Sotheby's

THE latest Impressionist & Modern art auction series in London saw rising returns for the salerooms but buyers reacted unfavourably to heavy estimates on the most expensive works.

This jewelled and gold mounted hardstone model of a turkey by Fabergé was among the highlights of Christie's Russian art sale in London on June 8.

SETTING the highest price ever seen at auction for Sir Jacob Epstein (1880-1959), this lifesize sculpture of a mother and child, overshot its £60,000-80,000 estimate at Sotheby's latest sale of Modern British art in London before being knocked down to a private buyer at £120,000.

SOTHEBY’S first quarter results have been boosted by February’s healthy Contemporary and Impressionist sales in London, showing the company on a decisive upward curve after last year’s slump in revenues.

THE return of free-spending at the very top end of the art market continued apace at last week’s Impressionist and Modern sales series in New York as boom-time levels of bidding were seen on the blockbuster lots. For the second time this year, a new record was set for any artwork ever sold at auction.

AN American collector who sued Sotheby’s, alleging they concealed a financial interest in, and inflated the price of, a painting that he bought for almost $10m, has lost his case.

WHAT a difference a year can make. At the start of 2009 vendors shaken by the economic climate were reticent to consign to the major houses’ Hong Kong sales. But, a series of strong international Chinese sales during the latter half of last year restored market confidence.

A NEW auction record has been set for any painting by a Scottish Colourist after Tulips by Samuel John Peploe (1871-1935) sold for £520,000 at Sotheby's.

A LONG-lost array of paintings, prints, books and drawings owned by legendary art dealer Ambroise Vollard (1866-1939) will be one of the talking points of the Paris summer season when it goes on sale at Sotheby’s on June 29.

SOTHEBY’S staged the most lucrative art sale ever in the Netherlands on March 8 when they offered a 161-lot selection of contemporary art from the corporate collection of British American Tobacco.

RUNNING a tighter ship and targeting commissions to bring a better yield have helped Sotheby’s achieve the second biggest quarterly profits in the company’s history.

SIGNS of recovery at the top end of the art market were seen again as greater levels of international bidding emerged at the latest contemporary art auction series in London.

John Ward, head of Sotheby’s New York silver department, said it was the piece of American silver that had it all: “Large size, great condition, beautiful design by an idiosyncratic maker, fresh provenance, and a great story.”

If the price paid for Alberto Giacometti's (1901-1966) sculpture L'Homme qui Marche I is anything to go by, then the art market is now striding out of recession. Selling for £58m (plus premium) at Sotheby's evening sale on February 3, it became the most expensive object ever sold at auction.

SERIOUS levels of demand emerged for works at the very top end of the art market as this month’s flagship Impressionist and Modern art auction series raised a combined hammer total of £225.8m, massively up on the £108.8m for the equivalent series last year.

MAJOR American museums played an active role as both buyers and sellers in the latest Old Master sales in New York.

A “ONCE-in-a-century” discovery of Renaissance silver has been bought by the French State for 1.4m euros – less than a week before it was due to go on sale at Sotheby’s in Paris.

SOTHEBY’S staged a white-glove sale in London last week as 50 works from the collection of Lord and Lady Attenborough all found buyers.

THE latest series of contemporary art auctions in New York provided some further evidence of confidence returning at the top end of the market.

HAS the top end of the art market bounced back? This was the opinion ventured by some commentators after the flagship sales of Impressionist and Modern art in New York last week.