Christie's art auction exceeds expectations

By Stephen Mangan

LONDON | Tue Dec 6, 2011 10:15pm EST

LONDON (Reuters) - Christie's held a highly anticipated auction of old master paintings in London on Tuesday night, with one of the star works selling for more than 2 million pounds ($3.12 million) above the pre-auction estimate.

"The Battle between Carnival and Lent" by Pieter Brueghel II sold for almost 6.9 million pounds to an anonymous buyer, Christie's said on its website.

The sale price exceeded the pre-auction estimate of 3.5-4.5 million pounds and set the world record price for the artist at auction, Christie's said.

The second highest-priced painting on the night was a Willem van de Velde II work, "Dutch men-o'-war and other shipping in a calm," which sold to a European private collector for nearly 6 million pounds, also a world record price for the artist at auction, Christie's said.

However, the auction's star attraction "Portrait of Juan Lopez de Robredo," by Spanish painter Francisco Goya remained listed on the auctioneer's website as unsold, with an estimated sale tag of 6.2-9.3 million pounds.

The total sale of 24 million pounds, which did not include a sale for the Goya painting, as well as a Nicolaes Maes work that carried an estimated price of 1.5-2.3 million pounds, was just shy of the pre-sale estimate for all the lots of 26 million pounds.

Much of the interest in this week's series of old master and British art auctions in London has been generated by a Velazquez original that was first valued at 300 pounds ($470).

The portrait of an unknown gentleman goes under the hammer on Wednesday and is set to fetch up to 3 million pounds at Bonhams.

($1 = 0.6410 British pounds)

(Reporting by Stephen Mangan; Editing by Michael Roddy)

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Rediscovered Velazquez fetches $4.7 million at auction

By Mike Collett-White

LONDON | Wed Dec 7, 2011 5:40pm EST

LONDON (Reuters) - A painting originally valued at a few hundred pounds before being attributed to Spanish master Diego Velazquez fetched three million pounds ($4.7 million) at a London auction on Wednesday.

The hammer price was at the top end of pre-sale estimates set by Bonhams auctioneers, who discovered the portrait of an unknown gentleman among a collection of paintings believed to have been by British 19th century artist Matthew Shepperson.

The works were consigned for sale at Bonhams in Oxford, but experts suspected the portrait was by a different artist and sent it to the old masters department in London for further analysis.

Consultant Brian Koetser had his suspicions confirmed by Peter Cherry, lecturer at the History of Art department at Trinity College Dublin who Bonhams called "one of the world's foremost authorities on Velazquez and his school."

After studying the painting, including with x-ray technology, Cherry decided it was by 17th century Spanish artist Diego Velazquez and dated from 1631-1634 when he was in Italy or shortly after he returned to Spain.

Bonhams said "many experts" were consulted in order to confirm the attribution to Velazquez.

It is one of only around 100 works by the painter known to exist, of which a handful remain in private hands.

Andrew McKenzie, director of old master paintings at Bonhams, said his involvement in the discovery and sale was a highlight of his career.

A spokesman said the work, featuring a balding man in black tunic and white "golilla" collar, had gone to a U.S. buyer.

OTHER OLD MASTERS

The other highlight of the Bonhams sale was "Three Peaches on a Stone Ledge With a Painted Lady Butterfly" by Dutch artist Adriaen Coorte, which fetched 2.1 million pounds, an auction record for the artist and well above estimates of 300-500,000 pounds. Overall the auction raised 6.3 million pounds ($9.9 million)

More records tumbled at Christie's late on Tuesday, where "The Battle between Carnival and Lent" by Pieter Brueghel II sold for 6.9 million pounds and Willem van de Velde II's "Dutch men-o'-war and other shipping in a calm" fetched 5.9 million pounds.

But Francisco Goya's "Portrait of Don Juan Lopez de Robredo," estimated to be worth 4-6 million pounds and billed as the star lot on the night, failed to sell.

The old master and British paintings auction raised a total of 24.1 million pounds ($37.8 million), within expectations.

Rival Sotheby's reached 20.1 million pounds ($31.6 million) at its equivalent sale late on Wednesday, according to results posted on its website.

Both totals were less than half those realized at the equivalent auctions held in London in July.

