Sotheby's Results: Impressionist and Modern Art Day Sale
The auction brought a total of $36,115,250 (£22,511,531) (€25,865,706), a figure in excess of the low estimate (est. $33/45 million). The return of confidence over the past year helped bring a distinctive and fresh group of property onto the market, and as a result, there was increased demand for rare and unusual works. As was the case last night, there were multiple bidders on the majority of the top lots with interest coming from all over the globe. Four works sold for more than $1 million compared to only one in May, and of the sold lots, 97% achieved prices at or above their presale estimates. The top lot of the sale was a 1905 charcoal by Pablo Picasso, Étude Pour L’Abrevoir (Chevaux au Bain), which more than doubled its high estimate of $700,000 to sell for $1,986,500.
In total, Sotheby’s November 2010 sales of Impressionist and Modern Art in New York brought $263,676,250, comfortably within the overall presale estimate of $228/312 million.
