Art Market Stronger Than Ever Despite Economic Turmoil
Over three days of sales, the collection of Yves Saint Laurent and Pierre Berge realized €373.9 Million (£332.8 Million / $483.8 Million), well above the highest of estimates. The sale set several world records, including the most valuable private collection ever sold at auction, the highest total for any auction in Europe, the most valuable private Impressionist and Modern art collection sold at auction, the record for a silver sale, and the record for a collection of 20th Century decorative arts at auction. Over the course of three days, 16 lots sold for over €5 Million and 61 lots sold for over €1 Million.
The stage was set and the audience was not disappointed. The Yves Saint Laurent sale, which was documented in an unprecedented 5 catalogue collectors’ edition, pleasantly surprised even the most optimistic in the art market.
The spectacular public exhibition took place at the Grand Palais in Paris. It was a once-in-a-lifetime opportunity to see this uniquely curated collection of art and to experience the evocative atmosphere similar to that of Yves Saint Laurent’s apartment at rue de Babylone. The Collection was viewed by over 30,000 visitors over three days (21-23 February), and over 1,500 people gathered for each of the sales, held in a specially built saleroom, which was the largest in Christie’s history.
The first night’s auction of fine art, Monday, February 23 had some magnificent works by Leger, Cezanne, Picasso and the usual Modern and Impressionist evening sale artists. However, the sale also included artists that rarely come to auction and the results showed. The three abstract Mondrian paintings sold well, with the top lot “Composition avec bleu, rouge, jaune et noir,” from 1922 reaching the sensational sum of €21.5 Million. The excitement continued as the audience waited with baited breathe while the bidding on a Duchamp went up to €8.9 Million, despite an estimate of only €1,000,000-€1,500,000. The top lot of the fine art auction was Henri Matisse’s oil on canvas executed in 1911, “Les coucous, tapis bleu et rose,” which fetched a fantastic sum of €35.9 Million.
The intensity of the bidding, quality condition of the work, and Yves Saint Laurent and Pierre Bergé’s discerning eye for provenance and museum quality artwork, resulted in 7 world records for artists, all of which are prominent: Matisse, Brancusi, Mondrian, de Chirico, Duchamp, Klee and Ensor. French and other European buyers were extremely active. Many of the most important works were bought up by French museums and will therefore remain in France. The Edouard Vuillard painting on canvas entitled “Les Lilas” was sold to Musee d’Orsay. The surrealist painter de Chirico’s oil on canvas sold for €11,041,000 to the Centres Pompidou. It was truly a once-in-a-lifetime sale. In total, the Monday night fine art sale commanded over €206M, which was a world record for a private collection.
The 20th Century Decorative Arts sale of Tuesday Evening February 24 was even stronger. An Eileen Gray “Dragon’s” armchair, circa 1917-1919 sold for €21.9M, smashing the world record for any work of a 20th century decorative art auction. This chair along with the rest of the highly selected furniture in the sale demonstrated once again that buyers were willing to pay a real premium for series collectibles.
The most highly controversial pieces in the auction were the two Qing dynasty bronzes that the Chinese government vigorously protested. The Chinese government asserted that the rat and rabbit were looted from the imperial palace outside Beijing in the 19th century and Mr. Saint Laurent’s estate had no right to sell the works. French courts continued to assert that these works were bought and could be sold. The highest bidder on both sculptures turned out to be Cao Mingchao, who at a press conference on Tuesday stated that he bought the sculptures, “in the name of the Chinese people,” as a protest against the looting of Chinese cultural heritage. He then went on, “I must stress that I do not have the money to pay for this.” It seems like Christie’s may be out $35 Million.
David Benrimon Fine Art LLC was an active bidder during this strong and aggressive sale. We captured one magnificent painting and two art deco pieces of furniture, though we were also underbidders on a Klee painting, an important Laurens sculpture and a significant Matisse drawing.
The sale demonstrated that highly demanded collectibles from fine art to furniture and decorative art still command serious sums. Storied old money individuals have continued to buy and the art market proved its resiliency in the face of this international credit crunch.
