The Latest Record Breaker
Yet more art world records were broken yesterday, when Modigliani’s “Tête”; a limestone sculpture of a head was sold for just under $52.5million at the Christie’s Impressionist and Modern art auction in Paris. The price was the highest ever for the artist worldwide and the highest ever for a work of art sold in France at auction.
The piece was originally estimated to bring $5.4 – $8 million according to the catalogue. However the heated bidding for the work continued for 10 minutes, starting with 20 bidders; 15 of whom were bidding via telephone. By the time 24million Euros ($32.4million) was reached only four bidders remained. The post auction press release said “The successful buyer – who wishes to remain anonymous – defeated a European and an American bidder on the phone to claim the prized work.” Does that mean the winner was an Asian, Russian or perhaps a Middle-Eastern collector?
There are 27 known sculptures in existence in the world of which 17 are in significant museums around the world. 10 are in private collections as this one was; owned by Gaston Levy, the businessman who co-founded Monoprix, supermarket chain, artist and collector. The work has been in the Levy family since Gaston purchased it in 1927. The work is unusual in that I has a impeccable provenance in terms of exhibitions, catalogues, photographs, illustrations, critiques, anecdotes, memoires and quotes.
This is part of the reason that even during these uncertain economic times, Masters, Impressionist and Modern art prices continue to rise and break records. So many of these works are picked up by museums and foundations, or donated to them by collectors, from where they are unlikely to be released for sale or to auction. Thus the number of pieces coming onto the market are becoming scarcer and scarcer. Serious collectors are starting to panic with each piece that becomes available that this may be the last opportunity to own one of these significant works of arts. When the piece also has an impeccable lineage and provenance plus is considered a masterpiece, the stakes are even higher.
This means that this record breaking trend is likely to continue for the foreseeable future. Are the prices crazy or are they really worth this money? The collectors obviously think so and that’s what the art market is based on. The next batch of sales in the fall should provide some exciting moments.









