Art Investment

Results auction Christie's «The postwar and contemporary art"

Result of the auction amounted to 39.1 million pounds. Top lot was the work of Yves Klein's "Golden Sponge RE47II», which went under the hammer for 5.87 million pounds

last night in London, held the evening auction Christie's «The postwar and contemporary art." Their result was 39.15 million pounds were sold 90 percent of lots, while the statistics in monetary terms amounted to 96 per cent. Exceeded the expected total estimate of 26,29-38,26 million pounds.

Autrid Francis, head of postwar and contemporary art, Christie's Europe, said: "Today's auction confirmed not only that the fact that the art market confidence is returning, but the fact that the interest of collectors from around the world to the works of postwar and contemporary art has increased substantially. The successful results of our auctions over the past six months have raised confidence in sellers who are reluctant at first exhibited works at the auction. The growth of high-quality proposals in the market has created significant demand, which led to a long and exciting fight for the lots. More than half of work went under the hammer for amounts exceeding the original estimate, including 7 top lots. 9 pieces were sold for sums exceeding 1 million pounds (each). Such indicators are the best in comparison with the previous year, for which we have conducted three auctions of postwar and contemporary art. The success enjoyed the work of European classics, among them - masterpieces of Yves Klein, a top ten lots also feature works of Tapies and Boetti, who set the world record price. Such results would give even greater confidence committent for our next auction in May in New York and in June in London ».

most expensive top lot was the work of Yves Klein (1928-1962) Golden Sponge RE47II », which went under the hammer for 5.87 million pounds (estimate: 5.7 million). This is one of two similar works from the series "sponge-reliefs" and "gold monochrome, extant. The work was first proposed at the auction, as they are in private collections since 1980.

During the auction 9 works were sold for amounts in excess of 1 million pounds (each), 16 - over 1 million dollars (each). At the auction was attended by 33 per cent of buyers from the UK, 41 per cent - from Europe, 22 per cent - from America and 4 per cent - from Asia.

Other top lots:

• Work "Anthropometry (ANT 5)" Yves Klein (1928-1962), twice the pre-assessment and went under the hammer for the amount of 4.13 million pounds. The most ambitious of the six works created by the artist's unique technology with the use of fire and the blue pigment was estimated at 1,5-2 million. The last time she participated in the auctions in London in 2001 and then was sold for 388.5 thousand pounds;

• picture of the five parts of the "Flying Tango" brush Martin Kippenberger (1953-1997) was sold for 2.56 million pounds, the second highest price offered for the work Kippenberger at auction. In 1984 the present owner purchased it from the artist. At the auction the painting was exhibited with the estimate: 0,8-1,2 million pounds;

• «dollar icon Andy Warhol (1928-1987) found a buyer for 2.28 million pounds. The last time the work was exhibited in the New York auction in November 2005, then for it offered 1.6 million dollars.

• picture of the "West side of the concrete house, created in 1993 by Peter Doig (b. 1959) was sold for a sum of 2.06 million pounds (estimate: 2.3 million). Large-scale canvas was first proposed in the bid; before that he was in the permanent collection of the consignor, who bought it from the artist himself on the eve of the first exhibition in a London gallery Doig;

• portrait "Head JY M.", created in 1973 by Frank Auerbach (b. 1931), went under the hammer for 1.44 million pounds. This is one of the most important portraits, it shows the artist's favorite model Julia Yardli Mills. It was expected that the painting will go to a new owner for the sum of 900 thousand to 1.2 million pounds.

at auction was set four world record price for work by artists:

  • Matthew Day Jackson (b. 1974). Portrait of the American architect Richard Buckminster Fuller called "Bucky" went under the hammer for the amount of 601.25 thousand pounds, with Estimé 30-40 thousand;
  • Joanna Vasconcelos (b. 1971). Sculpture pair of shoes "Marilyn" was sold for 505.25 thousand pounds at Estimé 100-150 thousand;
  • Tàpies (b. 1923). "A reddish mark on a white background" has found its buyer for 993.25 thousand pounds from the initial estimate of 300-400 thousand;
  • Boetti Alighieri (1940-1994). Cloth "Onomimo" created a red ballpoint pen, was sold for 1.05 million pounds in the initial evaluation in the 250-350 thousand.

Source: press release Christie's


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