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by Kevin Gritzke, for The University Daily Kansan
High-end art market suffering
The Associated Press
NEW YORK — A Claude Monet "water lilies" fetched $18.7 million at Sotheby's and a Picasso sculpture sold for $6.7 million at rival Christie's, but two other highly touted Monet garden studies failed to sell at the fall auctions of impressionist and modern art.
This month's sales, which include major contemporary works by Andy Warhol and Roy Lichtenstein on the block next week, provide a barometer of the high-end art market. With the global economy still in the doldrums, and some collectors feeling the pinch, a number of renowned works offered this week failed to find buyers.
Bidding was generally cautious and selective for many of the works by Picasso, Monet, Modigliani, Gauguin, Rodin and other masters of French styles of the late 19th and
early 20th centuries.
Christie's noted the most interest in works in the $500,000 to $600,000 range, and $5 million to $6 million range, with more than 90 percent of the bidders from America and Europe.
Sotheby's sold 45 of 66 featured works for $81.4 million at its Tuesday night sale, and added $17 million in sales of the impressionist and modern artists Wednesday for a two-day total of $98.5 million. Christie's rang up $67.5 million from sales of 40 of 54 lots of impressionist and modern works Wednesday night, and $20.1 million in sales Thursday for a two-day total of $87.6 million.
"Quality ruled," said Charles Moffett, co-chairman of Sotheby's Impressionist and Modern Art Department. "Buyers made very deliberate and reasoned choices."
"We have a solid and steady
international market, and works of good quality, if priced correctly, continue to sell well," said Christopher Burge, honorary chairman of Christie's Americas.
Monet's "Nympeas" from 1906, one of his series showing lilies floating on his garden pond at Giverny, France, garnered the top price by far $18.7 million — topping Sotheby's high estimate of $18 million. The buyer wasn't identified.
Three years ago, the same oil on canvas brought $22 million at Christie's in New York, an indicator of reenching in prices for some very prized works.
Modigliani's "Giovanotto dai Capelli Rossi," a 1909 portrait, sold at $8.4 million, just above Sotheby's high estimate of $8 million. Marisse's "Still Life, Checkered Napkin" sold for $4.8 million, surpassing the $4 million low estimate.
Crossword
ACROSS
1 Goldman and Lazarus
6 Lout
9 Loathe
14 Rover holder
15 Lofty poem
16 Nonsensical
17 Gap in time
18 Appoints
20 Improvise
21 Superlatively chilly
22 Continental NASA partner
23 __ not and say we did
24 Work station
26 Immaculate
27 Deserve
2 One of Alcott's women
33 Author Stout
34 One of Roseanne's TV kids
36 Life's work
38 Smile coily
39 Silvery rare-earth element
41 "__ My Party"
42 "To___ is human..."
43 Tasty
44 Bullets, briefly
46 Actress Blanchett
47 Study at the last minute
48 Heavy imbiber
49 Pupil of Plato
54 Diet guru Jenny
57 Oslo man
58 Ann __, MI
59 Three Musketeers' creator
60 Classified
61 Valletta's nation
62 Irish poet
63 Caustic solution
64 Appeals
DOWN
1 Cinder ending?
2 Hoover Dam's lake
3 Sweet topping
4 Lend a hand
$ \textcircled{2} $ 2002 Tribune Media Services, Inc All rights reserved.
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14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56
57 58 59 60 61 62 63 64
11/11/02
5 Ancient Yemen
6 Juncture of two streams
7 Worshiper
8 Reduced in rank
9 "It  Me Babe"
10 __ Brith
11 Loathe
12 Washington bills
13 Take ten
19 Orbiting loc.
24 Treaties
25 Nebraska city
26 Lima's land
27 Med. scans
28 "A Nightmare or
___ Street"
29 Worth saying again
30 Totally unreactive
31 __ Haute, IN
31 Tim or Beryl
35 Regarding
37 Actor Wallach
40 Of war
41 Gargantuan
41 Alment
Solutions to Friday's puzzle.
46 Cowboy's parking lot?
47 Gear tooth
48 Rascal
49 Capp of the comics
50 Libertine
51 Cookbook author
Rombauer
52 The Sultan of
(Babe Ruth)
53 Actress Harper
55 Jot
56 Mardi
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