Modigliani Nude Hammers for $157-M at Sotheby’s NY Auction
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:
- Pablo Picasso’s “Le Repos,” which achieved $36.9-M and beat its high estimate of $35-M, and
- Claude Monet’s “Matinee sur la Seine,” which fetched $20.55-M, at the low end of the estimate.
- 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.
|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)|