Christie's $264M Auction Stuns Art Market

By Neal Colgrass, Newser Staff

Posted Feb 23, 2009 8:00 PM CST

(Newser) – Celebrity power revived the art market in Paris for at least one night, the Wall Street Journal reports. Despite the economy, a giddy atmosphere prevailed at Christie's as bidders battled over blue-chip works from Yves Saint Laurent's personal collection, dishing out $32 million more than expected. Only a moody, Cubist work by Picasso failed to excite and went unsold.

"This was an exceptional sale in exceptional circumstances," one expert said, pointing to Laurent's name and classic works by artists like Piet Mondrian and Marcel Duchamp. "The market is still tough and buyers are still more discerning, finally." The art market has sagged since last fall, dragging down sales at Sotheby's and Christie's by 16.8% over the past 2 years.

A rare bottle of perfume from 1921 is displayed at Christie's on January 29, 2009 in London, England. (Getty Images)

A woman looks at 'Les coucous, tapis bleu et rose, 1911' by Henri Matisse on January 29, 2009 at Christie's in London. (Getty Images)

A man looks at 'Composition I' by Piet Mondrain on January 29, 2009 at Christie's in London. (Getty Images)

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Auction Winner Won't Pay for Chinese Relics

Collector says he bid $36 million on antiquities as protest

London Art Market Feels a Chill

Lack of once-plentiful foreign cash hurts auctioneers

Modest Success at Christie's Cheers Art World

Hockney breaks record as auction house sells $93.7M

Strapped Art Market Preps for Auctions

Expectations low as auction houses try variety of tactics

Christie's Cuts Jobs as Art Sales Slump

250-year-old auction house downsizes to stay afloat

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OTHER STORIES ON OUR RADAR

art • Christie's • Paris • Yves Saint Laurent • art auction • what recession?

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Auction Winner Won't Pay for Chinese Relics

Collector says he bid $36 million on antiquities as protest

London Art Market Feels a Chill

Lack of once-plentiful foreign cash hurts auctioneers

Modest Success at Christie's Cheers Art World

Hockney breaks record as auction house sells $93.7M

Strapped Art Market Preps for Auctions

Expectations low as auction houses try variety of tactics

Christie's Cuts Jobs as Art Sales Slump

250-year-old auction house downsizes to stay afloat

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Newser By Users

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