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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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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