It was called the Greatest Sale of the New Century but it proved to be one of the most memorable -- and successful -- of all times. The Collection of Yves Saint Laurent and Pierre Berge, sold February 23 - 25 by Christies Paris, was more than the dispersal of a great assembly of objets d'art, it was a grand test of the health and sustainability of the art market.
More than 733 lots were lavishly described in French and English in the catalog which itself was a tour de force -- nearly 2-inches thick and weighing a whopping 8 pounds! Many objects consumed multiple full-color, multi-fold pages. No marketing effort was spared to chase buyers for this sale but the question was whether would buyers chase the objects as fervently or would they merely be pecking for bargains.
At the auction's conclusion, The Art Newspaper, the insiders periodical to the art market, victoriously proclaimed "Yves St Laurent sale smashes records despite global financial woes" in reporting the event's results. The sale generated nearly half-billion dollars (more than double pre-sale estimates) with all but a miniscule handful of lots selling.
More importantly for readers of this blog, the antiquities section of the sale -- 10 lots in all -- actually out-performed the auction overall delivering a whopping $3M in aggregate, which was nearly 400% of the low estimates total of $786K.
Let's analyze the results by lot:
687. Was a 17-inch Roman marble toros dating from the 1st-2nd Century AD. This type, with musculature indicating a contrapasto attitude, is generally referred to as a later derivative of the Greek sculptor Polykleitos. The surface was pocked, but not overly cleaned. At 46,600 Euro (est 40-60k Euro), this was the antiquities 'relative bargain' of the day.
688. An Attic red-figure krater, about 10.5 inches high, with a standard and otherwise unremarkable scenes of three females except that two were playing instruments. The seated woman was playing the lyre and one standing behind the the double aulos (a type of flute) and the third woman was holding a box and scroll. The reverse featured a typical genre scene. Dirty surface and old repairs did not deter a buyer from paying 145,000 Euro (Est 15-25k Euro) nearly 10x the low estimate. As a comparison, a similarly dated Attic krater with a far more unusual Athenian patriotic scene from a 1970s Swiss collection sold in NY in December 2008 for $23,475.
689. A 23-inch Roman spiral-fluted marble colum shaft from the 3rd-4th century brought a hefty 85,000 Euro (Est10-15k), most likely for its decorative appeal rather than its art historical value.
690. A 12-inch Roman marble head identified as Diomedes, the mythical King of Argos from the Trojan War, dating from the 2nd Century AD was sensitively carved but the proper right side of the face was damaged and stained. Still, it achieved 3.5x the low estimate bringing 145k Euro (Est 40-60k Euro).
691. Wonderfully carved wooden Egyptian anthropoid sarcophagus lid standing 80-inches tall and acquired by St. Laurent in 1975 from a Parisian dealer, was a relative bargain at 313,000 Euro (Est 50-70k Euro).
692. An Egyptian Late Period 9.25-inch bronze figure of a striding Mahes (the relatively rare "savage lion" deity) had an esitmate of 15-20k Euros, and achieved a remarkable 49,000 Euros despite missing its left foot and a rough surface patina.
693. This was the stunner of the antiquities portion. A lovely, large Greek black-glazed hydria from South Italy and dating to about 350 BC. The propotions, as is typical of the type, exude femine grace and beauty. Carrying an already ambitious estimate of 15-20k Euros, buyers fought over the object until it was hammered down for a surreal 253,000 Euros.
694. This 33-inch Roman marble torso of Mercury dated to the 1st-2nd century AD topped its presale estimate of 150-250k Euros by bringing a staggering 481k Euros.
695. Arguably the rarest of the objects in the sale was this Roman marble statue of a bull-headed man (Minotaur) that stood scarcely taller than a yardstick and once decorated St. Laurent's outdoor garden. Estimated at 300-500k Euros, the winning bid was just shy of 1-million Euros.
696. The final antiquities lot was a dimunitive 11-inch torso of a Roman athlete estimated at 20-30k Euros and eventually hammered down at 97k Euros.
With the exception of the Minotaur and the Sarcophagus Lid, the balance of the antiquities lots were quality objects but hardly the rarest or most exceptional examples of their type. The pomp and frenzy of the sale carried overtones of the Jackie Onassis auction held in NY several years ago. Bidders' eyes were struck by the aesthetic appeal of objects generally obtainable at significantly lower prices in the general art market, but were bllinded to relative values as the most persistent fought to pay whatever it took to own a piece of the Saint Laurent aura. And the fact that the objects had published provenances from the 1970s and 1980s proves that provenance is valuable, but aura is priceless.
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Posted by: Pandora Beads | March 27, 2012 at 11:09 PM