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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Claude Monet , Meules, 1890. Sold for $ 110 . 7 Million , an artist record . The unique perspective, dynamic composition, and vibrant paint palette sets Meules apart, even in a series as celebrated as Haystacks. Strong diagonal lines (one from the rightward-facing perspective, the other from slanted

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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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