Monet’s Masterpiece Achieves $35 Million at Spring Auction in New York

Mise à jour 16 mai 2024 par Redak

An emblematic painting by Claude Monet found a buyer Wednesday evening for the impressive sum of 35 million dollars during auctions organized by Sotheby’s in New York. This sale highlights the renewed vigor of the art market after a lackluster year in 2023.

A Rebounding Art Market

In 2023, the global art market experienced a slight decline. Nevertheless, major auction houses like Christie’s and Sotheby’s have started their spring sales with optimism, thanks to the good results obtained recently in London and Paris. This revival has been particularly visible in New York, the world capital of arts and finance.

A Record Sale for Sotheby’s

Wednesday evening, Sotheby’s, under the leadership of Franco-Israeli billionaire Patrick Drahi, auctioned around fifty modern art paintings. The sale, which took place online, over the phone and in their Manhattan headquarters, brought in a total of $235 million. Among the works sold, “Meules à Giverny” (1893) by Claude Monet was one of the most remarkable, selling for $34.8 million after just eight minutes of bidding wars.

Women Artists in the Spotlight

Another notable sale of the evening was “Les Distractions de Dagobert” by British-Mexican Leonora Carrington. This work broke a personal record for the artist, reaching $28.5 million after a ten-minute bidding battle. According to Sotheby’s, this sale places Carrington among the five highest-priced female artists, even surpassing major figures of surrealism like Max Ernst and Salvador Dali.

Christie’s Faces a Cyberattack

Christie’s, the rival of Sotheby’s, had to face a cyberattack which disrupted its website, essential for online auctions. Despite this challenge, the company managed to stay the course and manage this technological security issue. During its evening of sales Tuesday at Rockefeller Center, Christie’s raked in $115 million selling works of contemporary art, including part of the collection of the recently deceased art dealer Rosa de la Cruz.

Works by Famous Artists

Among the notable works sold by Christie’s, a painting by Jean-Michel Basquiat, “The Italian Version of Popeye has no Pork in his Diet”, sold for $32 million. Although this amount is below the artist’s records, Basquiat also dominated sales at Phillips with “Untitled (ELMAR)” fetching $46.5 million.

A Changing Art Market

Global auction sales recorded $14.9 billion in 2023, down from $16 billion in 2022. This 14.5% decrease is partly explained by the international situation, notably the conflicts in Ukraine and the Middle East, reducing the participation of Russian buyers. Nonetheless, recent sales show a sign of recovery, underscoring the resilience and enduring appeal of the art market.

Cyril CH

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