A Sober Night at Christie's

Last night's Impressionist and Modern art sale at Christie's was a well-oiled machine that offered little excitement. The sale totaled $236,464,000, slightly below the high estimate of $245 million, with 87% of the 78 lots sold. Records were set and a substantial number of the lots sold above the auction house's high estimate, but many of the evening's most anticipated pictures sold below the low estimates — or even failed to find buyers. The disappointments suggest that some sobriety may have crept into an otherwise reeling art market.

Paul Signac's "Arriere du Tub" (1888) set a new auction record for the artist at $11.688 million (record prices reflect the hammer price plus the buyer's premium), nearly twice the artist's previous record. Juan Gris's "Pot de geranium" (1915) broke a new barrier at $18.5 million but did not beat Christie's own high estimate. Alberto Giacometti's "L'homme qui chavire" (1950) surpassed the sculptor's previous record with a sale of $18.5 million. And Maximilien Luce set a new mark of $2.84 million with "La Seine au pont Saint-Michel" (1900).

That was the good news.

The not-so-good news was that Modigliani and Matisse continued their losing streak begun the night before at Sotheby's. Modigliani's "La femme au collier vert" (1918), estimated at $12 million–$16 million, failed to sell, causing a swath of the audience to decamp like fight fans after a TKO in the first round.

Matisse's "Jeune femme assise en robe grise aux bandes violettes" (1942) did not sell. But the lower priced — and more interesting — "Torse de jeune fille" (1918) sold above the high estimate of $2 million.

Ludwig Kirchner's "Dodo mit grossem fächer" (1910) sold just below the low estimate of $12 million, despite the house's enthusiasm for it.

Other bright spots in the evening were works by Monet and Chagall and Giacometti, whose "Femme de Venise I" was knocked down at a very solid $7.2 million.