Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Color Christie's Blue Over Weak Modern Sale

Picasso, Mondrian flop at sparsely attended auction

By Jane Yager, Newser Staff

Posted Nov 4, 2009 9:26 AM CST

(Newser) – A New York art dealer at the Christie's auction last night decreed "the recession is ending," but apparently not soon enough to move 13 of 41 modern and impressionist art works on offer, leaving the auction house millions of dollars short of pre-sale estimates. Major works by Picasso and Mondrian stalled out as fashion and film celebs stayed home and empty seats added to the auction's gloom.

Collectors played it safe, sticking to lower-priced work by familiar artists: top winners were a Degas pastel and a Rodin bronze sculpture. European collectors—a major presence thanks to the strong euro—did most of their bidding by telephone, further deflating the mood. "Confidence is beginning to return, but the market isn't recovering overnight," a Christie's exec tells the Wall Street Journal.

A Picasso painting called "Instruments de musique sur un gueridon," (Musical Instruments on a Table) seen at right behind auctioneer, is being auctioned Feb. 23, 2009 at the Grand Palais in Paris. (AP Photo/JACQUES BRINON)

Potential bidders attend the Spring 2008 Impressionist and Modern Art auction at Christie’s as Pablo Picasso's "Partition, Guitare, Compotier" sells for $11 million Tuesday, May 6, 2008 in New York. (AP Photo/Frank Franklin II)

« Prev« Prev | Next »Next » Slideshow

To report an error on this story, notify our editors.

More Newser Stories

Lichtenstein Painting Fetches $43M

It's a record for the late pop artist

(NEWSER) - If you've got millions to spare, may as well put it on the wall rather than in the markets: A 1961 Roy Lichtenstein painting (I Can See the Whole Room! ... and There's Nobody in It!) sold for $43.2 million at Christie's, reports Bloomberg . It's a record price for Lichtenstein, the late artist who helped launch the Pop Art movement of the 1960s. “People no longer care for financial products,” said one collector. “There’s a lot of doubt. This, you take it home with you.” More»

Warhol Self-Portrait Fetches Record $38.4M

Private bidder prevails after 'longest lot in history'

(NEWSER) - A private European collector walked off with Andy Warhol's very first self-portrait after a 16-minute bidding war at Christie's Wednesday night. The 1963-64 work sold for $38.44 million after two competing bidders kept raising their price in increments of $100,000, causing Christie’s auctioneer to call it the “longest lot in history," reports Forbes . More»

Rebounding Art World Expects Huge Spring Prices

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

(NEWSER) - The art market has bounced back amazingly well from the downturn, and auction houses are aiming to sell $1 billion in Impressionist and modern works at two major sales next week. A dozen works are expected to fetch close to $20 million apiece, a price the auction houses couldn't reach for even a single piece in spring sales two years ago, reports the Wall Street Journal . Huge fortunes were lost during the downturn, but dealers say plenty of new investors don't seem especially worried. More»

Andy Warhol Self-Portrait Fetches $17M

It goes for twice as much as expected

(AP) - A self-portrait by Andy Warhol has sold for $17 million—double its pre-sale estimate—at a London auction. Christie's says the work had been in a private collection since 1974, one of a series of 11 self-portraits Warhol created. The image of red and white silkscreen ink on canvas shows the artist with his hand to his mouth. It was done in 1967, at the height of his career as the most important figure in American Pop Art. The buyer is anonymous. More»

Painting of Picasso's Mistress Fetches $40M

La Lecture sells for double estimate

(NEWSER) - A painting of the teenage mistress Pablo Picasso picked up outside a Paris Metro station in 1927 has sold for $40 million at auction. La Lecture, which shows Marie-Therese Walter asleep in a chair, was sold to an anonymous buyer for double the expected price, the Telegraph reports. The painter charmed the 17-year-old Walter—28 years his junior—with the line: "I am Picasso. You and I are going to do great things together.'' The affair was long kept secret because Walter was underage, and because the painter was married. More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

Color Christie's Blue Over Weak Modern Sale

Picasso, Mondrian flop at sparsely attended auction

OTHER STORIES ON OUR RADAR

art market • Christie's • Picasso • art auction • Degas • art dealer • Piet Mondrian • Auguste Rodin

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?

Color Christie's Blue Over Weak Modern Sale

Picasso, Mondrian flop at sparsely attended auction

Bookmark & Share

OTHER STORIES ON OUR RADAR

art market • Christie's • Picasso • art auction • Degas • art dealer • Piet Mondrian • Auguste Rodin

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?