Page 52 - Studio International - August 1966

Art prices current

Factors governing movements in the sale-rooms by George Savage

Towards the end of June buyers of modern paint- Catalogue, which was sold in 1906 for L215, now of the devaluation, and possibly by considerably
ings spent more than a million and a quarter brought L22,050, although it must be remembered more. We are inclined to forget that the current
pounds in three days at Sotheby and Christie. Al- that the earlier price was in gold pounds and rate of $2.79 to the £ has been unrealistic for a
though there were several unusually important equivalent to about £1,250 in today's paper long time in terms of purchasing power in the
works, most of them were not exceptionally substitute. A painting of zinnias similarly illus- United States. Taking a general view over a wide
outstanding. trated, signed and dated '91, which brought £22 in field the dollar will buy in the States roughly
Christie's realization of £157,500 for Van Gogh's 1894 (L135 today) and £441 (L1,750) in 1934, what 2s 6d would buy here, which makes the cost
portrait of the daughter of the owner of the Cafe made L13,130. of living in this country seem extremely low to the
Ravoux at Auvers, painted in 1890 during the Once again it was obvious that despite credit transatlantic visitor. A price of $30,000 interpreted
last few months of his life and one of two existing, squeezes, selective employment taxes, and labour on this basis is not L10,000 but something nearer
was a record, although both Cezanne and Manet unrest prices were tending to harden, testifying to to £3,500 for an American.
have achieved higher figures in recent years. the increasing confidence in works of art as the For all these reasons it is difficult to see how any-
These three may be bracketed together as the soundest investment in the present financial and one owning works of art which have been wisely
names for which buyers of modern art are pre- political situation. If, as seems possible, the politi- bought, and which can be sold freely on the inter-
pared to pay the highest prices. cians succeed in leading us into either a slump or a national market, can possibly lose money, especially
Generally there was no slackening in the demand runaway inflation, works of art will prove to be if we remember that world demand for a limited
for established reputations, although few abstracts by far the safest way of disposing of spare money. supply is increasing.
made prices worthy of comment. Evidently Despite repeated denials (and one remembers the There are, of course, certain principles to be
auction-buyers remain unconvinced of the merits earlier denials of Sir Stafford Cripps in a similar observed in buying works of any kind which any-
of certain contemporary movements, even in their situation) all the evidence points to devaluation one entering the market at the present time ought
initial stages. On the other hand flower-paintings of the pound in the coming months. With the to consider carefully.
by Fantin-Latour made excellent prices. The United States as the strongest buyer in today's First, the art-market does not cater for those who
Narcisses blancs, jacinthes et tulipes (signed and dated art-market this must inevitably result in an in- seek quick profits; works of art are a long-term
1864), illustrated in Mme Fantin-Latour's Oeuvre crease of prices at least by as much as the amount investment in which profits take the form of capital

Van Gogh's Portrait de Mademoiselle Ravoux, oil, 29 1/4 x 21 1/2 in., sold at Christie's
for £157,500 on June 24, and, right, Sorrow, 17 3/4 x 10 3/4 in., a drawing by Van
Gogh in pencil and charcoal, sold in the same sale for £11,550. This drawing
was one of four original versions of a drawing of Clasina Maria Hoornik done
between 1881 and 1883 at the Hague, and mentioned by Van Gogh in a
letter to his brother Theo.