The Nouveaux Réalistes: auction prices take off

The artists lauded by critic Pierre Restany were in great demand at Piasa on 4 December 2003. All lots were sold, often going for more than their estimates, which was good news after several lacklustre weeks for the French market and confirms that many growth segments of the market remain strong. Bidding was all the more enthusiastic as the lots were drawn from a renowned collection of works hand-picked by Annie Ronchèse and were making their first appearance at auction. Annie Ronchèse, a collector from Nice, acquired a large number of Nouveaux Réalistes works, particularly by Fernandez ARMAN and Yves KLEIN, who both also came from Nice.

New Realism: Number of lots sold at auctions (1997-2003)

Unsurprisingly, it was works by Yves Klein, the most expensive of the Nouveaux Réalistes, that attracted the highest bids. But these were not for his classic works such as Monochrome Bleu IKB 113, 1959 (sold for EUR 270,000 compared to its estimate of EUR 300,000-400,000), but for rarer and more personal pieces like the diptych Peinture de Feu, F 125 (sold for EUR 290, 000 compared to its estimate of EUR 60,000-80,000). A big success was Arman’s copy of the “Manifeste du Nouveau Réalisme, Jeudi 27 Octobre”, one of which was presented to each of the group’s seven members. The historic document went for seven times its low estimate, fetching EUR 70,000. Another symbolic work was Lot 1, Le Manifeste, 1966, by Arman, consisting of press cuttings sandwiched in Plexiglas. It was estimated at EUR 8,000-10,000 but was snapped up at EUR 14,000.

Fiercely competitive bidding led to an explosion in prices for important pieces. End of Romanticism, 1973, an accumulation of guitars by Arman sold for EUR 80,000. The highest bid for a CÉSAR work was for the sculpture Insecte Ailé, 1958, estimated at EUR 20,000-30,000, which went under the hammer at EUR 140,000. These good results are hardly surprising as the Nouveaux Réalistes market has been very popular in recent years (see ArtMarketInsight of 17 April 2003). The less important works attracted less interest and usually sold within their estimate ranges.

Outside the Nouveaux Réalistes, sales were rather disappointing. Some paintings sold for well below their low estimates. Jean-Michel BASQUIAT’s Magic Black Snakes only fetched EUR 215,000 and Serge Poliakoff’s Composition 1950-52 went under the hammer for EUR 116,000.