: A world record auction price of $23,528,000 was achieved for a
John Singer Sargent oil painting at Sotheby's December 1 sale of
the property of Rita and Daniel Fraad.
The painting was sold to a private collector in the morning
session of Sotheby's sale of American Paintings, Drawings and
Sculpture, which was completely devoted to the Fraads'
collection. The painting, "Group with Parasols (A Siesta),"
depicted a snoozing foursome in a sun-dappled outdoor setting. It
had been estimated at $9/12 million.
Two determined bidders in the room competed with two on the
telephone, but William Stahl, Sotheby's vice chairman and
auctioneer, bidding on behalf of a collector, prevailed with the
winning bid.
The Sargent was offered early in the sale as lot 7. The auction
was already warmed up, having just surpassed a $1 million price
for a Willard Metcalf painting of "The Little White House," which
went for $1,016,000 ($250/350,000).
When the Sargent was presented, it was expected that it might
surpass the $11,112,500 record for a Sargent painting set
December 4, 1996, also at Sotheby's. (That painting was entitled
"Cashmere" and at the time carried an estimate of $5/7 million).
In May of this year, Sargent's portrait of Robert Louis Stevenson
and his wife sold for $8.8 million, also at Sotheby's, which has
the distinction of selling all of the top ten Sargent paintings
sold at auction.
As it turned out, "Group with Parasols (A Siesta)" had no problem
leaping the $11 million hurdle. At $23,528,000, including
premium, the painting was the top lot for a sale that totaled
$107,855,400. Sixteen paintings in the sale broke the
million-dollar mark and new auction records were set for 32 other
artists.
A full auction report will appear in a future issue.
-CS
