Almost half the lots didn’t sell tonight at a Christie’s International auction of impressionist and modern art in New York, the week’s third evening auction that fell short of presale estimates.
The sale totaled $146.7 million, more than a third below its presale low estimate of $240.7 million. Of the 82 lots offered, 44 percent didn’t sell, a sign that the global financial crisis continues to undermine demand for the most expensive art.
“Obviously, prices have changed,” auctioneer Christopher Burge said after the sale. “We’d be foolish not to recognize that.”
High-quality works at this week’s impressionist and modern auctions carried aggressive estimates tied to last season’s prices. Christie’s did manage to sell some of the priciest lots, setting an auction record for a Juan Gris.
“There was actually quite a positive mood in the room,” New York private dealer Christopher Eykyn said.
Second- and third-rate works that might have been snapped up in past seasons made tonight’s sale seem overstuffed.
On Nov. 5 at Christie’s, artworks of Park Avenue widow Rita Hillman and real estate heiress Alice Lawrence fetched $47 million, less than half the presale low estimate of $103 million. Two nights earlier, Sotheby’s impressionist sale tallied $223.8 million, a third below the $338 million low estimate.
Next week, contemporary art sales continue at Sotheby’s, Christie’s and Philips du Pury & Co. (Bloomberg)