print Edition
Print Edition
PICASSO'S "Nude, Green Leaves and Bust" sold for more than US$106 million at Christie's on Tuesday, setting a record for art sold at auction.
The Picasso, a 1932 work not seen publicly in 50 years, was purchased by an anonymous buyer from a world-class collection assembled by the late Los Angeles art patrons Frances and Sidney Brody.
The vibrant, large-scale depiction of Picasso's mistress and frequent subject, Marie-Therese Walter, was the top priced work at Christie's sale of Impressionist and modern art.
The sale netted US$335.5 million for the auction house.
"Obviously we're thrilled" with the final price of US$106,482,500 including commission for the Picasso, said auctioneer Christopher Burge said.
He said there was "incredible bidding" on the 69 works on offer, of which more than 80 percent found buyers.
A record was also set for Georges Braque, with "La Treille" selling for US$10,162,500, more than double the presale estimate.
Christie's said the sale's total was its third best, with the US$224 million Brody take second only among single-owner sales to the Yves St Laurent sale in Paris.
Nearly three quarters of the winning bids came equally from American and European bidders, while one quarter were categorized as "other," which includes collectors from the Middle East.
Christie's Americas Chairman Marc Porter said the sale was also marked by "an extremely heavy rate of participation from new collectors, in new economies."
The sale was not without its casualties, notably Edvard Munch's "Fertility," which was estimated around US$30 million but went unsold when no one bid beyond US$23 million.
But the big spending, especially for the Brody works, spoke to the willingness of deep-pocketed collectors to purchase rare works of impeccable provenance.
Three Giacometti sculptures also saw strong prices.
The Picasso, a 1932 work not seen publicly in 50 years, was purchased by an anonymous buyer from a world-class collection assembled by the late Los Angeles art patrons Frances and Sidney Brody.
The vibrant, large-scale depiction of Picasso's mistress and frequent subject, Marie-Therese Walter, was the top priced work at Christie's sale of Impressionist and modern art.
The sale netted US$335.5 million for the auction house.
"Obviously we're thrilled" with the final price of US$106,482,500 including commission for the Picasso, said auctioneer Christopher Burge said.
He said there was "incredible bidding" on the 69 works on offer, of which more than 80 percent found buyers.
A record was also set for Georges Braque, with "La Treille" selling for US$10,162,500, more than double the presale estimate.
Christie's said the sale's total was its third best, with the US$224 million Brody take second only among single-owner sales to the Yves St Laurent sale in Paris.
Nearly three quarters of the winning bids came equally from American and European bidders, while one quarter were categorized as "other," which includes collectors from the Middle East.
Christie's Americas Chairman Marc Porter said the sale was also marked by "an extremely heavy rate of participation from new collectors, in new economies."
The sale was not without its casualties, notably Edvard Munch's "Fertility," which was estimated around US$30 million but went unsold when no one bid beyond US$23 million.
But the big spending, especially for the Brody works, spoke to the willingness of deep-pocketed collectors to purchase rare works of impeccable provenance.
Three Giacometti sculptures also saw strong prices.
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