Art Sales at Christie's and Sotheby's Reveal Dismal Profits

The presale expectation of both houses of Sotheby’s and Christie’s went wrong in the auctions of this week. On Wednesday for the spring auction season, Christie’s International somehow managed to sell $156 million worth art pieces which was a depressing performance against its presale expectation of $162.3 million. The highlight of the evening’s sale at Christie’s New York, was the sale of Pablo picasso’s Nude, and Green Leaves.

The bidding was not encouraging this Wednesday as the department of Impressionist and Modern Art offered paintings of the foremost artist. It featured fifty seven outstanding bright works in the collecting category.

The Landscape of Claude Monet’s 1891 had brought $22.5 million. Maurice de Vlamnick’s,’ ‘Paysage de Banlieue ‘including commission was sold for $22.48 million. Another Monet work, Iris Mauves, was unsuccessful to attract any customer. Pablo Picasso’s 1955 painting was sold for $21.3 million. Sotheby’s sale reached to some extent the estimated range of price $170.5 million.

Last year the sale house profited by selling a good number of art pieces. Though it is a bad start, for both Sotheby’s and Christie’s sales were respectable. The modern sale was a lacklustre event says Director of Art Advisory and Finance. City Private Bank’s Gyorgy revealed that people are more interested in investing on gold than anything else. Many Art Collectors use their high priced collection as collaterals to get loans. However, Gyorgy and Asher have high hopes of auctions that will be conducted in the next weeks that would involve post war and contemporary paintings with a sizable number of Warhol’s paintings.

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