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New York: Christie’s International had its smallest evening Impressionist and modern-art auction in New York since May 2004 as buyers snubbed Picasso and Matisse in favor of conservative 19th-century landscapes and still-lifes.
Tuesday night’s sale totaled $65.7 million, below the $68.7 million-to-$97.2 million presale estimate. Nearly a third of the lots didn’t sell, as collectors and dealers chewed gum, furrowed their brows and sought signs of an elusive rebound in the art market. The tally was down 83% from two years ago.
“It’s not been a great sale, but the material was not fantastic,” said London dealer Guy Jennings. The sale begins two weeks of auctions at Christie’s and rival Sotheby’s that will test sentiment in New York’s art market a year after the collapse of Lehman Brothers that triggered a Wall Street slump
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