Christie's Posts Record Sale Of Postwar & Contemporary Art

LONDON

:The highest ever total for a postwar and contemporary art sale in Europe was achieved at Christie's on February 8 when 58 works of art realized $64,557,234. The record sale was 94 percent sold by lot and 99 percent sold by value. Ten new world auction records were set and ten works of art sold for more than $1 million. Buyer activity in the sale was 66 percent European, 30 percent American, two percent Asian and two percent Middle Eastern.

"Christie's, the global market leaders in sales of postwar and contemporary art, continues to dictate the pace of this auction market category," said Fernando Mignoni, director and head of Christie's postwar and contemporary art department in London.

"Christie's sale demonstrates not only the current, unprecedented strength of this field but also how international the market has become," he added. Increasing numbers of new collectors for both postwar and contemporary art have resulted in prices growing considerably year on year. As well as the new stars continuing to emerge among the younger generation of artists, strong results were also achieved for classic postwar art; in particular the Warhol market is unparalleled and rising. It was also the night of the London school with Lucian Freud and Francis Bacon again leading the prices. This was a great night for the London and European art market."

The two top lots of the evening were both by Bacon. The raw and powerful "Self-Portrait," 1969, more than trebled presale expectation, selling for $8,993,880. The condition, the impeccable provenance and the haunting appeal contributed to this superb result. An example of Bacon's celebrated "Pope" series, "Study from Portrait of Pope Innocent X by Velazquez," 1959, realized $8,993,880.

A further major highlight was Freud's "Man in a String Chair," 1988-89, which achieved $7,235,936. This price equals the auction world record established at Christie's in February 2005 for "Red-Haired Man on a Chair." This powerful full-length portrait of his friend, the gambling magnate Victor Chandler, was painted at Freud's own instigation and took almost two years to complete.

The six important works from the private and personal collection of Valerie Beston, who through her long career was a loyal supporter to the artists of the London School, were led by Bacon's "Self-Portrait." Further highlights included a rare oil by Michael Andrews that sold for $306,768, while one of four paintings by Frank Auerbach, "Tree on Primrose Hill," sold for $755,764. Both prices established new world record prices at auction for these artists.

New world records prices at auction were also achieved for Georg Baselitz's "Ein Roter," 1966, one of his celebrated "Heroes" series, which sold for $2,161,320, a cor-ten steel sculpture by Eduardo Chillida, "Elogio de la Arquitectura XII," which realized $2,161,320, and Franz Ackermann's huge oil, bursting with shifting forms and images, "b2 barbeque with the duke," 1999, which sold for $521,505.

Michael Borremans's dreamlike and haunting painting of "The Mirror," 2001, which realized $228,682, and an untitled work by Matthias Weischer, sold for $384,854, were also auction records. A world auction record for a work on paper by Yves Klein and a record for a photograph by Sigmar Polke were also set.

Andy Warhol was well represented in the sale and the prices achieved by his works were unparalleled on the London market. An example from his final series of pictures, the extremely rare black and white image, "Last Supper," 1989, brought $4,699,128. Another Warhol, "Dollar Sign," after fierce bidding sold for $4,503,912, the highest price ever paid for a work in this series.

Prices reported include buyer's premium. For information, 20 7389 2117 or www.Christies.com.