Modigliani Nude Hammers for $157-M at Sotheby’s NY Auction

Modigliani Nude Hammers for $157-M at Sotheby’s NY Auction

Modigliani Nude Hammers for $157-M at Sotheby’s NY Auction

$BID

Monday, a nude portrait by Amedeo Modigliani sold for $157.2-M at Sotheby’s (NYSE:BID), achieving the 4th-highest price for any work of art at auction, though it did not set a new record for the artist.

Sotheby’s had estimated “Nu couché (sur le côté gauche)” to sell for in excess of $150-M, which made the 1917 oil painting the highest-estimated work of art in auction history.

But in just meeting expectations and failing to set a record even for a Modigliani, the canvas fell short of recently auctioned trophy works, most notably Leonardo da Vinci’s “Salvator Mundi,” which soared to $450.3-M at rival Christie’s in November after several Top-Tier collectors competed gingerly.

That work carried a pre-sale estimate of about $100-M.

And in a sign of soaring prices at the art market’s highest echelons, the same work sold in Y 2003 for $27-M.

Only a handful of collectors bid for the work, which fell short of the $170.4-M record for a Modigliani set in Y 2015.

“It was not an exuberant room,” Sotheby’s co-head of Impressionist and Modern art, told Reuters afterward. But he added that “it was an ordered, efficient sale which achieved a total within its estimated range.”

Indeed the auction took in $318.3-M, just beating the $307.4-M low pre-sale estimate. Of the 45 lots on offer, 71% sold through.

Other highlights included:

  1. Pablo Picasso’s “Le Repos,” which achieved $36.9-M and beat its high estimate of $35-M, and
  2. Claude Monet’s “Matinee sur la Seine,” which fetched $20.55-M, at the low end of the estimate.
  3. Georgia O’Keefe’s “Lake George with White Birch” soared to $11.3-M or 2X the high estimate

The Spring auctions continue Tuesday when Christie’s holds its Impressionist and Modern Art sale.

Symbol Last Trade Date Change Open High Low Volume
NYSE:BID 56.49 14 May 2018 -0.44 57.21 57.86 56.45 307,000
HeffX-LTN Analysis for BID: Overall Short Intermediate Long
Bullish (0.30) Bullish (0.42) Bullish (0.26) Neutral (0.22)

Stay tuned…

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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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