Modern & Impressionists’ record asserts the Loeb effect on Sotheby’s

 

 

The therapy that Third Point LLC founder and art collector Daniel Loeb prescribed for Sotheby’s, that also includes the huge amount of money, about $25 million, that the company had to pay in the campaign against Loeb who nevertheless managed to be appointed in Sotheby’s board along with two of his candidates – is having the desired effect. Last night the Impressionist & Modern Art Evening sale reached the “historic” total of $422.1 million, “the highest total in Sotheby’s history” as the company has proudly announced on its brand new and finally fast web-site a few hours after the auction.

 

As all the media are reporting, a further confirmation of the importance that record prices have in art communication, the top lot of the sale has been “Chariot”, a bronze sculpture executed by Alberto Giacometti between 1951 and 1952: $101 million. Then a beautiful Tete by Amedeo Modigliani – 73 centimetres high, carved between 1911 and 1912, estimate upon request before the auction – fetched $70,7 million, while Vincent van Gogh’s “Nature morte, vase aux marguerites et coquelicots” went for $61.8 million. Among the 14 works by Pablo Picasso on sale, only two of them haven’t find a buyer. The other 12 collected a total of $49.2 million, while the four Monet available sold for $69.5 million.

 

According to the “Art & Finance report” published by Deloitte in the first half of 2014, Christie’s and Sotheby’s sold the 88% more of what they had sold in the entire 2013, that was a year of records, with 8% more selling then 2012. If the market will continue this way it could be a really good time to buy some of Sotheby’s shares, as suggested by Barron’s just few days ago. A new significant signal may come in a few hours, with Sotheby’s Impressionist and Modern Day Sale, from 10.00 am, New York time.

November 5, 2014