During a recent auction in Paris, Sotheby's celebrated a remarkable achievement, generating €35 million (approximately $41 million) from its modern and contemporary art sale. This impressive total marks an increase of over 84% compared to the same event last year and surpasses the pre-sale estimate of €22.4-€32.1 million ($26.6-$37.8 million). Notably, this sale ranks as the second-highest in the category ever conducted by Sotheby's in France.
Thomas Bompard, co-head of modern and contemporary art at Sotheby's Paris, remarked, "Today's results signify a pivotal moment for both Sotheby's and Paris. The extraordinary prices for Monet, coupled with the vibrant atmosphere and enthusiastic bidding, demonstrated a market brimming with confidence, as collectors worldwide engaged passionately in the auction."
The star of the evening was Monet's Vétheuil, effet du matin (1901), which fetched €10.2 million ($12.1 million), establishing a record for the artist at auction in France. Another notable piece, Les Îles de Port-Villez (1883), sold for €6.5 million ($7.6 million). The former had not been publicly displayed for nearly 98 years and had remained in a single French private collection for over five decades, exceeding its estimate of €6-€8 million ($7.1-$9.5 million) after an intense ten-minute bidding war.
Additionally, Les Îles de Port-Villez, measuring just under three feet in width, was showcased publicly for the first time in 115 years, surpassing its estimate of €3-€5 million ($3.5 million to $5.9 million).
The auction featured a collection of seven original gouaches by Marc Chagall from his "Circus" series, sourced directly from the artist's estate. These works marked their auction debut, with two pieces selling for €1.1 million ($1.4 million) each, exceeding expectations. Lucio Fontana's Concetto Spaziale, Attese (1968), characterized by its striking sapphire-blue canvas with two vertical cuts, also surpassed its estimate, achieving €2 million ($2.4 million).
Other remarkable sales included Rembrandt Bugatti's bronze Tigre royal, which sold for €1.7 million ($1.9 million), and Chu Teh-Chun's Le son des cuivres II (1988), which doubled its high estimate, reaching €1.2 million ($1.4 million). Gerhard Richter's Untitled (9. Nov. 1995) achieved nearly four times its high estimate, selling for €473,600 ($558,659).