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February 24, 2009

WSJ: Saint Laurent sale breaks records, fetches $264m

By Spear's

Amid a grim economic environment, the art market let out a sigh of relief Monday as Christie’s in Paris successfully auctioned $264 million of Impressionist and modern artworks collected by the late designer Yves Saint Laurent and his partner, Pierre Bergé.

From the Wall Street Journal:

Not everything is losing value.

Amid a grim economic environment, the art market let out a sigh of relief Monday as Christie’s in Paris successfully auctioned $264 million of Impressionist and modern artworks collected by the late designer Yves Saint Laurent and his partner, Pierre Bergé.

The evening sale in Paris surpassed its presale high estimate of $232 million, a reassuring result indicating that the world’s billionaires are willing to compete for blue-chip artworks that they consider a bargain.

Nobody wanted the collection’s priciest painting, a moody Cubist Picasso estimated to sell for at least $32 million. But records were broken for seven other artists, including Piet Mondrian, Marcel Duchamp and Constantin Brancusi.

To read the full article, visit wsj.com
 

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