Sotheby's Post-Sale: A Disappointment

David Norman, head of Sotheby's impressionist and modern art department, didn't even try to put spin on the disappointing results of last night's sale.

"We had some good moments. We had some tough moments tonight," he said, attributing the failures to estimates not in sync with buyers' expectations. (Read: They were too high.)

The sale totaled $269.7 million, missing its expected gross of approximately $355 million - $494 million, with 20 of the 76 lots going unsold.

According to Franck Giraud, a private dealer, the results reflected the quality of material in the sale. "The offerings were not nearly as good," he said, comparing them with those at Christie's the previous evening.

Vincent van Gogh's The Fields (Wheat Fields), one of the marquee lots expected to fetch $28 million - $35 million, couldn't find a buyer. Despite pre-sale interest in the painting, no one took the bait when auctioneer Tobias Meyer commenced with the lot, causing bidders that sometimes need to be spurred on by competition to clutch their paddles tightly in their laps.

"Everybody sensed a kind of weakness or failure of the picture," Norman said.

But by the end of the auction, inquiries had already been made about the availability of the van Gogh, so Sotheby's may yet make a profit off of it.

Picasso's La Lampe, another hyped lot with an immaculate provenance (it was being sold by Picasso's family), also passed. The Lyonel Feininger that Sotheby's expected to get $12 million - $15 million after the auction house had brought in $23.3 million for Jesuiten III this past May only got $10.1 million — after tacking on the buyer's premium.

Te Poipoi (Le Matin), the Gaugin Tahitian scene, may have achieved the highest price of the evening ($39.2 million with premium), but it, too, fell below its estimate of $40 million - $60 million. The buyer (and only bidder) was Joseph Lau, the Hong Kong collector who became a boldface name last year when he purchased Warhol's Mao for $17.5 million at Christie's.

"Everything about it is fantastic," said Giraud. What kept it from sparking more interest was its subject matter — the woman squatting in the river appears to be relieving herself.

One lot that did see action was Picasso's Tête de femme (Dora Maar), a large bronze bust of the artist's lover and muse. It sparked a protracted bidding war, ultimately going to Giraud, who bought it for a private American collector, to the tune $29.1 million (with premium). It was expected to bring $20 million - $30 million.

The question now is, was last night a slight blip, or a sign that the market is headed for trouble?

Vincent van Gogh, The Fields (Wheat Fields), Photo Credit: Sotheby's

Paul Gaugin, Te Poipoi (Le Matin), Photo Credit: Sotheby's

Pablo Picasso, Tête de femme (Dora Maar), Photo Credit: Sotheby's