Markets witnessing vibrant art sales, gain momentum

KOLKATA: Christie's Impressionist & Modern Art Evening Sale on May 8 in New York achieved $158,505,000 (£101,443,200 /€120,463,800) and was sold 94% by lot and 90% by value, the strongest sell-through rates in the category since 2006. Of the 49 works offered, 4 lots sold for over $10 million, 10 for over $5 million, and 36 for over $1 million. Chaim Soutine's Le petit patissier, which realized $18 million, was the top lot of the sale and set a new world auction record for the artist.

Brooke Lampley, head of department, Impressionist & Modern Art, comments in an email statement, ""It was wonderful to see such confidence and enthusiasm on the part of the collectors gathered in our saleroom this evening. With all but three works sold and exceptional sell-through rates of 94% by lot and 90% by value, this sale ranks among the strongest we have hosted in this category in New York.

"Bidders competed head-to-head for classic Impressionist works by Monet, Sisley and Renoir, great Modernist works by Picasso, Leger and Miro, and masterpiece works by School of Paris artists Modigliani, Soutine and Chagall. In all, it was gratifying to witness a sophisticated and intelligent market at work, and see the strong collecting trends from our winter sales in London gain even more momentum here in New York."