Art Market Monitor

Global Coverage ~ Unique Analysis

  • AMMpro
  • AMM Fantasy Collecting Game
  • Podcast
  • Contact Us

Cranach, Gentileschi Top Christie’s $24 M. Old Masters Auction, Brooklyn Museum Deaccession Yields $6.6 M.

October 15, 2020 by Angelica Villa

Giovanni di Marco, The Madonna and Child enthroned with Saints Barbara, Dominic, John the Baptist and Anthony Abbot.
Courtesy Christie's
The report is available to AMMpro subscribers. (The first month of AMMpro is free and subscribers are welcome to sign up for the first month and cancel before they are billed.)

On Thursday, Christie’s held its Classic week old masters auction at the house's Rockefeller center location. Hammering at $19.6 million, the sale generated $24.2 million with buyer’s premium across 49 lots, landing at the low end of the pre-sale low expectation of $19.3 million to $29 million. Overall, it realized a sell-through rate of 71.2 percent.

22 percent of lots achieved a price above the high estimate 15 percent sold within their estimate ranges and 26 percent failed to reach their low estimates. 21 lots failed to sell.

Live-streamed from the auction house's New York sale room and led by chairman and global head of private sales Adrien Meyer, the auction proved lucrative to one major consigner: the Brooklyn Museum of Art in New York. Christie’s sold 9 of the 12 guaranteed works consigned from the museum's permanent collection across the house’s European art and Old Masters sales which together made $6.6 million with buyer's premium. That is more than double the total pre-sale estimate of $2.25 million given to the 10 works from the museum consignment.

The sales follow the museum's announcement in mid-September of long-term plans to deaccession works from its holdings to raise money for collection maintenance—stating a goal of $40 million for the fund. The Brooklyn museum is among the few taking advantage of the temporary relaxed guidelines issued by the Association of Art Museum Directors (AAMD) as a coronavirus relief measure. More deaccessions are to come, according to the museum's leadership.


Sign up to Art Market Monitor Premium today

You need a membership to AMMpro to view this article and other exclusive content daily.

You can register today for $90 per month—with your first month free!—or for $756 per year (no free trial period.)

Screenshot 2016-08-05 16.28.45

If you already have an account, sign in here:

 
 
Forgot Password

Filed Under: General, Premium

About Angelica Villa

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

Top Posts

  • Keith Haring’s 1989 Retrospect Comes to Sotheby’s London Prints Sale
  • Four of Picasso's Women Valued at $28m Come to Christie's from Rose-Walters Collection
  • Rare Photo Album by Dutch Street Photographer Bought at Auction by Rijksmuseum
  • David Hockney's $20m Pacific Coast Highway & Santa Monica
  • Roy Lichtenstein’s Top Ten Auction Prices
  • Tony Podesta's Secret Art Buying
  • Christie's Announces $70m Picasso Self Portrait
  • Norman Rockwell's Not Gay. But Is He a Great Artist?
  • How to Chant Like an Auctioneer
  • Re-discovered John Constable Painting at Sotheby's in December
  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor