kick off for the 2011 sales season

8 February 2011 § Leave a comment

The next few days sees the first big art auctions of the year. Today, the 8 February Sothebys kick off with their evening Impressionist & Modern sale followed by their day sale tomorrow when Christies also have their evening sale.  Looking Closely is an extra Sothebys evening sale on Thursday 10 February which follows Christies day sale. The major Sothebys & Christies Contemporary sales follow on the 16 & 17 February.

Georgina Adam in the Financial Times (link to article) summarises this weeks sales nicely (so that I dont have to!), but it is the Looking Closely sale that Sothebys have slipped in to the schedule that really catches the eye. This is an exquisite private collection from the estate of Swiss collector George Kostalitz, who died last year. Collected carefully in the period 1960-90 it is a beautifully formed collection, made with a great eye for the best work.

An exquisite Dali portrait of Eluard is one of the most important surrealist works to come up at auction for years, estimated up to £5m –  but dont be surprised if it goes for £10m. Two portraits of Lucian Freud are included, the first being a 1964 triptych painted by Francis Bacon estimated at up to £9m, while amonst three Freuds on offer is a self-portrait painted when staying at Ian Fleming’s Jamaican villa, Goldeneye. Five stunning Marc Chagall feature, two of which were commissioned directly from the artist. They are all estimated at £2m or so and surely will go for much more. The sale estimate is £39-55m, but it will be surprise to me if it does not soars much higher.

The highest estimated work in all these sales is at Sotheby’s evening sale Picasso La Lecture at £18m – a tender portrait of his muse Maries Therese it is ‘only’ a small oil on board, but it is still unlikely that the estimate will prove to be too elevated.

Overall I am sure that we will see as very strong result at the sales continuing the ‘recovery’ in the market suggested by good results in 2010 – including Christies recent announcement of its record-breaking year. There will be a high proportion of lots sold, some broken records and sale estimates exceeded – especially at Sothebys – and let’s hope that this signals a good start to 2011!

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