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Disposing of the Guarantees

February 8, 2009 by Marion Maneker

The Economist keeps score on the guaranteed works that finally came up for sale in London’s Impressionist and Modern sales last week:

Both auction houses are still suffering fall-out from guarantees they offered before the financial crash. A late Fernand Léger, “La Partie de Campagne”, which had been estimated at £4m-£6m and on which Sotheby’s promised a guarantee, failed to sell, leaving the auction house with a heavy loss. Christie’s offered two pictures they had owned for a while after they did not sell at their guaranteed levels in earlier auctions. Alfred Sisley’s “La Route de Marly-le-Roi”, which had been offered in June 2007 with a guarantee close to its low estimate of £1.6m, fetched only £700,000 this week, and Pierre Bonnard’s colourful “Bord de Mer, Sous les Pins”, which had been offered in February 2005 with a guarantee and an estimate set at £2m-£3m, sold to an Italian buyer for £1.1m.

Phew! (The Economist)

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Filed Under: Uncategorized Tagged With: Christie's, Impressionist, London, Modern, Sotheby's

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