Auctions show upturn

[ Alberto Giacometti, L’Homme qui Chavire. Est. $8/12 million. Sold for $19,346,500. Photo: Sotheby's]

Sotheby's Evening Sale of Impressionist and Modern Art Surpasses High Estimate

An Evening Sale of Impressionist and Modern Art at Sotheby’s in New York was a resounding success, surpassing the high estimate and bringing a total of $181,760,000 (est. $115.3/163 million). The sale was 84.8% sold by lot and 93.4% sold by value. Five works sold for more than $10 million and two artist records were set: André Derain’s Barques au Port de Collioure brought $14,802,500, and Kees van Dongen’s Jeune Arabe totalled $13,802,500, with both significantly exceeding their high estimates. “Tonight’s results were clear vote of confidence for the art market,” said Simon Shaw, Head of Sotheby’s Impressionist and Modern Art Department in New York.

http://www.artdaily.org/index.asp?int_sec=2&int_new=34127