February sees Impressionist and Modern art sales in London, and despite reports of totals suffering a drop, extraordinary prices were achieved in the city’s salerooms.
At Christie’s, René Magritte’s A la rencontre du Plaisir achieved £18,933,750 (including buyer’s premium). Painted in 1962, the work combines several of Magritte’s most iconic motifs. It was purchased directly from the artist and had remained in the same family collection for over 50 years, before being offered at auction for the first time in its history.
A record £9.7 million was achieved for a painting by German expressionist, George Grosz and Portrait de Marjorie Ferry by Tamara de Lempicka sold for £16.3 million – again, a record price for the artist. That totals were down is attributed to a scarcity of high value modern masterpieces coming on to the market.
Steve Smith, Managing Director of Smith Greenfield, said, “With masterpieces in this market increasingly rare, individual values of the best art work are rocketing. We strongly recommend that clients keep their art valuations up to date, so that in the event of a loss, the current ‘agreed value’ can be settled in any claim, quickly and easily.”
As experts and trusted advisers in the insurance of art and collections, Smith Greenfield believes specialist insurance should cover; losses arising from restoration and depreciation, sudden increases in value due to the death of an artist and crucially, worldwide all risks cover from the moment of purchase, during transit until safely installed at its final destination.
If you have not reviewed the scope and value of your current art insurance cover, please contact us for a complimentary and discreet assessment. Contact Imran Moideen imran.moideen@smithgreenfield.co.uk or telephone 020 8603 3730.
Photo: René Magritte (1898-1967) A la rencontre du Plaisir. CHRISTIE’S IMAGES LTD. 2020