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Buyers Return for Healthy Christie's Sale

Auction house pulls in $103M, besting rival Sotheby's

By Jason Farago, Newser Staff

Posted May 7, 2009 7:33 AM CDT

(Newser) – The art market performed better last night at Christie's New York sale of Impressionist and modern art, pulling in $103 million after a lackluster showing by its rival Sotheby's on Tuesday. The top lot was a 1968 portrait by Picasso, which sold for $14.6 million. As the Wall Street Journal reports, Christie's took few chances on the sale, listing many works with rock-bottom estimates to entice cautious collectors.

The majority of works for sale were priced between $250,000 and $4 million, a far cry from the $10 million-plus estimates that were once commonplace at its sales. Another safe strategy for the auction house: naked women. No fewer than eight paintings depicted female nudes, including a Degas that went for $5.9 million. "Prices had gotten out of hand recently," said one collector, "but now they are, well, in hand. It's time to buy."

The sale room at Christie's auction house in New York, where the top lot last night was a Picasso portrait selling at $14.6 million. (AP Photo/Frank Franklin II)

Christie's sale of Impressionist and modern art yesterday fared better than Sotheby's the previous night, pulling in $103 million. (AP Photo/Frank Franklin II)

This 1971 painting by Picasso, owned by the painter Julian Schnabel, sold at Christie's last night for $7.7 million. (AP Photo/Christie's New York)

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Buyers Return for Healthy Christie's Sale

Auction house pulls in $103M, besting rival Sotheby's

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art market • Christie's • art auction • Pablo Picasso • Degas

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More Newser Stories

Lichtenstein Painting Fetches $43M

It's a record for the late pop artist

Warhol Self-Portrait Fetches Record $38.4M

Private bidder prevails after 'longest lot in history'

Rebounding Art World Expects Huge Spring Prices

A dozen works are priced near $20 million each at auctions

Andy Warhol Self-Portrait Fetches $17M

It goes for twice as much as expected

Painting of Picasso's Mistress Fetches $40M

La Lecture sells for double estimate

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Buyers Return for Healthy Christie's Sale

Auction house pulls in $103M, besting rival Sotheby's

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OTHER STORIES ON OUR RADAR

art market • Christie's • art auction • Pablo Picasso • Degas

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Lichtenstein Painting Fetches $43M

It's a record for the late pop artist

Warhol Self-Portrait Fetches Record $38.4M

Private bidder prevails after 'longest lot in history'

Rebounding Art World Expects Huge Spring Prices

A dozen works are priced near $20 million each at auctions

Andy Warhol Self-Portrait Fetches $17M

It goes for twice as much as expected

Painting of Picasso's Mistress Fetches $40M

La Lecture sells for double estimate

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?