"The Card Players in an Interior," by 17th Dutch artist Jan Steen, sold for 4.9 million pounds, at the lower end of Sotheby's estimates if the buyer's premium is taken into account but a record for the artist.

Top lot on the night was a pair of paintings by 18th century artist Johann Zoffany commissioned by British actor David Garrick which fetched 6.8 million pounds, within expectations.

(one pound = $1.57 U.S.)

(Reporting by Mike Collett-White; Editing by Bob Tourtellotte)

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Top diamonds fail to sell at NY jewelry auction

NEW YORK | Thu Dec 8, 2011 4:09pm EST

NEW YORK (Reuters) - Just days before one of the most anticipated jewelry sales in years, an auction of diamonds, sapphires and other gems produced middling results.

While two-thirds of the 340 lots on sale at Sotheby's found buyers, the total of $28.4 million was less than half the pre- sale estimate, largely owing to the failure of the two top lots.

A rare fancy intense pink diamond ring in excess of 22 carats had been expected to fetch about $13 million, while a 33-carat "Light of Golconda" diamond was estimated to sell for $7 million.

Neither of the top items found buyers but Sotheby's said there was demand for unusual jewels in the sale.

"The results for the remainder of the sale demonstrate a continued demand for pieces of quality and unique character," said Lisa Hubbard, co-chair of Sotheby's international jewelry department.

One of the highlights of the auction was a 23.6-carat oval diamond ring which sold for $1,874,500 including commission, beating the $1.6 million high estimate.

A Cartier platinum diamond necklace fetched $1.65 million, far above the $1 million high estimate, while a Kashmir sapphire and diamond ring also beat estimates when it went for just under $1.6 million. Both were bought by Asian collectors.

A companion sale of men's jewelry and accessories from the collection of San Francisco shipping executive John Traina fared far better, with all 92 lots selling for a total of $1.9 million.

Prices for rare jewels such as colored diamonds have soared in recent years. All eyes are trained on next week's auction of Hollywood star Elizabeth Taylor's jewels, which have been described as the most spectacular privately held collection ever to come to market.

(Reporting by Chris Michaud; editing by Patricia Reaney; For the latest Reuters lifestyle news see: www.reuters.com/news/lifestyle))

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Italy bond costs set to mark new record at auction

The Bank of Italy building is seen downtown Milan, November 25, 2011.

Credit: Reuters/Stefano Rellandini

By Valentina Za

MILAN | Tue Dec 13, 2011 8:31pm EST

MILAN (Reuters) - Italy's five-year borrowing costs are expected to rise further above 6 percent on Wednesday, to mark a new euro lifetime high, at an auction that will provide a first test of bond market sentiment towards the euro zone after last weekend's EU summit.

Measures agreed by European leaders to strengthen fiscal discipline have not convinced markets the debt crisis will be resolved and threatened rating downgrades for euro zone states averted, or curbed yields on outstanding Italian debt.

Saddled with a debt equivalent to 120 percent of gross domestic product, Italy has seen its funding costs spiral towards unsustainable levels since taking centre stage in the debt crisis in early July.

The yield on the five-year BTP bond it will sell on Wednesday topped 7 percent on Monday, although it was able to sell short-dated debt on the same day at a slightly lower cost than the euro-era high levels seen a month before.

Italy paid 6.3 percent in November to sell five-year bonds, its highest cost of borrowing since the single currency's adoption in 1999.

The same September 2016 BTP bond yielded around 6.8 percent late on Tuesday as markets fretted over implementation of measures on the euro zone bailout fund agreed at the summit. Fears that credit rating agency Standard & Poor's will downgrade some or all of the 15 euro zone sovereigns it has on watch after the summit also kept investors edgy.

The small size of Wednesday's sale -- limited to just one issue of up to 3 billion euros -- should help it go through despite low liquidity in the markets close to year-end. But bigger tests loom in the new year.

BIG CHALLENGE IN JANUARY

Italy has trimmed the size of its auctions in reaction to market pressure but it will have to step up issuance if it is to meet a gross funding goal of around 440 billion euros next year.

"The issuance challenge for Italy in 2012 is considerable and January will provide an important first hurdle," Citi analysts said in a comment on Wednesday's auction.

