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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Top Stories Full Coverage Most Popular Photos Search Search: Russian abstract painting bucks art gloom AFP - Tuesday, November 4 NEW YORK (AFP) - - An abstract painting by early 20th century Russian artist Kazimir Malevich sold for 60 million dollars in New York, bucking a dismal auction market. The 1916 painting, "Suprematist Composition", fetched 60,002,500 dollars at Sotheby's on Monday, according to the published final price. However, a number of other big-ticket works sold at below pre-auction estimates or did not sell at all during the first night of the annual autumn auctions by Sotheby's and rival Christie's. Among those failing to sell were works by Modigliani, Degas, Picasso, the usual stars of the impressionist and modern art sales. The Malevich sale smashed the previous 17 million dollar record for the artist and was the highest price ever for a Russian art work at auction, Sotheby's said. Although considered a master of avant-garde, Malevich has not generally been considered in the same big money league such as artists like Picasso. Emmanuel Di-Donna, vice chairman for the impressionist sales at Sotheby's, said "We are thrilled with the price of 60 million ... What we saw tonight was a great work of art perform at the highest level even in challenging times." Another big sale was Edgar Degas' 1879 "Danseuse au repos," or "Dancer at rest," for 37 million dollars, although this was under the pre-auction estimate of 40 million dollars. There was an exceptional showing from "Vampire," a painting of a woman by Norway's E. Munch, which fetched 38.12 million dollars, well over the 30 million dollar estimate. The sales appeared to show demand for top-of-the-range works, despite a general weakening of the market as wealthy collectors take hits from plunging stock markets. The art market will be put to test all week, when impressionist and modern sales continue, and again next week, when contemporary sales are held. The autumn sales are the biggest regular event in the auction industry. But the tone has been far from the euphoria of last spring in New York, where Claude Monet's "Le Pont du chemin de fer a Argenteuil" sold at auction for a then-record 41.4 million dollars for the artist, and where a Francis Bacon triptych went for an astounding 86.2 million dollars. This autumn, Christie's has "adjusted the estimates with a very conservative position, to the level of three to four years ago," said Brett Gorvy, the auction house's international director of post-war and contemporary art. Sotheby's has yet to offer a clear explanation for the withdrawal from auction earlier this week of a Picasso Harlequin painting which had promised to be one of the November highlights and had been estimated at 30 million dollars. David Norman, vice chairman for Sotheby's Impressionist and modern art sales, said only that the Picasso was withdrawn by the owner for private reasons." Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Most Popular – Top Stories Viewed Foods to prevent disease? Obama in command on eve of US vote Hamilton pips Massa to Formula One title in tense Brazil finale Formula One driver Hamilton wins 2008 F1 championship Australia anxious as Indonesia prepares to execute Bali bombers View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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