Christie's remained afloat

[Евгений]

Interesting article on the art-times.ru
http://www.openspace.ru/art_times/au.../details/6157/
-------------------------------------------------- --
  Elizabeth Romanova 27/11/2008
  Elegant hand Natalia Kournikova saved Russian Christie's auction of the total failure ......

Bidding Christie's, held on 26 November, despite the cautious optimism of the Russian Department of the auction house, were not too successful. Despite the fact that 59%of lots sold, the total was only £ 7,9 million disappointing result can be regarded as a natural consequence of a fatal combination of two factors: a very small number of really interesting work, and extremely high prices. Many of the exhibited items have already appeared on the Russian bid earlier years, not to mention a few top lots that are featured at Christie's, and Sotheby's last year. Particularly egregious example was the "Nude Bathers" Alexander Yakovlev, who were exposed to the Russian Sotheby's auction in New York in April 2007 with the estimate: $ 450-550 thousand, and left on the upper estimate. This year, Christie's experts estimate was much higher - £ 1,2-1,5 million, and, as expected, the work is not selling out.
---------------------------------------

Читать дальше... 

In general, the 22 top lots of the first session of trading, more than half have not found a buyer. Among them are two earlier graphic sketch of Malevich. The apparent desire to play on a resounding success Suprematic Composition at New York's Sotheby's auction in early November did not bring the expected result. The lower estimate of £ 300 thousand turned out to be an insurmountable bar. Not have caused enough interest in the work of Konstantin Somov: "Open the door to the garden" (estimate £ 500-700 thousand) and "Boxer" (estimate £ 600-900 thousand). The last thing has already visited the Russian auctions at Christie's last November as part of a large collection of works by the artist in Paris and was sold for £ 580 thousand in this year's "Boxer" was able to overcome only three steps from the starting price stood at £ 390 thousand in the Re - sale of works of art auctioned at after so short a time always causes a lot of questions, but because lack of interest in this lot can be considered quite natural.

It is noteworthy that in the first, most important part of the auction not a single work by Aivazovsky. Several marinas were presented later - in a number of less expensive works by artists of the "second tier". On the one hand, this can be explained by the fact that current trading was unable to find a work sufficiently high level. On the other - it is obvious that the name of Aivazovsky no longer be considered mandatory pledge of successful sales.
-------------------------------------------
Almost all the top lots, which were sold, left lower estimate:. A good result can be considered the sale of "Flower" by Alexei Kharlamov for £ 600 thousand in 2006, his "little seamstress", with a very similar storyline, was exhibited at the Russian Bonhams auction and was sold for £ 610 thousand, and in June 2008 the first " Girl, blows bubbles went for £ 568 thousand Although preliminary assessment of Christie's at this time was somewhat overstated, the work went on the real market price.

The most expensive transaction of the day, caused barely repressed a sigh of relief from the organizers, has become the leading sales lot trades - "Still life with watermelons" Natalia Goncharova (estimate £ 1,5-2 million). After a brief struggle lot went for £ 1,35 million by Natalia Kournikova. By teasing remark of one of the Russian dealers in the audience, it is an elegant hand of Ms. Kournikova saved Russian Christie's auction of complete failure.
Indisputable stars of the auction were a young peasant Abram Arkhipov. First, under the number 266, surpassing the upper estimate (£ 100-150 thousand) more than doubled, went for £ 360 thousand to the buyer in the room. The second, "Peasant Woman in a red shawl" (lot 368, estimate £ 150-200 thousand), exhibited in the second session was due to lower recovery and was purchased for £ 460 thousand Russian bidder. This episode became the only the second part of the energy surge of the auction, which ended 70 unsold lots, among which were Semiradsky, Serebryakov, Aivazovsky, Levitan, Falk, Saryan, Bogdanov-Belsky, as well as most exposed to the auction nonconformists.

It was noticeable active participation of collectors from the Ukraine, as well as the strong presence of buyers from other CIS countries, mainly from the former republics of Central Asia. Two works on the eastern theme: Franz Roubaud "Twilight in the military camp" and Richard Sommer "Samarkand. Uzbekistan - have left it there. Perhaps involvement in the game these relatively new and fresh forces eventually will have a stabilizing effect on the Russian art market.

-------------------------------------------------- ----------------
painting by an unknown Russian artist "Three, leaving the farm" sold at Christie's auction record for a low price - £ 10 ($ 15,40). The original price was £ paintings 2 thousand ($ 3 thousand), but later fell into more than a hundred times, reports Bloomberg.

The famous collector of Prince Nikita Lobanov-Rostovsky dramatically raised his hand, when the auctioneer James Bruce-Gardin pointed at the picture and asked: "Did anyone give ten pounds for it?" "That was the deal of the century", - said Rostov. In addition to the announced price of the Prince paid £ 3 as a commission.

"Three, leaving the farm" was one of 117 lots on display at Christie's "Russian auctions" in London. Paintings of Russian artists made up 55%of all lots, put up yesterday, the auction house to bid. Received from the buyers the amount was below the estimate at more than twice.

Читать дальше... 

Following the bidding auction house admitted untimely high estimate:. "The market is determined by the buyers, not sellers. The next time estimate will be lower "- said the head of department of Russian art Christie's Alexander de Tiesenhausen. At the next auction of Russian art, which will be held in New York in April, the auction house plans to lower the estimate by 20%.

The most expensive lot was the work of Natalia Goncharova's "Still life with watermelons." Painting Sold Moscow collector for £ 1,55 million ($ 2.3 million) for Estimé to £ 1,5 million The majority of lots sold at reduced prices.

Among the unsold works were "abstract composition with a palette of" Natalia Goncharova (estimate £ 400 thousand) and "The door to the garden," Nicholas Somov (£ 500 thousand). "If you have money, now is the time to buy", - says art dealer Natalia Kournikova. "There were a lot of interesting deals. Remarkable works of art left behind the very little money "- she added.

The concluded the auction was ending one of the most unfortunate week of Russian art in the last ten years. She noted a large number of unsold and off-sale of lots. Art dealers say that the boom in Russian art, initiated by the oligarchs and supported higher prices for oil and metals, is now completed.

Revenue Christie's this week amounted to £ 10,93 million ($ 16.8 million). Meanwhile, the low estimate of the company itself was £ 18,86 million main competitor, Christie's auction house Sotheby's has received for their lots this week, £ 25,2 million ($ 38.9 million) instead of the expected £ 30 million against the background of the deepening crisis, experts in art -businesses differ in their assessment of its prospects, but most believe that the market may decline. They argue that the peak of the crisis still ahead, and many potential buyers of works of art range in choosing ways to preserve their funds. Some analysts predict that even after successful resolution of all the world's financial problems artificially inflated prices for works of art to the old values will not return.

-------------------------------------------------- ----------------
Representatives of Christie's announced intention to reduce the initial price of lots following Russian trading in April 2009 in New York by 20 percent.