Christie's nets $1.1bn from back-to-back S.I. Newhouse and 20th century evening sales in New York

Christie’s back-to-back evening auctions of the S.I. Newhouse collection and a 20th century evening sale totaled about $950m, or $1.1bn with fees, exceeding combined pre-sale expectations of $823m to $1bn. The Newhouse sale sold all lots, described as a white glove affair, with third-party guarantees backing the results. Thirty of forty-seven lots were covered by house and third-party guarantees. The Newhouse collection opened strongly with major Picasso and Brancusi works. Picasso’s Tête de femme sold for $12m and the bronze Tête de femme (Fernande) sold for $41.5m. Picasso’s Homme à la guitare sold for $35m. Brancusi’s Danaïde reached $93m, becoming the standout sculpture result.

"Technically speaking, the Newhouse sale was a white glove affair and 100 percent sold, but it was also entirely backed by third-party guarantees. The various owners segment had 30 of the 47 lots offered covered by house and third-party guarantees."

"Pablo Picasso's striking Tête de femme, evocative of his revolutionary Les demoiselles d' Avignon from 1907 made $12m ($14.4m with fees) and the Cubist constructed, 16 1/8 inch bronze Tête de femme (Fernande), cast from a 1909 clay model, fetched $41.5m ($48.3m with fees)."

"It last appeared at auction at Christie's New York in May 2001 when it made $4.9m, a record at the time for a Picasso sculpture. Both works and the large majority of lots throughout the evening went to anonymous telephone bidders."

"But it was Constantin Brancusi's Danaïde, a rare almond eyed bronze from 1913, measuring 25cm and embossed with gold leaf and black patina, that stole the sculpture show and shot to $93m ($107.5m with fees)."

Read at The Art Newspaper - International art news and events