Leading off the big fall season, Christie’s proved the Impressionist and Modern market is alive and very well, despite a few pricey casualties. The auction house delivered a buoyant $160.9 million result, $26 million above the low estimate. Only five out of the 63 lots offered failed to sell.

“It was the highest total since the crazy days of 1989-90,” remarked auctioneer Christopher Burge.

Surprisingly, European buyers outgunned Americans 47 to 37 percent, with Asian buying accounting for another 10 percent. The remainder (5 percent) went to ‘other,’ a category reserved for globe-trotting bidders who aren’t tied down to a single passport.

Top Five Prices
Lot 17—Henri de Toulouse-Lautrec, La blanchisseuse: $22,416,000 (est. $20-25 million)

The early masterpiece from 1886-87 of the Montmartre prostitute/laundress that so captivated Lautrec shattered the previous artist record of $14.5 million set by Danseuse assise aux bas roses from 1890 set at Christie’s in May 1997.

It was part of a guaranteed trove of 13 works from the storied collection of Chicago beauty products magnate Neison Harris. Harris acquired the painting in 1970 from Wildenstein Galleries for a then whopping sum of approximately $1 million. The group made a relatively anemic $41.5 million against a pre-sale estimate of $51-71 million.

A trio of multi-million dollar buy-ins, including a stunning Matisse still life from 1919 at $10-15 million, proved a money-losing gamble for the auction house, at least until it sells off the spurned property privately.

Lot 22—Claude Monet, Nympheas: $14,016,000 (est. $10-15 million)

The gold standard for late Impressionism, the lush and light-dappled paintings of Monet’s cultivated water garden in Giverny prove reliable barometers of the market’s health.

This prized, square-format example from 1907 is one of 60 acquatic views Monet executed between 1905 and1908, a landmark achievement.

It last sold at Christie’s New York in November 1989 for $11.5 million—probably a lousy investment for a hedge-fund type, but still an impressive gain considering the rampant art market speculation going on at that time. It sold to a telephone bidder. .

Lot 4—Paul Cézanne, Pommes et gateaux: $10,320,000 (est. $3.5-4.5 million)

All it takes to drive prices skyward is two determined bidders, and this ravishing still life from circa 1873-77 proved to be a siren song. Geneva dealer Marc Blondeau outgunned a telephone bidder, proving there’s still terrific depth in the Impressionist market if conditions are ripe.

The stellar provenance may have boosted interest for the connoisseur: famed Cézanne collector, the French customs clerk Victor Chocquet, first owned the petite-scaled painting. Legendary Paris dealer Paul Durand-Ruel acquired the still life in 1899 at auction from the Choquet estate, following the urging of Claude Monet. Durand-Ruel’s heirs benefited from that advice tonight.

Lot 52—Pablo Picasso, Sylvette au faunteuill vert: $8,080,000 (est. $4-6 million)

Picassos of all periods were sought after at Christie’s, and the pony-tailed, 1954 portrait of the 20-year-old French model Sylvette David captivated the salesroom. Smitten by her looks, Picasso painted Sylvette 31 times in oil between April and May of that year, a record of some kind. Remarkably, considering his history, Picasso was not romantically involved with the blonde model. Call it a bad case of post-mid-life infatuation.

The rocking price reflects in part the market’s hunger for modern works, even decorative ones like this, an example that most critics would snub. Ironically, Sylvettes were hard sells in the 1950’s when Paris dealer Heinz Berggruen was touting them, according to seasoned observers who can still recall bygone time.

Lot 39—Joan Miro, Le soleil rouge ronge l’araignee: $7,744,000 (est. $6-8 million)

Painted in Paris in April 1948 following his first visit to America, this brashly colored and highly charged abstraction resonates with Miro’s Post-War emancipation. He had fled France eight years earlier, a result of the Nazi invasion, and this composition represents a joyous return to the City of Light.

International art trader David Nahmad fought off stiff telephone bidding. The Nahmads, still a major force in the Impressionist and Modern market, were active bidders at Christie’s, also nabbing Picasso’s L’atelier [lot 32], from 1955 (est. $1.5-2.5 million) for $2,592,000.

Hottest Lot
Lot 4—Paul Cézanne, Pommes et gateaux: $10,320,000 (est. $3.5-4.5 million)

Though modestly scaled, this little gem more than doubled its high estimate, not an easy feat even in a go-go market. Cezannes often prove to be hard sells, so this bravura performance was a welcome exception and added a bit of spice to a long and drawn-out sale.

Quotes from the Crowd
“I thought it went very well,” said New York dealer David Nash of Mitchell-Innes & Nash. “It was interesting to see so much more enthusiasm for 20th century things than anything from Classical Impressionism. Pretty much everything 20th century went well.”

“It was Picasso, Picasso, Picasso and great sculpture,” said New York art advisor Abigail Asher of Guggenheim Asher Associates, who nabbed a handful of lots including Barbara Hepworth’s Figure (Ascending Form) [lot 37] from 1956 (est. $700-900,000) for $1,024,000.

“Everybody’s got to be happy,” said London dealer James Roundell. “Christie’s took the risk (with the Harris guarantee) and got away with it. But not everything you overestimate sells, so there’s an element of sanity in the there.”

“The chandelier was quivering like a piece of jelly tonight,” said New York dealer Richard Feigen, referring to phantom bids orchestrated by the auctioneer. “There’s still tremendous liquidity out there.”

“I was very happy to get the Brancusi,” said London private dealer Ivor Braka, referring to the 1907-08 plaster sculpture Le Baiser [lot 43] (est. $3-4 million) that made $3.6 million. “A lot of people were put off by the fragility of the plaster, but I like plaster and I like getting plastered too.”