There appeared to be absolutely no economic crisis in Paris last night as the private collection of Yves Saint Laurent and life partner Piere Berge became the most expensive one ever sold at auction, bringing in more than $262 million on the first night alone. There are two more auction days left!
The Grand Palais was almost at capacity filled with buyers, buyers' agents, auctioneers, dignitaries and the press. There were over 1200 seated collectors. The electricity in the room began to magnify in the room as the early lots started exceeding original estimates. There were two high points of the evening. The Duchamp, piece “Beautiful Breath, Veil Water,” sold for six times its original estimate when a bidding war broke out between two American collectors, and the Matisse from 1911,a vase of cowslips on a carpet, sold for over $40 million, double its estimate.
Also sold were several paintings by Piet Mondrian which inspired the famous YSL Mondrian Dress.
As many of the lots started to exceed estimates, I turned to Paddle 619 seated next to me and remarked "this sure doesn't feel like the New Economy." He replied "sure it does. I would rather invest my money in amazing art or irreplaceable real estate than in the stock market. At least I have something I enjoy".
Hmmm...the New Economy.
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