Claude Monet’s Water Lilies Shines as a Beacon of Stability in a Shifting Art Market

Claude Monet’s Water Lilies, a radiant work from 1914–17, stole the spotlight at Sotheby’s New York auction, fetching an impressive $65.5 million. As the centerpiece of the late beauty mogul Sydell Miller’s collection, Monet’s painting set a promising tone for a week of high-stakes art sales in Manhattan.

Nympheas by Claude Monet, from the collection of Sydell Miller, is on display at Sotheby’s New York Marquee Sales on November 08, 2024 in New York City. Photo: John Lamparski/Getty Images.

The sale highlights the enduring appeal of Impressionist art amidst a market grappling with a two-year downturn. Buyers’ confidence may have wavered in recent months, but Monet’s masterpiece reassured collectors of the stability and allure of truly iconic works. The painting’s result surpassed its presale estimate of $60 million after a dramatic 17-minute bidding war involving three determined collectors. This triumph reflects the meticulous marketing of Miller’s collection, which included a diverse array of pieces that resonated with buyers worldwide.

Miller’s estate saw every one of its 25 lots sell, achieving a total of $215.6 million—above the presale estimate. The enthusiasm surrounding her collection starkly contrasted with the more subdued performance of the Modern art sale that followed. While the Modern lots, led by Alberto Giacometti’s Buste, reached a modest $93.1 million, some works, like Matisse’s Torse de jeune fille, failed to find buyers. This underscored a clear message: quality triumphs over reputation.

The art market’s discerning eye for excellence was also evident in the evening’s other successes, from Yves Klein’s $14.2 million Relief Eponge to Leonora Carrington’s $11.4 million La Grande Dame. Yet Monet’s Water Lilies stood as a timeless testament to the investment value of exceptional artistry.

Source: Katya Kazakina, Artnet News, November 18, 2024. Read the full article here.

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