AFTER FALTERING AT SOTHEBY’S, PICASSOS SELL AT CHRISTIE’S AUCTION

Two Picassos painted late in the artist’s career and a Giacometti bronze brought solid prices at Christie’s last night in what was a surprising reversal of tastes and trends, reports Carol Vogel for the New York Times_. Where Sotheby’s had failed to sell its top Picasso and Giacometti at its Impressionist and modern art auction, just one night later Christie’s received bids from around the world. Buyers appeared afraid to shop on Tuesday night, unsure of whether there was a market. But by Wednesday evening, fears of conspicuous consumption had apparently evaporated, with multiple bidders for most of the works. And Christie’s experts had the benefit of adjusting their pricing in the wake of the Sotheby’s results. “I was surprised to see people spending money,” said Mark Fisch, a Manhattan real estate developer and collector who was sitting in the second row at Christie’s. In this economy, he added, he thought bidding would have been more tentative. The evening brought $102.7 million, in the middle of Christie’s estimate of $87.6 million to $125.2 million, with ten of the forty-eight works failing to sell. By comparison, Sotheby’s total on Tuesday night was $61.3 million.