Christie’s flopped for a second consecutive night in New York, as top-priced lots by Picasso, Modigliani and Leger failed to find buyers at a listless Impressionist and modern-art auction.
The $144.3 million tally last night was 23 percent short of the $188 million low estimate; 11 of 46 lots didn’t sell.
“There wasn’t a lot of enthusiasm out there,” said Tom Elghanayan, a New York developer who collects German expressionism. “You could feel it in the room.”
Monday night’s sale of art dealer Jan Krugier’s collection damped the mood, dealers said. It brought in $92.5 million, a third below the low end of its estimate. Including yesterday’s day sale, the Krugier works totaled $113.7 million.
Last night’s sale “also suffered from overestimation on several of the top lots,” said art adviser Mary Hoeveler. “Buyers don’t need to be told when something is a ‘masterpiece.’”
Alberto Giacometti’s portrait of his brother Diego, estimated at $30 million to $50 million, didn’t attract a bid in the room or on phone banks.
The painting was guaranteed by an undisclosed third party before the sale and the guarantor took it home for $32.6 million, a record for a Giacometti painting.
