– Up 71% Over November 2016 –
– Exceptional Sell-Through Rate of 92.2% –
BIDDERS ACROSS ASIA DRIVE RESULTS
Five of the Auction’s Top Ten Works Sell to Asia
TO RUSSIA WITH LOVE
Romantic Chagall Masterwork Sells for $28.5 Million to a Russian Private Collector, Smashing Decades-Long Auction Record for the Artist
Monet Landscapes from Rare Series Command Top Prices
WORKS ON PAPER TOTAL $42.4 MILLION
Masterworks from the Diamonstein-Spielvogel Collection Are 100% Sold
New Auction Record for Danish Artist Vilhelm Hammershøi
NEW YORK, 14 November 2017 – Simon Shaw, Co-Head of Sotheby’s Worldwide Impressionist & Modern Art Department, commented: “Tonight we saw an enthusiastic and expanding client base respond to a particularly strong and varied offering. From the depth and geographical spread of bidders, to auction records set for both established artists and those we don't see as often in this category, it's clearly an exciting time for the Impressionist & Modern Art market. While Russia took home tonight's top prize, Asia was clearly a major story – we had seven different buyers spanning China, Taiwan, Japan and Hong Kong, and many more under-bidders.”
Tonight’s Evening Sale of Impressionist & Modern Art totaled $269.6 million, representing a 71% increase over our same sale in 2016 and with an outstanding 92.2% of lots sold. Sotheby’s year-to-date sales of Impressionist & Modern Art worldwide are up 39% year-over-year.
Bidders across Asia helped drive these results, with collectors spanning China, Hong Kong, Taiwan and Japan. Five of the auction’s Top 10 works were sold to Asia.
Tonight’s auction was led by Marc Chagall’s ‘Masterpiece of Love’ – Les Amoureux – which shattered the artist’s world auction record when it sold for $28.5 million to a Russian collector (estimate $12/18 million). Chagall’s previous auction record had held since 1990, when Sotheby’s sold Anniversaire in #newyork for $14.9 million. Prior to tonight, Les Amoureux had remained in the same family collection for nearly 90 years, having been acquired in 1928 – the same year it was painted.
Forty lots later, a prolonged bidding battle drove Chagall’s Le Grand Cirque to a $16 million result – also exceeding the 1990 auction record. The monumental canvas, measuring 10 feet across, was purchased by an Asian private collector. Sotheby’s now holds the top three auction prices for Chagall.
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