Sales of Impressionist and Modern art during the annual May auctions in New York City indicate a strong, although discriminating market, dealers and auction house executives said.
Several works brought record prices last week, including a Max Beckmann self-portrait that sold for US$22.5 million, more than twice what was anticipated, while some paintings by Vincent van Gogh, Pierre-Auguste Renoir and Pablo Picasso didn't sell.
PHOTO: BLOOMBERG NEWS
"This is one of the most selective markets I've seen in my professional lifetime," said Charles Moffett, worldwide co-chairman of Sotheby's Impressionist and Modern art department.
"It's fair to say we didn't see any impulse buying ... It's a rigorous market and it's going to test us."
Impressionist and Modern art dealers and collectors said they often measure the market's health by the annual May sales at major auction houses. The sales help determine prices for the upcoming year. They took place this year against the backdrop of a slowing economy.
Christopher Burge, honorary chairman of Christie's International Plc, said, "there was concern going into the week, but ... it is clear there's quite a healthy market."
The nature of the market was shown when Picasso's portrait of his wife, Olga, which Christie's anticipated at US$30 million, didn't sell after bidding got to US$24 million.
A day later, Sotheby's Holdings Inc sold Beckmann's Self-Portrait With Horn, which was expected to bring US$7 million to US$10 million, for the highest price ever paid for a painting by the artist, or any German work of art at auction.
Phillips, de Pury & Luxembourg also broke a record for a landscape, selling Paul Cezanne's La Montagne Sainte-Victoire for US$38.5 million.
A total of US$375.7 million in art was sold last week at Sotheby's, Christie's, and Phillips, auction officials said.
"It showed that there are many more active buyers today than I thought were going to be active in today's economy," said Paul Herring, John's brother and business partner.
David Breuer-Weil, an international art specialist for Phillips, said, "it's an indication of the economy as a whole, and also an indication that the art market is changing to a certain degree.
"People are only looking for the highest quality examples," he said. "They'd rather have a major work by a minor artist than a minor work by a major artist."
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