US News: Monet Sells for $110.7 Million, Breaking Artist's Record - PressFrom - United Kingdom

US NewsMonet Sells for $110.7 Million, Breaking Artist's Record

06:10  15 may  2019
06:10  15 may  2019 Source:

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Monet Sells for $110.7 Million, Breaking Artist's Record © Sotheby’s

Claude Monet’s eponymous 1890 painting of haystacks turned purple under a setting sun, sold Tuesday for $110.7 million—a record for the impressionist—to an unidentified woman who had to raise her paddle aloft to be spotted from the second-to-last row of Sotheby’s in New York.

The work, bearing the same name of his “Haystacks” series, which numbered 25, will likely inject a measure of energy into the blue-chip art market, which is getting tested by a series of sales this week.

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The lot’s sale boosted Sotheby’s overall haul to $350 million, over its $333.2 million high estimate.

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The artist ’ s previous auction record of .4 million had remained unbroken since 2008. Monet painted about 25 of the grain stack canvases in the Phillips: Earlier in the day, Paul Allen’s Gerhard Richter canvas sold for .6 million at Phillips, more than doubling in value since the co-founder

The Monet sold for 44 times the price it fetched—of $2.5 million—when it was last auctioned in 1986 and also set a record for any impressionist work of art, the first to cross the $100 million mark. It surpassed the $84.7 million record set by Christie’s last May for a Monet “Waterlilies” that was sold by the estate of banker David Rockefeller and his wife, Peggy.

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“Haystacks” carried a $55 million third-party guarantee—a risk-offsetting deal that ensured it would sell no matter what—but six bidders chased it up for nearly eight minutes, lobbing bids in $2 million increments.

The winner, sitting in the salesroom, smiled as she doggedly outbid her rivals who were bidding over the telephones.

The woman isn’t a regular at Sotheby’s major sales of impressionist and modern art, or the house might have seated her up close. That is a sign she might be a newcomer collector or an agent for one.

A few lots later, she outbid others to win another trophy in the sale: a $14 million violet-hued Gustave Caillebotte city scene, “Halevy Street, Seen from the Sixth Floor.” The Caillebotte was estimated to sell for between $6 million and $8 million.

Embattled former casino magnate Steve Wynn’s art venture, Wynn Fine Art, also acquired Pablo Picasso’s “Lady and Dog” for $55 million in the same evening sale, well over the painting’s $30 million high estimate.

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British fundraiser Jamie McDonald has broken the Guinness World Record for the greatest distance covered on a treadmill in a week - covering more than 73 miles a day. Running as his alter-ego Adventureman, the 32-year-old sportsman spent the last seven days in a tent in his home city of Gloucester, running more than 20 hours a day to beat the 513.97 miles (827.15km) set by Marcio Villar in Brazil in 2015. The tennis coach broke the record with more than two hours to spare and was cheered on by hundreds of supporters who had travelled to Gloucester Quays to watch him enter the record books.

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