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Auction houses preview spring art sales

Friday, May 05, 2017 - 02:42

Sotheby's, Christie's and Phillips preview their big spring sales of impressionist, modern, post-war and contemporary art. Rough Cut (no reporter narration).

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ROUGH CUT (NO REPORTER NARRATION) STORY: Auction powerhouses Sotheby's and Christie's and international auction house Phillips gear up for their key spring sales, and hopes are high that a host of major works the likes of which have not hit the block for several seasons will reap strong, even record, prices. At Sotheby's, Jean-Michel Basquiat's untitled work from 1982, last auctioned in 1984 for a mere $19,000 (USD), is now estimated to fetch more than $60 million, making it among the week's highest-estimated works and setting it up to break the artist's auction record of $57.3 million set just a year ago. Another one of Sotheby's star offerings, Egon Schiele's, "Danaë," was painted when the artist was just 19, the work characterized by the auction house as his first masterpiece and is expected to fetch as much as $40 million, not including commission, which would set a new Schiele record. Other highlights of the weeklong sales include Francis Bacon's "Three Studies for a portrait of George Dyer" and Cy Twombly's "Leda and the Swan," carrying a $55 million high estimate, both at Christie's. Bacon's 1963 triptych of his lover, which was once owned by Roald Dahl, is expected to sell for $50 million to $70 million. A work by Andy Warhol -- one of his iconic Campbell's soup cans -- is estimated to sell for $25 million to $35 million. A Phillips highlight includes Peter Doig's "Rosedale," expected to sell for $15 million to $20 million. The auctions kick off on May 15 with Christie's Impressionist and modern art sale, featuring Picasso's "Femme assise, robe bleues," a 1939 portrait of muse Dora Maar expected to fetch between $35 million and $50 million.

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Auction houses preview spring art sales

Friday, May 05, 2017 - 02:42