Two catalogs were proposed by Sotheby’s on the evening of November 18 in New York at its new Breuer Building headquarters, led by the collection Leonard Lauder, they did not disappoint expectations, generating overall proceeds of $706 million for 75 lots sold from 77 proposals, exceeding pre-auction estimates. Important contributions were made through guarantees and participation by telephone or through in-room advisors of several clients from Asia.
Lauder and Klimt record collection
This income was mainly due to the first proposed catalogue: 24 lots from the Leonard Lauder collection of the recently deceased prominent cosmetics family, who in more than 60 years of collecting had several masterpieces in his hands, many of which were specially donated to the MET in NYC, which explains the absence of Cubist works of perhaps the world’s greatest collector. The catalog is fully underwritten by the auction house, which for weeks transferred the risk of the 19 lots to third-party underwriters, specifically, all those with millionaire estimates.
The results still exceeded guarantees; overall earnings of $527.5 million exceeded high estimates of $412.5 million, largely due to three paintings by Gustav Klimt proposed, totaling more than $390 million.
What stands out is a battle that lasts over twenty minutes between six competitors to win a large, elaborate portrait Elisabeth Ledererwhich exceeded the asking estimate of more than 150 million and ultimately sold for 205 million, equivalent to $236.4 million with commission, a record for the artist and the second highest price ever at auction. The rarity of this fine full-sized portrait, closely linked to the history of the artist as it was presented to his principal patron of the time and was created between 1914 and 1916, combined with its dramatic history in the Nazi period, when the painting was confiscated before being returned to its rightful owner, has exerted the persuasive power of this unique event, even exceeding the privately negotiated price of the famous portrait. Adele Bloch-Bauer I purchased in 2006 by his brother Ronald Lauder for 135 million dollars.
The catalog also included two characteristic landscapes which, however, did not arouse the same interest, and ultimately sold for understated prices: the 1908 ‘Blumenweise’ for $86 million with commission, against an asking estimate of more than $80 million, and the 1916 Attersee Forest for $68.3 million, below the asking estimate of $70 million.given to the art advisor Patti Wong, specializing in Chinese and Asian customers. Two other drawings by Klimt from 1903-04, studies for a portrait of Adele Block-Bauer, prompted several raises, adding $1 million, a multiple of estimates.
Therefore, the market became somewhat selective and preferred female portraits that represented the pinnacle of Viennese artists’ production. To complement the early 1900s paintings, there are also outstanding bright works Edward Munch 1901-03 with a group of heroines captured on Midsummer’s Eve, was fought over to a high estimate of 30 million, equivalent to $35.1 million with commissions. Record also for ink drawings Van Goghstudied for the famous painting The Sower which earned him 11.2 million dollars. Important contributions also came from six bronze medals Henri Matisseled by three rare female statues created in the early 20th century and made after the war, and three heads Henriettewhich totaled $49 million, above estimates.
The catalog also offers five postwar works, led by two millionaires for minimalist geometry Agnes Martinwith the large canvas ‘The Garden’ from 1964, the artist’s only known multi-coloured square, achieving $17.6 million, and a subsequent work bringing $7.2 million well above its estimate.
