A Klimt Sells for $59-M at Record-breaking London Art Auction

A Klimt Sells for $59-M at Record-breaking London Art Auction

A Klimt Sells for $59-M at Record-breaking London Art Auction

$BID

A painting of flowers by Gustav Klimt sold in London for GBP48-M (US$59-M), a record for a work by the Austrian artist and the 3rd-highest price for any work sold at auction in Europe, Sotheby’s (NYSE:BID) said Thursday.

Described in the auction catalog as a masterpiece of Viennese fin-de-siecle art, “Bauerngarten”, completed in Y 1907, depicts poppies, daisies, zinnia and roses in full bloom in a garden.

It was the star attraction at Sotheby’s sale of impressionist, modern and surrealist art, which took place on Wednesday evening.

The auction as a whole netted $241-M, which Sotheby’s said was the highest total for any auction staged in London, driven particularly by Asian buyers.

“Tonight’s outstanding result is a new benchmark for London sales as much as it is a statement on the momentum of the global art market in 2017,” said the Chairman of Sotheby’s Europe, in a statement.

The two artworks that previously sold for higher prices at European auctions were Swiss sculptor Alberto Giacometti’s “Walking Man I”, which sold for 65-M pounds in Y 2010, and Flemish master Peter Paul Rubens’ “The Massacre of the Innocents”, which went for 49.5-M pounds in Y 2002.

Sotheby’s said another highlight of its Wednesday sale was Pablo Picasso’s Y 1944 work “Plant de tomates”, which sold for GBP 17 -M

The auction also set a record for a work by Alfred Sisley, a British impressionist who worked mostly in France. His Y 1874 painting “Effet de neige a Louveciennes” sold for GBP 7.4-M.

Symbol Last Trade Date Change Open High Low Volume
NYSE:BID 48.69 3 March 2017 0.15 48.39 49.87 48.14 351,580
HeffX-LTN Analysis for BID: Overall Short Intermediate Long
Bullish (0.43) Bullish (0.39) Very Bullish (0.58) Bullish (0.31)

Have a terrific weekend.

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