Nearly 26 billion euros of BTP bonds mature on February 1, with 91 billion euros of bonds falling due by the end of April.

"ECB buying in the secondary market will help, but, if the crisis worsens, it is difficult to see how Italy will retain independent market access in 2012 and help from the International Monetary Fund may at some stage be needed," Citi analysts said.

The European Central Bank has propped up Italian and Spanish government bonds though purchases on the secondary markets since early August. Analysts say its indirect support has been key in helping purchases by primary dealers at auctions because they can sell at least part of their holdings to the central bank.

"With investors' portfolios closed ahead of year-end, the auction is a matter for primary dealers. Luckily they know they can count on the ECB," said a London-based bond trader.

Expectations measures to be agreed at the summit would prompt more aggressive ECB bond buying -- coupled with a new austerity package by the Rome emergency government aimed at staving off financial disaster -- had driven Italian yields lower last week.

But selling pressure returned after ECB President Mario Draghi dashed hopes the central bank would ramp up its purchases in response to the EU agreement on more stringent fiscal rules.

ECB sources told Reuters purchases would remain limited for the time being but analysts say a radical shift may be needed next year if the situation deteriorates.

Bank of Italy Governor Ignazio Visco said last week that Italian borrowing costs must fall in a sustained way to around 5 percent to ensure Rome can continue to manage its 1.9 trillion euro debt.

Spain will also sell bonds this week, with up to 3.5 billion euros of 2016, 2020 and 2021 bonds due for auction on Thursday.

It sold short-term debt on Tuesday, paying less to borrow than record levels seen at a November sale, but analysts warned good demand for its 12-month and 18-month T-bills would not necessarily translate into a bid for longer-dated paper.

"This is defensive, this is balance sheet paper, there may be the odd FX reserve manager who has looked at it and picked them up ... it doesn't really tell us how the auctions on Thursday are going to go," said Marc Ostwald, strategist at Monument Securities in London.

(Reporting by Valentina Za; Editing by Catherine Evans)

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Rediscovered Velazquez fetches $4.7 million at auction

By Mike Collett-White

LONDON | Wed Dec 7, 2011 5:40pm EST

LONDON (Reuters) - A painting originally valued at a few hundred pounds before being attributed to Spanish master Diego Velazquez fetched three million pounds ($4.7 million) at a London auction on Wednesday.

The hammer price was at the top end of pre-sale estimates set by Bonhams auctioneers, who discovered the portrait of an unknown gentleman among a collection of paintings believed to have been by British 19th century artist Matthew Shepperson.

The works were consigned for sale at Bonhams in Oxford, but experts suspected the portrait was by a different artist and sent it to the old masters department in London for further analysis.

Consultant Brian Koetser had his suspicions confirmed by Peter Cherry, lecturer at the History of Art department at Trinity College Dublin who Bonhams called "one of the world's foremost authorities on Velazquez and his school."

After studying the painting, including with x-ray technology, Cherry decided it was by 17th century Spanish artist Diego Velazquez and dated from 1631-1634 when he was in Italy or shortly after he returned to Spain.

Bonhams said "many experts" were consulted in order to confirm the attribution to Velazquez.

It is one of only around 100 works by the painter known to exist, of which a handful remain in private hands.

Andrew McKenzie, director of old master paintings at Bonhams, said his involvement in the discovery and sale was a highlight of his career.

A spokesman said the work, featuring a balding man in black tunic and white "golilla" collar, had gone to a U.S. buyer.

OTHER OLD MASTERS

The other highlight of the Bonhams sale was "Three Peaches on a Stone Ledge With a Painted Lady Butterfly" by Dutch artist Adriaen Coorte, which fetched 2.1 million pounds, an auction record for the artist and well above estimates of 300-500,000 pounds. Overall the auction raised 6.3 million pounds ($9.9 million)

More records tumbled at Christie's late on Tuesday, where "The Battle between Carnival and Lent" by Pieter Brueghel II sold for 6.9 million pounds and Willem van de Velde II's "Dutch men-o'-war and other shipping in a calm" fetched 5.9 million pounds.

But Francisco Goya's "Portrait of Don Juan Lopez de Robredo," estimated to be worth 4-6 million pounds and billed as the star lot on the night, failed to sell.

