Posted on 02/25/2009 12:17:34 AM PST by Cincinna
PARIS: If proof was needed that huge amounts of cash are available for art, the sale of the Yves Saint Laurent and Pierre Bergé collection is it. In a historic auction that might yet prove to be a turning point for Paris on the international auction scene, Christie's has scored a triumph as it sold 59 Impressionist and Modern paintings, drawings and sculpture from the collection for €206.15 million, or $266.74 million.
This exceeds the previous highest single-owner total at auction, achieved with the $207 million Paul Ganz sale in New York in November 1997. It will rise much higher still when the last session of the Saint Laurent-Bergé sale is held on Wednesday. The highlights Tuesday included rare German silver-gilt vessels of the late Renaissance and early Baroque age, and on Wednesday will include French 16th-century painted enamels from Limoges and Italian bronzes and ivory.
Five world auction records were set Monday during the two-hour session held in the central area of the Grand Palais, which had 1,200 potential bidders.
The first world record price went to an extremely unusual wood sculpture by Constantin Brancusi carved in the years 1914 to 1917. Despite its title, "Portrait de Madame L.R.," the sculpture is handled in an abstract geometrical style derived from African art. The Romanian-born artist is mostly sought after for the sleek, finely polished stone sculptures for which he is famous.
There was no certainty that "Madame L.R.," as the sculpture is also known, would match the €15 million to €20 million estimate (plus a sale charge in excess of 12 percent) in the current recessionary climate, let alone become the most expensive work by the sculptor ever. As it climbed to an astonishing €29.17 million, loud applause broke out.
(Excerpt) Read more at iht.com ...
Billed as the “auction of the century”, the vast art collection of France’s most prominent fashion designer reached unimagined gheights, surpassing all estimates.
M. Saint Laurewnt died last year.
The proceeds are to be divided between the Pierre Bergé-Yves Saint Laurent Foundation, set up in 2004 to preserve the Yves Saint Laurent archive, and a new foundation currently in the making for the purpose of medical research on AIDS and other humanitarian aims.
Say what you want about YSL, but he was no dummy when it came to money.
YSL was a great creative genius. He also had a magnificent art collection, amassed throughout his long career.
Saint Laurent, himself, cared nothing about money. His business partner , Pierre Berge, handled the financial side of the business, and was brilliant at it.
In other words he didn’t give his money to someone named Madofferge.
I would love to see a photo spread.
Yesterday, I read about an up-and-coming business pertaining to art — folks who are ordinarily rich, but are in sudden need for cash basically pawn their art collections to relieve their debts or what have you, and some of the time they can’t quite come up with the interest payments on time. At some point (usually determined by state and local laws, but not always) some of these folks default, and the art goes to auction. One example given was Annie Liebowitz, who got her start shooting pics for Rolling Stone — she’s basically hocked the rights to her entire body of work and sold some property in order to raise (this is mind boggling to me) $15 million.
ah, here it is:
http://www.nytimes.com/2009/02/24/arts/design/24artloans.html?ref=arts
Thanks Civ,
I read the story from a link on Drudge.
Even the “beautiful people” (sarcasm intended) get theirs for overspending and buying more home than they can afford.
The auction catalog should be online somewhere.
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