TOTAL SALES

Evening Sales Day Sales MODERN AND IMPRESSIONIST AUCTION

£20,049,000 LONDON, JUNE 2016

£103,280,000 Helena Newman had plenty to smile about after Sotheby’s Impressionist and Modern Evening. The strong £103m ($152M) total midway between estimates was £7,737,250 surely one reason. Amedeo Modigliani’s Jeanne Hebuterne (au foulard) (1919) had £25,612,500 been initially guaranteed by the house, though this was later changed to an irrevocable

SOTHEBY'S CHRISTIE'S bid (a type of third-party guarantee). This proved unnecessary, however, as protracted bidding saw the work sell for £34.3m (£38.5m with fees), again, well above its estimate of more than £28m. Alberto Giacometti’s early, 1925 oil on board Portrait of Diego sold TOTAL LOTS AVAILABLE & BI RATE to an anonymous telephone bidder for £1,325,00 ($1,948,545) against an estimate of £500,000 to £700,000 ($725,000-1.02 million). The robust price might be attributable LOTS SOLD UNSOLD LOTS BI to the painting’s inclusion in the recent National Portrait Gallery (London) exhibition. The strongest bidder in the saleroom was New York’s Acquavella Galleries which bought an 300 40% 34% 1890 still life by Paul Gauguin just above estimate for £3.4 million ($5 million). 35% 250 76 27% 30% On the counterpart, Christie's Impressionist and Modern Evening auction was a 200 tough one for Christie's, as three lots were withdrawn just before their main 25% Impressionist and modern art sale and another 12 out of 33 lots were unsold, including 150 20% one of the top lots which was guaranteed by Christie's. And the final tally was a puny 13% 11% 45 15% £25,612,500 ($37.6 million), far below pre-sale expectations of £36,870,000 to 100 202 10% £54,770,000 ($54 million-$80 million) and a tiny fraction of the £71,461,000 ($113 87 50 million) generated by the 42 lots that sold in last June’s evening session in the same 3 5% 3 category. As in Sotheby’s evening sale, Impressionist lots were scarce. The one 24 21 0 0% example was Claude Monet’s sun-dappled street scene L’Ancienne rue de la SOTHEBY'S SOTHEBY'S DAY CHRISTIE'S CHRISTIE'S DAY EVENING EVENING Chaussée, Argenteuil. The work failed to sell at a chandelier bid of £3.9 million ($5.7 million) against an estimate of £4.5 million to £6.5 million ($6.5-9.4 million). Obtaining PRICE DISTRIBUTION OF LOTS SOLD this insurance policy was a sensible move by the seller, considering the sale’s timing, on the eve of the Brexit referendum. 60% CHRISTIE'S SOTHEBY'S

49% 50%

41% 40%

30% 26%27%

19% 20% 13% 10% 10% 7% 5% 3% 0% 1% 0% < £50,000 £50,000 - £100,000 - £500,000 - £1,000,000 - > £100,000 £500,000 £1,000,000 £10,000,000 £10,000,000

10 TOP LOTS SOLD AVERAGE PRICE MEDIAN PRICE Artist Title Venue Sale Price

£3,500,000 1 PABLO PICASSO FEMME ASSISE SOTHEBY'S £43,269,000 £2,864,278 £3,000,000 2 AMEDEO MODIGLIANI JEANNE HEBUTERNE SOTHEBY'S £38,509,000 3 AMEDEO MODIGLIANI MADAME HANKA ZBOROWSKA CHRISTIE'S £8,258,500 £2,500,000 4 PAUL GAUGUIN NATURE MORTE AUX POMMES SOTHEBY'S £3,397,000

£2,000,000 5 EDVARD MUNCH THE SCREAM SOTHEBY'S £1,805,000

6 WASSILY KANDINSKY ESQUISSE POUR AUTOUR DU CERCLE CHRISTIE'S £1,762,500 £1,500,000 7 MARC CHAGALL LE PETIT FLAUTISTE CHRISTIE'S £1,426,500 £845,000 £1,000,000 8 FERNAND LEGER PEINTURE MURALE SOTHEBY'S £1,421,000 £469,098 £500,000 9 PIERRE-AUGUSTE RENOIRUN JARDIN A SORRENTE SOTHEBY'S £1,385,000 £66,750 £96,146 £47,500 10 ALBERTO GIACOMETTI PORTRAIT DE DIEGO SOTHEBY'S £1,325,000 £0 ALL SALES Evening Sales Day Sales TOTAL: £102,558,500 *All prices are in British Pounds