Date: Fri 27-Feb-1998

Publication: Ant

Author: JUDYC

Quick Words:

Christies

Full Text:

Up 26%, Christie's Sales Top $2 Billion

LONDON, ENGLAND -- Christie's International plc has announced worldwide aucti

on sales totaling $2,017 million for the 1997 calendar year. This represents

an increase of 26 percent on sales of $1,602 million in 1996.

The 1997 sales total is the second highest in the history of Christie's,

surpassed only in the exceptional conditions of 1989. Christie's auction sales

have grown consistently over the past six years and are now 95 percent in

dollars higher than 1991.

Lord Hindlip, chairman of Christie's International said, "Nineteen

ninety-seven was a vintage year for sales at Christie's. We were honored to be

asked to sell two quite outstanding collections, from the Ganz and Loeb

families, and delighted with the results achieved. The Ganz collection

realized the highest ever total for a single-owner collection at auction and

the Loeb collection the third highest. Good growth also was achieved in the

rest of the business."

The principal area of growth was Impressionist and Modern works of art which

recorded a year's total of more than $640 million, up 89 percent on sales in

1996. Even without Loeb and Ganz, Impressionist and Modern sales were still up

14 percent on last year.

The Impressionist and Modern Art sales in New York in May amounted to $236

million, the highest total for this category since the height of the market in

May 1990 ($330 million). These sales included the celebrated John and Frances

L. Loeb Collection, which totaled $92.8 million, the highest total for a

single-owner sale of Impressionist Art at Christie's. This sale saw Paul

Cezanne's portrait of his wife, "Madame Cezanne au fauteuil jaune," realize

$23.1 million and "Danseuse assise aux bas roses" by Toulouse-Lautrec

establish a record price at auction for the artist at $14.5 million.

An even higher total was achieved in November, when a week of Modern and

Impressionist sales at Christie's in New York realized more than $295 million.

The highlight of this week was the sale of the Collection of Victory and Sally

Ganz, the most important private collection of Twentieth Century art ever seen

at auction. Picasso's "Le reve," the erotic 1932 portrait of his mistress

Marie-Therese Walter, which is recognized as one of Picasso's greatest

portraits, realized $48.4 million, the second highest price paid for a Picasso

at auction, the highest price achieved at auction in 1997, and the fifth

highest price paid at auction for any work of art. The four great canvases

from Picasso's 1955 series of "Les femmes d'Alger (Versions O,H,M,K)" sold to

different buyers: "Version O" for $31.9 million; "Version H" for $7.2 million;

"Version K" for $7.3 million; and "Version M" for $11 million. Picasso's

"Femme assise dans un fauteuil (Eva)," considered to be one of the greatest

nudes of the early Twentieth Century, realized $24.8 million, to become the

most expensive Cubist painting sold at auction.

The most expensive work of art at auction in London in 1997 was Gustav Klimt's

"Schloss Kammer am Attersee II" which sold for $23.5 million in Christie's

fifth annual sale of German and Austrian Art in October. The artist's view of

an Austrian castle was the third most expensive painting ever sold at auction

in the United Kingdom. Two private collections of German modern and

contemporary works in the same sale contributed to a total of more than $53

million and ten works sold for more than $1 million each.

Contemporary art sales at Christie's continued to report high prices,

achieving a total for the year of $150 million, up 36 percent on 1996. In New

York, the Collection of Irwin and Bethea Green sold for $9.2 million in

November and included "Two Standing Women" by Willem de Kooning, which

realized $4.2 million. In London, record prices were achieved for Damien Hirst

and the Japanese artist Zao Wou-Ki in contemporary art sales that totaled $34

million.

Latin American paintings were up 42 percent on the previous year with a sale

in November realizing $12 million. An exceptional sale of American paintings,

drawings and sculpture achieved a total of $17.7 million. A record price was

set for a work by Georgia O'Keeffe among others.

Traditional sectors of the market including furniture, silver and jewelry

continued to report healthy sales totals. English furniture sales were up 20

percent on the previous year and included two pieces which sold in excess of

œ1 million in London. Record prices for Thomas Chippendale were achieved when

a pair of George III giltwood armchairs and a giltwood sofa designed by Robert

Adam and made by Thomas Chippendale sold for $2.9 million and $2.6 million,

respectively.

Part of a suite of magnificent furniture commissioned by Sir Lawrence Dundas,

the furniture represented the first collaboration between Adam and

Chippendale, two of the greatest masters of the Eighteenth Century.

Sales of Old Master pictures recorded an increase of 17 percent on 1996 sales.

A strong sale in London in December was 82 percent sold by value and achieved

a total of $21.7 million. A record price of $3.9 million was realized for "An

Extensive Winter Landscape" by Aert van der Neer at the July sale.

A total of $252 million was achieved by the international jewelry department,

making Christie's the leading jewelry auctioneer for the fourth consecutive

year. Significant growth was seen in jewelry sales in Asia, up 44 percent on

1996 totals, and in the United Kingdom, where jewelry sales grew by 27 percent

on the previous year.

Sales of wine were up 50 percent on the previous year, totaling more than

$54.7 million. In London, a two-day sale of a private cellar achieved a

magnificent total of $11 million. Among its contents were the two most

expensive bottles of wine sold at auction since 1987: a jeroboam of Chateau

Mouton-Rothschild (1945) which sold for $114,614 and an imperial of Chateau

Cheval-blanc (1947) which realized $109,324. In New York, Zachy's-Christie's

wine sales totaled $19.4 million for the year, with the sale in December

achieving $6.5 million, the highest ever total for a wine sale in the United

States.

Christie's International Motor Car department achieved total sales of $18.7

million for the year, up five percent on 1996. The annual sale of "Exceptional

Motor Cars" at Pebble Beach in California achieved a record total of $9

million and included a 1953 Scudeira Ferrari 340/375 Mille Miglia Spyder which

sold for $1.1 million.

New artist record prices were achieved for George Romney, Winston Churchill

and Damien Hirst, among others. Further record prices were set for a D-type

Jaguar motor car which sold for $1 million; a Tiffany lamp, when "The Pink

Lotus Lamp" sold for $2.8 million; and a piano, when a magnificent Steinway

decorated by Sir Lawrence Alma-Tadema realized $1.2 million.

Christie's theme sales continued to encourage new collectors with a sale

devoted to the "Arts of France" in New York totaling $16.5 million. In London,

sales devoted to "Exploration and Travel," "The Chair," "Visions of India,"

and "Indian Jewelry" all recorded strong levels of interest.