Sotheby’s, the auction house under attack from investor activist Dan Loeb, received a welcome boost on Wednesday when its sale of Impressionist and Modern paintings trumped forecasts and eclipsed rival Christie’s dismal start to New York’s autumn auction season. Sales for the evening hit $290.2m, with 94.2 per cent of the artworks selling for their highest estimates or above.
The star piece, a bronze sculpted bust by Giacometti entitled “Grande tête mince”, sold for $50m to Acquavella Galleries, the New York dealer, after frenzied bidding. Another standout work, Picasso’s “Mousquetaire à la pipe”, sold for $30.96m, smashing its $18m estimate and breaking auction records for a late Picasso. The buyer was billionaire art dealer David Nahmad. “Tête de femme”, the second of four Picassos to go under the hammer at the sale, was the third and final lot of the night to top $30m with an eventual price tag from an anonymous telephone bidder of $39.9m. Several of the bids breaking records for artists such as Picabia, Balla, Arp and Man Ray. By contrast, a three-day series of impressionist and modern art sales at Christie’s disappointed, ending on Tuesday afternoon with a total of $293.7m – just a fraction over the figure reached by Sotheby’s on its opening night alone. Industry observers said that Sotheby’s had outperformed its rival by offering a clutch of artworks rarely seen on the auction house circuit. Pieces from 13 countries found buyers of 36 nationalities, both from the mature and developing markets. Sotheby’s added that the evening had included record levels of participation from both Asia and Latin America. The results would have bolstered spirits at the New York-based auction house, which withstood a withering attack on its management and business practices in a letter penned last month by Dan Loeb, the hedge fund manager. Third Point, the fund owned by Mr Loeb, has built up a 9.3 per cent stake in Sotheby’s. In response to Mr Loeb’s aspersions about its ability to keep up with shifting art market trends, Sotheby’s adopted a defensive poison pill shareholder rights plan. The seasonal sales continue in New York.