The old master and British paintings auction raised a total of 24.1 million pounds ($37.8 million), within expectations.

Rival Sotheby's reached 20.1 million pounds ($31.6 million) at its equivalent sale late on Wednesday, according to results posted on its website.

Both totals were less than half those realized at the equivalent auctions held in London in July.

"The Card Players in an Interior," by 17th Dutch artist Jan Steen, sold for 4.9 million pounds, at the lower end of Sotheby's estimates if the buyer's premium is taken into account but a record for the artist.

Top lot on the night was a pair of paintings by 18th century artist Johann Zoffany commissioned by British actor David Garrick which fetched 6.8 million pounds, within expectations.

(one pound = $1.57 U.S.)

(Reporting by Mike Collett-White; Editing by Bob Tourtellotte)

View the original article here

Christie's art auction exceeds expectations

By Stephen Mangan

LONDON | Tue Dec 6, 2011 10:15pm EST

LONDON (Reuters) - Christie's held a highly anticipated auction of old master paintings in London on Tuesday night, with one of the star works selling for more than 2 million pounds ($3.12 million) above the pre-auction estimate.

"The Battle between Carnival and Lent" by Pieter Brueghel II sold for almost 6.9 million pounds to an anonymous buyer, Christie's said on its website.

The sale price exceeded the pre-auction estimate of 3.5-4.5 million pounds and set the world record price for the artist at auction, Christie's said.

The second highest-priced painting on the night was a Willem van de Velde II work, "Dutch men-o'-war and other shipping in a calm," which sold to a European private collector for nearly 6 million pounds, also a world record price for the artist at auction, Christie's said.

However, the auction's star attraction "Portrait of Juan Lopez de Robredo," by Spanish painter Francisco Goya remained listed on the auctioneer's website as unsold, with an estimated sale tag of 6.2-9.3 million pounds.

The total sale of 24 million pounds, which did not include a sale for the Goya painting, as well as a Nicolaes Maes work that carried an estimated price of 1.5-2.3 million pounds, was just shy of the pre-sale estimate for all the lots of 26 million pounds.

Much of the interest in this week's series of old master and British art auctions in London has been generated by a Velazquez original that was first valued at 300 pounds ($470).

The portrait of an unknown gentleman goes under the hammer on Wednesday and is set to fetch up to 3 million pounds at Bonhams.

($1 = 0.6410 British pounds)

(Reporting by Stephen Mangan; Editing by Michael Roddy)

View the original article here

Top diamonds fail to sell at NY jewelry auction

NEW YORK | Thu Dec 8, 2011 4:09pm EST

NEW YORK (Reuters) - Just days before one of the most anticipated jewelry sales in years, an auction of diamonds, sapphires and other gems produced middling results.

While two-thirds of the 340 lots on sale at Sotheby's found buyers, the total of $28.4 million was less than half the pre- sale estimate, largely owing to the failure of the two top lots.

A rare fancy intense pink diamond ring in excess of 22 carats had been expected to fetch about $13 million, while a 33-carat "Light of Golconda" diamond was estimated to sell for $7 million.

Neither of the top items found buyers but Sotheby's said there was demand for unusual jewels in the sale.

"The results for the remainder of the sale demonstrate a continued demand for pieces of quality and unique character," said Lisa Hubbard, co-chair of Sotheby's international jewelry department.

One of the highlights of the auction was a 23.6-carat oval diamond ring which sold for $1,874,500 including commission, beating the $1.6 million high estimate.

A Cartier platinum diamond necklace fetched $1.65 million, far above the $1 million high estimate, while a Kashmir sapphire and diamond ring also beat estimates when it went for just under $1.6 million. Both were bought by Asian collectors.

A companion sale of men's jewelry and accessories from the collection of San Francisco shipping executive John Traina fared far better, with all 92 lots selling for a total of $1.9 million.

Prices for rare jewels such as colored diamonds have soared in recent years. All eyes are trained on next week's auction of Hollywood star Elizabeth Taylor's jewels, which have been described as the most spectacular privately held collection ever to come to market.

(Reporting by Chris Michaud; editing by Patricia Reaney; For the latest Reuters lifestyle news see: www.reuters.com/news/lifestyle))

View the original article here