Colin Gleadell is also tracking the Picasso market which continues to show explosive growth. At the top end, the Impressionist and Modern sales in New York will heavily feature the artist’s work. Even though Picassos represent less than 7% of the lots on offer, the estimated value of $115m is 25% of the total estimated value of those sales. But there’s another, stronger indication of the demand for Picasso’s work that came out of New York’s sales of multiples when Christie’s held a “white glove” sale of 150 Picasso ceramics–admittedly with a strong provenance–that was 100% sold:
Many pieces doubled and trebled their estimates. The top lot was a 20in Aztec Vase with Four Faces, made in an edition of 100. Two or three years ago, examples of this edition were selling for £16,000 or £17,000. Last week’s piece, which was estimated at $30,000 (£18,000) sold to a US collector for $134,500 (£81,000).