Sotheby’s Sells ‘Insel Im Attersee’ By Gustav Klimt For $53.2 Million

The May 16th Modern Evening Auction had momentum before it even began. Just minutes earlier, L’Empire des Lumières by Renée Magritte sold for $42.3 over a painstaking 10 minutes.

Auctioneer Oliver Barker, EVP Chairman of Sotheby’s Europe based in London, is an expert. Barker began demurely, mentioning the Klimt almost as an afterthought, minimizing the intense expectations for the sale.

Barker was gaining momentum in the early lots, whipping through Picasso and Kandinsky, only slightly rattled by a bidder who tried to keep going after he hammered Lot 102 at a paltry 1.2 million. Lot 103, a Rothko, sold for $3.8 million. Another million and change for Lot 104 by Giorgio Morandi. Lot 105 was pulled. Lot 106 whipped to $4 million. It was almost as if Barker was rushing to get to the big Klimt. Nevertheless, the painting by Vilhelm Hammershøi slowed up to $7.65 million.

Sotheby’s did an excellent job of livestreaming the event across social media channels and inviting new clients to bid online, Tweeting the blockbuster sales in real time.

A “wonderful, wonderful painting,” Barker began with great anticipation. “Resplendent…An exquisite picture…Thank you for all your support this evening.”

Bidding began at $34 million moving up in $2 million increments up to $42 rapidly, passing the initial estimate within seconds.

“Who’s going to give me $44 million?”

He stalled at Caroline Lang at $42 million on the phones, far slower, dragging out the hope for far more.

“Give me another one.”

He got $44 from a Japanese bidder by way of Yasuaki ‘Aki’ Ishizaka, Chairman & Managing Director for Sotheby’s Japan.

Brooke Lampley, Chairman & Worldwide Head of Sales for Global Fine Art, entered the bidding war, wearing a bright pink top…a far cry from the discreet black of someone trying not to attract attention. The pink itself suggested she was holding massive cards.

Up to 45.

“Can’t wait forever, unfortunately,” Barker quipped in perfect auction etiquette.

The two bidders went back and forth extra slowly in comparison to the previous sales. A third bidder chimed in for a brief moment.

Up to 46.

The Klimt’s rich history was stunning: a feat of artistic talent with a tie to the 21st century Zeitgeist, expectations had run high. It had the potential to go above $100 million.

“Not going to be another one of these coming up in a hurry,” Barker said as the bidders mulled. “I’m sure you know that…don’t let it go.”

But alas, $46 million was practically a disappointment. Lampley shook her head at Barker. The Japanese bidder had it.

After the hammer price, Sotheby’s reported a final price of $53.2 million.

Although the specialist did not confirm the recipient of the work just yet, Japan has a rich history of collecting Impressionist art from Europe, particularly during the real estate boom years. Despite the fanfare around the burgeoning Chinese market, Japan’s stable of Impressionist art has its own storied roots.

Barker’s masterful auctioneering stems from a very particular kind of training within the blue-chip houses, one that Christie’s veteran Lydia Fenet has only just recently tried to export to the masses.

Millions of sales continued, but the momentum had fallen. Only another watershed sale could spark the audience again.

Until $20 million for a Vincent van Gogh, still within its low estimate.

The room was back!

For final total sales reports, please visit Sothebys.com.