Christie’s Artwork of the Surreal sale adopted instantly after the public sale home’s £137.7 million ($174.8 million) 20th/21st Century sale in London on March 7. At 25 heaps, it was a reasonably swift occasion however, in relative phrases, additionally the strongest sale of the spring season within the British capital, bringing in £58.9 million ($74.9 million).
Three heaps within the second half of the sale did not promote in fast succession, amongst them works by Pablo Picasso, Man Ray, and Gustave Van de Woestyne. Nonetheless, half of all the fabric on supply (13 heaps) hammered at or above the presale estimate, yielding an 88 % sell-through price.
Additionally buoying the underside line is the truth that six assured heaps represented 80 % of the presale low estimate. This included René Magritte’s L’ami intime, which hammered slightly below its low estimate at £29 million—or 58 % of the hammer complete.
Learn on for extra stats behind the sale…
René Magritte, L’ami intime (The Intimate Pal), (1958). Picture: Courtesy of the Gilbert and Lena Kaplan Assortment and Christie’s London.
Whole Gross sales After Charges: £58.9 million ($74.9 million)
Whole Gross sales of Equal Sale Final Yr: £38.9 million ($49.4 million)
Hammer Whole: £49.5 million ($62.9 million)
Prime Vendor: René Magritte’s L’ami intime (1958), £33.7 million ($42.8 million)
Heaps on Provide: 25
Heaps Withdrawn: 0
Heaps Offered: 22
Heaps Purchased In: 3
Promote-through Price: 88 %
Presale Low Estimate: £48 million
Hammer Whole vs. Presale Low Estimate: +£14.9 million ($18.9 million)
Heaps Assured: 6
Heaps With Home Ensures: 0
Heaps With Third-Social gathering Ensures: 6
Whole Low Estimate of Third-Social gathering Assured Heaps: £38.5 million ($50 million) (80 % of complete presale low estimate)
Quote of the Night time: “Take me to one million,” mentioned auctioneer Adrien Meyer as he coaxed bids for the primary lot of the sale, Magritte’s Le principe d’Archimède. His request was met: The portray bought for £1.5 million ($1.9 million), together with charges, greater than double its excessive estimate. As Colin Gleadell factors out in his report of the sale, this was a considerable revenue for the vendor, who purchased it in 2003 for $186,700. It largely set the tone for the remainder of the sale as nicely—Gleadell additionally notes that half of the highest 10 heaps had been by Magritte.
Lasting Reminiscence: Talking of Magritte, on the finish of the sale, bidding was reopened for the second lot, which was, you guessed it, a Magritte. The artist’s L’évidence éternelle: genoux had initially been purchased in with no bids at £380,000. However clearly whoever was anticipated to be bidding on this lot lastly confirmed as much as the celebration and, after a fast volley, the work bought for £529,200 ($672,084), bringing the sale to a happy shut.
Parting Shot: Gleadell acknowledged Man Ray’s Portrait (Patti Cadby Birch) (1942) because it hit the public sale block. It had been supplied at Christie’s Paris final 12 months with a assure, however it did not promote with an €800,000 ($875,000) low estimate. Christie’s re-offered it on this sale on the cheaper price of £350,000 ($444,500) however it flopped but once more. Preserve your eyes peeled for the place and when this one resurfaces.
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