NYC Auction House Breaks Record

7 Nov 2015 | Author: | No comments yet »

Picasso nude portrait fetches over $67 million at NY auction.

A Picasso picture of a cabaret artist, which carries a second painting on the reverse, sold for $67.45 million in New York Thursday, scoring a windfall for American billionaire Bill Koch.NEW YORK (AP) — A nude portrait by Pablo Picasso brought in more than $67 million at Sotheby’s on Thursday, a day after the auction house sold $377 million worth of art from the estate of its late former owner.

It was the top lot of the season so far, proving a savvy investment for the Republican party donor who paid just $3 million for the canvas in 1984 and later discovered he got two for the price of one. Sotheby’s also sold his Monet “Nympheas” (water lilies) study in oil for $33.85 million, clearing its minimum pre-sale estimate of $30 to $50 million. Another highlight was a Vincent van Gogh, which sold for $54 million. “Paysage sous un ciel mouvemente” (moving sky over a landscape) was painted a year before the artist’s death and shows storm clouds over fields outside Arles, France.

And one of the finest works by Polish-Russian painter Kazimir Malevich still remaining in private hands, called “Mystic Suprematism,” sold for $37.8 million. A small van Gogh of a fat baby in a bonnet, “Le Bebe Marcelle Roulin” smashed its pre-sale estimate by selling for $7.64 million following a prolonged and frenetic bidding war. The next week sees Christie’s and Sotheby’s go head to head in auction sales six months after the spring season smashed a string of records and netted more than $2.6 billion for the rival auction houses.

The most expensive lots this season are a sumptuous nude by Modigliani valued at $100 million, and a pop art masterpiece from Roy Lichtenstein estimated at $80 million.

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