Paris Art Market Breaks Records

Dec 28 2013, 7:01pm CST | by

Paris Art Market Breaks Records
Photo Credit: Forbes Business

It may seem paradoxical that France, one of the world’s capitals of all forms of art, is not a record-setter in terms of prices paid for individual works, or for trends in the “marché de l’art.”

Until now. A series of unprecedented deals this month have raised hopes that Paris may finally rise to the top ranks of the international art market. An exceptional painting by Amedeo Modigliani, the portrait of his patron and art collector Roger Dutilleu, sold in its first appearance on the market to a private collector for a record €6.5 million.

It was the highest price paid for a painting in France in 2013. The portrait, painted in 1919, the year before the painter died of tuberculosis at the age of 35, features the characteristically Modigliani almond eyes.

“Roger Dutilleul was a passionate collector of Modigliani,” Thomas Bompard, until recently director of the impressionist and modern art department at Sotheby’s, told Le Figaro. “In 1919, finding no canvas to buy, he followed the advice of the Italian merchant Leopold Zborowski, who worked with Modigliani, and asked to be painted by him. He paid 500 francs. Of this amount the merchant took more than half.”

Sotheby’s also announced record contemporary art sales in France totaling €44 million in 2013.  Among its top sales, the auction house listed six works by Marc Chagall which overtook their high-end estimate of €2.7 million for a yield of €3.6 million at a December 4 auction.

Among the highest prices of the lot were Chagall’s Les Amoureux aux Fleurs Devant la Fenêtre at €961,500 and Les Amoureux à Drammont at €805,500.

Christie’s also declared this one of its best years in France with record sales of €56 million, 62% higher than 2012, according to Le Figaro.

“Both Sotheby’s and Christie’s will be looking over their shoulders at leading French auctioneer Artcurial, which piled up over £21 million in one week for modern art, including a significant £5.2 million record for a sculpture by Aristide Maillol from the collection of the artist’s muse, the late Dina Vierny,” The Telegraph noted.

Compared to the London and New York art markets, the Paris sales seem modest. Another Modigliani painting, for example, of the art dealer Paul Guillaume, half the size of the Dutilleul portrait, sold for $10.6 million (€7.7 million) last June at Christie’s in New York.

But the string of modern art sales at record prices during the last month have raised hopes among art dealers and auction houses that Paris is finally benefiting from globalization.

Paris appears in sixth place among the top 10 cities in the auction sale of art objects and collectibles, after New York, Peking, London, Hong Kong and Shanghai.

Source: Forbes Business

 
 

Don't miss ...

 

<a href="/latest_stories/all/all/30" rel="author">Forbes</a>
Forbes is among the most trusted resources for the world's business and investment leaders, providing them the uncompromising commentary, concise analysis, relevant tools and real-time reporting they need to succeed at work, profit from investing and have fun with the rewards of winning.

 

blog comments powered by Disqus

Latest stories

New factor in liver cancer progression discovered
Vienna, Nov 21 (IANS) Researchers from the Medical University of Vienna in Austria have discovered a new factor in the development and progression of the most common type of liver cancer, hepatocellular carcinoma (HCC), the university has said.
 
 
Rare worm in British man's brain sequenced
London, Nov 21 (IANS) For the first time, the genome of a rarely seen tapeworm - residing in a British man's brain for four years - has been sequenced, offering new opportunities to diagnose and treat this invasive parasite.
 
 
'Sexual orientation not a choice, influenced by genetics'
London, Nov 21 (IANS) In the largest study of its kind, genetic analysis of 409 pairs of gay brothers, including sets of twins, has linked sexual orientation in men with two regions of the human genome.
 
 
Ignore online security warnings at your own risk
New York, Nov 21 (IANS) People are their own worst enemies when it comes to online security, a study indicates.
 
 
 

Latest from the Network

Saina goes down in Hong Kong Open quarters
Hong Kong, Nov 21 (IANS) Top Indian shuttler Saina Nehwal could not replicate her last week's China Open title win as she went down in straight games in the women's singles quarterfinals of the $350,000 Hong Kong Open...
Read more on Sport Balla
 
'Earth on track to warmest year on record'
Washington, Nov 21 (IANS) The globally averaged temperatures for October as well as the January-to-October period were both the highest on record since record keeping began in 1880, the US National Oceanic and...
Read more on Politics Balla
 
New factor in liver cancer progression discovered
Vienna, Nov 21 (IANS) Researchers from the Medical University of Vienna in Austria have discovered a new factor in the development and progression of the most common type of liver cancer, hepatocellular carcinoma (HCC...
Read more on Business Balla
 
Faris, Pratt open up about premature baby birth
Los Angeles, Nov 21 (IANS) Actress Anna Faris and husband Chris Pratt say that they were devasted when informed about the premature birth of their son. However their fath in god was restored when they saw the child....
Read more on Celebrity Balla
 
Rare worm in British man's brain sequenced
London, Nov 21 (IANS) For the first time, the genome of a rarely seen tapeworm - residing in a British man's brain for four years - has been sequenced, offering new opportunities to diagnose and treat this invasive...
Read more on Business Balla
 
Court orders inclusion of co-accused in Musharraf case
Islamabad, Nov 21 (IANS) A special court in Pakistan Friday ordered the inclusion of three co-accused in the treason case against former president Pervez Musharraf and proceedings against those who advised him to...
Read more on Politics Balla
 
'Sexual orientation not a choice, influenced by genetics'
London, Nov 21 (IANS) In the largest study of its kind, genetic analysis of 409 pairs of gay brothers, including sets of twins, has linked sexual orientation in men with two regions of the human genome. Two genes, one...
Read more on Business Balla
 
Ignore online security warnings at your own risk
New York, Nov 21 (IANS) People are their own worst enemies when it comes to online security, a study indicates. People care about keeping their computers secure, security warnings are conveniently ignored while...
Read more on Business Balla
 
Will support anything North West wants to do: Kim
Los Angeles, Nov 21 (IANS) Reality TV star Kim Kardashian says she will support her daughter North West in whatever she wants do in her life. Kim, who is married to rapper Kanye West, would have no problem if her...
Read more on Celebrity Balla
 
I feel terrified with The Cumberbitches: Keira Knightley
Los Angeles, Nov 21 (IANS) Actress Keira Knightley, who has worked with Benedict Cumberbatch in "The Imitation Game", feels "terrified" with the female fans of the actor. The British actress was talking about her new...
Read more on Celebrity Balla