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Property for sale by Auction A painting of a pond with water lilies. The water is calm and reflects the sky, with patches of green lily pads and pink blossoms scattered across the surface. The artwork captures the serene beauty of nature. Presented by World of Auctions

Comprehensive Report on Sotheby’s Latest Sale: Focus on Monet’s “Water Lilies”

I. Introduction

This report provides a detailed analysis of Sotheby’s most recent auction event, with a particular focus on the sale of Claude Monet’s “Water Lilies” painting. The auction, which took place on November 18, 2024, was a significant event in the art world, showcasing the enduring appeal and high market value of Impressionist masterpieces.

II. Auction Overview

Sotheby’s latest auction was part of their series of New York auctions, held on November 18, 2024. The event was divided into two main segments: the Sydell Miller Collection and the modern evening auction. The auction was a resounding success, with total sales amounting to $309 million, marking a substantial increase from the previous year’s figures. 

III. The “Water Lilies” Painting

A. Artwork Details

  • Artist: Claude Monet
  • Title: Nymphéas (Water Lilies)
  • Creation Period: 1914-1915

B. Sale Details

  • Final Sale Price: $65.5 million
  • Estimated Value: The exact pre-sale estimate was not disclosed, but the painting was expected to fetch a high price given its significance and the artist’s reputation.

C. Sale Circumstances

The sale of Monet’s “Nymphéas” was undoubtedly the highlight of the evening. The painting attracted intense interest, resulting in a competitive 17-minute bidding battle. This prolonged bidding war underscores the high demand and desirability of Monet’s later works, particularly those from the iconic “Water Lilies” series.

 

IV. Buyer Information

While art auctions often maintain buyer confidentiality, some details about the buyer have emerged in this case. The winning bid was placed by an Asian client, represented by Jen Hua, Sotheby’s deputy chairman of Asia. This information provides insight into the global nature of the high-end art market and the strong interest from Asian collectors in acquiring Western masterpieces.

V. Context and Comparison

A. Historical Sales of “Water Lilies”

Monet’s “Water Lilies” series has consistently achieved impressive prices at auction. Some notable previous sales include:

  1. “Nymphéas en fleur” sold for $84.7 million at Christie’s in 2018, setting the record for the highest sum ever realized by Monet’s water lilies.
  2. Another “Water Lilies” painting sold for $70.4 million at Sotheby’s in 2021.
  3. A piece from the series set a regional record in Asia, selling for $29.9 million at Christie’s in Hong Kong on September 26, 2024.

B. Market Analysis

The sale of “Nymphéas” for $65.5 million at this recent Sotheby’s auction is in line with the high prices consistently achieved by Monet’s works, particularly those from the “Water Lilies” series. This sale price, while not breaking the record set in 2018, still ranks among the highest prices achieved at auction for a work from Monet’s later “Nymphéas” series. 

VI. Significance and Market Trends

The successful sale of Monet’s “Nymphéas” at Sotheby’s recent auction underscores several important points:

  1. Enduring Appeal: The intense bidding and high sale price demonstrate the enduring appeal of Monet’s work, particularly his “Water Lilies” series, more than a century after their creation. 
  2. Global Demand: The purchase by an Asian buyer highlights the global demand for Impressionist masterpieces and the increasing prominence of Asian collectors in the international art market. 
  3. Investment Value: The consistent high prices achieved by Monet’s works reinforce their status as valuable investment assets in the art world. 
  4. Market Resilience: The strong performance of this auction, with total sales of $309 million, indicates a robust high-end art market despite global economic fluctuations. 

VII. Conclusion

The sale of Claude Monet’s “Nymphéas” for $65.5 million at Sotheby’s November 18, 2024 auction reaffirms the artist’s status as one of the most sought-after names in the art market. This sale not only highlights the continued demand for Impressionist masterpieces but also reflects broader trends in the global art market, including the growing influence of Asian buyers. As Monet’s “Water Lilies” series continues to captivate collectors and achieve remarkable prices at auction, it remains a benchmark for the value and appeal of Impressionist art in the 21st century.

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