Christies Art Sale Falters

Bloomberg reports that French billionaire Francois Pinault attended his company Christie's International's New York art auction of impressionist and modern art last night, and watched from a sky box as almost half the lots failed to sell. Buyers passed on 44 percent of the 82 pieces offered. Sales tallied $146.7 million, against the low estimate of $240.7 million. It's the week's third evening auction that missed estimates and a sign the global financial crisis continues to undermine demand for the most-expensive art. Works by Henri Matisse, Claude Monet and Alexander Archipenko found little or no interest. Collectors felt no urgency to vie for anything less than stellar, especially at prices that seemed suddenly steep, dealers said. A disappointing sale the previous night at Christie's set the stage for last night's low expectations. On Nov. 5, art works of Park Avenue widow Rita Hillman and real estate heiress Alice Lawrence fetched $47 million, less than half the low estimate of $103 million. On Nov. 3, Sotheby's impressionist sale tallied $223.8 million, a third below the $338 million low estimate. The evening's biggest prize was Gris's green 1915 cubist still-life, "Livre, pipe et verres," estimated to sell for more than $12.5 million. New York private art dealer Franck Giraud bought it for $20.8 million. (For full source and full article click the Headline). Irish Art