31/10/2001
by Riccardo Sorani

You couldn’t have mistaken the positive atmosphere floating around Sotheby’s, Bond Street headquarters last week. The auction house had just enjoyed a successful Italian sale (22^nd October) and its Impressionist and Post-Impressionist art (23^rd October) auction was also satisfactory. In the latter of these, from 176 lots, 68 were unsold – amounting to 39% in monetary terms, and 30% by value. All in all the experts were all smiles, considering the jittery economic climate. Typically "mid seasonal" sales are the poorer twin compared to blockbuster winter and summer auctions but this time round the offerings were particularly interesting.

The most surprising result was obtained for Nature Morte by Picabia (1909), which sold for $ 87,290 (€ 96,469) roughly three times its estimate. Being in excellent condition and an early work by Picabia there was a good deal of bidding. The result reached for a mixed media and watercolour on paper Les fiances au clocher (1954) by Chagall, hammered for $ 66,910 (€ 73,973), was of note too. Bearing in mind its estimate of $ 21,810-29,080 (€ 35,120-46,830) the work was probably underestimated, particularly in view of its large dimensions (63 x 49.7 cm). Typically Chagalls of this quality and size are valued at $ 58,187-72,738 (€ 64,333-80,423) on the market.

The cover lot, a stage design sketch by Raoul Dufy, entitled Rideau de theatre puor le ballet 'Palm Beach', hammered for $ 109,158 (€ 120,617) against an estimate of $ 87,313-116,420 (€ 96,507-128,663). Another theatrically connected work was Picasso’s Compotier avec poire et pomme (1918-19), which the artist made when working with the Russian Ballet. Last hammered at Christie's, South Kensington (London) in 1998 for $ 145,552 (€ 160,800), it sold this time round for $ 167,373 (€ 184,915), just above its top end estimate. A similar estimate, but disappointing result was seen for an oil on canvas by James Ensor, La mort et les masques (1927). Unsold during the sale, it was acquired on its reserve price for an undisclosed sum. Due to the largely monochromatic tones of the work, this "difficult" painting, was unfinished.

There were a few quirky lots on offer too, such as the obscure Japanese artist Takanori Oguiss (1901-1986). After graduating from the Tokyo art academy, Oguiss went to Paris in 1927 as a pupil of Fujita and worked in Montmartre, depicting picturesque Parisian alleyways, heavily influenced by the Ecole de Paris. His Le grand escalier sold for $ 61,102 (€ 67,520) against an estimate of $ 58,187-87,290 (€ 64,333-96,507). A sheet of various sketches of Egyptian sculptures at the Louvre by Alberto Giacometti, went unsold against an estimate of $ 13,096-17,462 (€ 14,462-19,283). Sotheby’s experts had been counting on a good result, though the subject was untypical for the Swiss sculptor. A similar problem faced Caryatid by Modigliani which was unsold at $ 29,103-43,656 (€ 32,141-48,210).

The sale showed the current nature of the London impressionist art market which is made up of a broad cross section of the public and so it is safe to say that Modern and Impressionist art is not undergoing a crisis. Collectors’ choice is as ever guided by "quality". Important names are not always a sufficient guarantee for a successful sale. In fact, a landscape by Renoir, Paysage aux environs de cagnes, a gloomy and badly executed work, was unsold against an estimate of $ 65,490-80,045 (€ 72,323-88,398). Viz a viz a fresh on the market work, capably painted by the lower priced Henri Martin (1860-1943) entitled Voiliers dans le port de Collioure, sold for (€ 141,458, $ 128,080) against an estimate of $ 72,738-101,879 (€ 80,423-112,512). The light and airy nature of his landscapes make his works highly commercial.