Sotheby’s Paris Notches $41M. in 20th-Century Sale, Led by $12M. Monet

Two paintings by French Impressionist painter Claude Monet led Sotheby’s modern and contemporary art auction in Paris on Thursday, fetching 35 million euros ($41 million). The figure was more than 84% higher than last year’s equivalent sales and exceeded pre-sale estimates of €22.4-32.1 million ($26.6-$37.8 million). The house’s total transaction value was the second highest ever for a house of its type in France. Nearly 63% of the lots sold above their high estimates, and 66% of the lots were auctioned for the first time.

“Today’s results mark a defining moment for Sotheby’s and for Paris as a whole,” Thomas Bompard, co-head of modern and contemporary art at Sotheby’s Paris, said in a statement. “From the extraordinary prices achieved for Monet’s works, to the buzzing atmosphere and fierce bidding in the auction room, this sale confidently captures a dynamic market as collectors from around the world come to participate, compete, and ultimately turn their sights once again to Paris.”

The auction was led by Monet Viteuil, the morning effect (1901), which achieved €10.2 million ($12.1 million), the highest price ever paid for a work by the artist at auction in France; port ville island (1883) sold for €6.5 million ($7.6 million).

Viteuil, the morning effect The work has been in public view for some 98 years and has been in the same French private collection for more than 50 years. After 10 minutes of bidding, the work exceeded its estimate of €6-8 million ($7.1-9.5 million).

port ville island (1883), less than 3 feet wide and on public display for the first time in 115 years, exceeded its estimate of €3-5 million ($3.5 million to $5.9 million).

Also selling well are seven original gouache paintings from Marc Chagall’s “Cirque” series, which come directly from the artist’s estate and appear at auction for the first time. Both sold above their estimates, at €1.1 million ($1.4 million) each. Lucio Fontana’s Space concept, Attese (1968), a sapphire-blue canvas cut by two vertical diagonal lines, exceeded its estimate and sold for €2 million ($2.4 million).

Other works that exceeded their estimates and fetched six figures were a Rembrandt Bugatti bronze tigray royal (conceived circa 1913-14 and cast in bronze between 1922 and 1927), in the same private collection since 1927, sold for €1.7 million ($1.9 million), and a painting by Chu Teh-Chun Gourmet Son II (1988), doubled the highest estimate to €1.2 million ($1.4 million). Gerhard Richter work sells for almost four times its high estimate Untitled (November 9, 1995)priced at 473,600 euros ($558,659).