CHRISTIE’S AND SOTHEBY’S OVERCOME THE WINDS OF CRISIS WITH “MADE IN ITALY” ART 
If the London auctions dedicated to contemporary art alarmed the art market due to the downturns of Sotheby’s, Phillips de Pury and Christie’s, which altogether had an average of unsold works equal to 50%, at last the economy of sales seems to have heaved a small sigh of relief with the Italian Sales.
On 20th October in London, Sotheby’s auction ended with 45 works sold and only 7 unsold, totalling 13,583,725 pounds. An important result compared to the last days. While at Christie’s the conclusion was not quite as good as its historical rival’s. However, with a total of 11,010,400 pounds and 15 unsold works out of 48, even Christie’s achieved an excellent result.
Let us analyse more in depth how the Italian Sales have evolved in these days and especially how they have shown the world that Italian art is still very far from the great cold that was perceived last weekend. But how is it possible that the feared effects of the economic crisis have not been felt yet? We can only assume that both Christie’s and Sotheby’s have targeted works of sure impact, which always prove to be a great investment even in periods of depression like this one.
With 15 unsold lots out of 48 and a total of more than 11 million pounds, Christie’s auction made us dream, anyhow. Credit goes to “Natura Morta” by Giorgio Morandi, which from an estimate between 400 and 600 thousand pounds, sold for 802,850 pounds. Not less important “Untitled” by Jannis Kounellis, which from a valuation of 400-600 thousand pounds, realised about 740,000 pounds. Unmissable the selection dedicated to Lucio Fontana, which on this occasion achieved great results. One of his “Concetto Spaziale”, from an estimate of 250-300 thousand pounds, was sold for 746,850. Excellent results also for the other two “Concetto Spaziale” at auction. But the real protagonist of Christie’s evening was definitely Piero Manzoni.  “Achrome” from 1959, presented to the salesroom public, despite not exceeding by much its initial estimate of 1.5-2 million pounds, realised 1,609,250 pounds.
While the unsold pieces of the auction were: Boccioni,  Modigliani,  Castellani, Pascali, Anselmo, Dorazio, Birolli, Kounellis, Severini, Boetti, Merz, Fontana, Vezzoli, Pistoletto and Marini.
In the same day Sotheby’s held its auction dedicated to the Italian Sale, with only 7 pieces out of 52 unsold, for a total of 13,583,725 pounds. Works by Italian masters that achieved most success during the auction include “Natura Morta” by Giorgio Morandi, which from an initial estimate between 500-700 thousand pounds, was sold for 657,250 pounds. No disappointment for Lucio Fontana either, with “Concetto Spaziale, Forma”, which from a valuation of 800.000-1,200,000 was sold for 1,049,250 pounds and “Concetto Spaziale, Attesa” (estimate 500-700 thousand), which realised for 847,650 pounds. Few satisfactions for other works that were sold below or slightly above their estimates. For instance “Cavaliere” by Marino Marini, which from an initial estimate between 500 and 700 thousand pounds, was sold for 529,250 pounds, but even “Interno Metafisico con Testa di Filosofo” by Giorgio De Chirico, which from a initial valuation of 1,000,000-1,500,000 pounds, realised only 847,650 pounds.  Unsold pieces at Sotheby’s include: Manzu, two pieces by Lucio Fontana, Rotella, Cattelan and Zorio. (translated by Giorgina Arcuri)