Written by Elena Lanzanova January 20 2009
The pessimism brought on by the financial crashes which occurred last September with the collapse of Lehman Brothers induced all the art market operators to a discrete dose of caution in approaching the sales of works of art. Many rumours were raised in giving evaluations, which were not always founded, of what would be the future of the market, often generating apprehension based on fragmented information and incomplete knowledge of market dynamics. We do not know exactly what the year 2009 reserves for us. After a period in which auction houses registered records in a chain, especially with contemporary art, which multiplied it prices in 2007, the wind suddenly changed. At this point, which strategies should be put into effect with the new year? It is definitely not the case to move away from the economic system of art, considering that with the forecast of difficult times, in which real market values will be readjusted, it will be possible, for who can spend and benefit from other people’s disgraces, to carry out excellent deals (many people need to sell their collections in order to face economic difficulties). It will be possible, for a certain period, to see on sale selected works of good quality.An appointment to note down in our diaries is scheduled for 4th February in London, when Christie’s opens its “Impressionist and Modern Art Evening Sale”. The audience will see 47 lots of exceptional aesthetic beauty and artistic quality executed by the most important names of the Nineteenth and Twentieth century. Indeed, up for auction there will be works by Claude Monet, Amedeo Modigliani, Kees van Dongen, Edward Vuillard, Henri de Toulouse-Lautrec and many more. The London sale is anticipated to total in excess about 60 million pounds. High expectations due to the presence in the catalogue of six works that come from an important European collection. Among these we can mention “Dans la prairie” by Claude Monet, a marvellous canvas portraying his wife while she was reading in a field and which according to previsions will realise a hammer price equal to 15 million pounds. An extraordinary masterpiece executed by the French painter in 1876 in Argenteuil, and then exposed in the third exhibition of the Impressionists’ Salon. Besides this painting, Christie’s will put up for auction another work by Monet, “La promenade d’Argenteuil” from 1872, offered with an estimate between 3,500,000 and 5,000,000 pounds. As this is not one of the easiest moments for the market and especially for the most expensive works of art pursued only by large investors, it is difficult to establish whether Monet’s works will enjoy their moment of glory. We only know that Christie’s is maintaining its “logic” in the department of impressionism and modern art. Indeed, Monet is an author who brings luck to the auction house, which in the last years has offered an extraordinary selection of the French master’s works. We all remember “Le Pont du chemin de fer à Argenteuil” sold in the New York venue last 6th May for 41.5 million dollars. But even “Le bassin aux nymphèas” from 1919, sold on 24th June in London for 80.5 million dollars, setting the world record for the artist. The “clamour” of the auction seems to be announced by the names that are to be presented. In a difficult moment for the world economy and for the US economy in particular, Christie’s has decided to make the wisest choice: to aim at the great authors and at pieces of undisputed quality. Among these on 4th February in London, Henri de Toulouse-Lautrec’s “L’Abandon (lex deux amies)” will be presented (estimate 5-7 million pounds). Painted in 1895, it is an intimate, suggestive and intriguing composition, displayed in almost all the artist’s retrospectives and present in many publications. Among the other highlights present in Christie’s catalogue we should also mention “Les Couturières” painted by Edouard Vuillard when he was only 21 years old and offered at the auction with an estimate between 5.5 and 7.5 million pounds. But even “Les deux filles”, a rare double portrait by Amedeo Modigliani (estimate 3.5 -5.5 million pounds) and “Les Deux Souers” by Fernand Lèger, valued between 2 and 3 million pounds.
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