Manet Self Portrait Sets New Record

by Deidre Woollard (RSS feed)
Jun 23rd 2010 at 6:01PM

Sotheby's London sold an Edouard Manet self-portrait at auction for $33.1 million (22.4 pounds) on Tuesday setting a record for the artist at auction. The number was actually at the lower end of pre-sale expectations of 20-30 million pounds. The painting is one of only two self-portraits by the artist and the only one in private hands but only one bidder Franck Giraud, a private dealer based in New York made an offer. The NY Times reports that Steven A. Cohen, who runs SAC Capital Management, was the owner of the painting and had paid as much as $35 to $40 million for the painting nearly a decade earlier from art loving casino mogul Steve Wynn.

The overall total for the sale was $165.2 million at the lower end of the $148.4 million to $217.5 million and 16 of the 51 works did not sell. In the NY Times article, Richard L. Feigen, a New York dealer, said that part of the issue was that while it's a great picture, Manet just doesn't have the marquee appeal of artists like Picasso and Giacommetti. In a world that worships the modern, Manet's painterly rendition of himself as a dated dandy simply doesn't excite the masses. Cohen himself has moved on to modern art picking up a 1958 "Flag" painting by Jasper Johns for a reported $110 million.

Tags: art, art market, edouard manet, sothebys, steven a cohen

Filed under: Auctions, Art

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Reader Comments (Page 1 of 1)

Adam Jun 25th 2010 8:30AM

If he paid $35-40 mil for the painting... and it sold for $33 mil - how did it set a record?

HDUNSTER Jun 25th 2010 9:14AM

I AM NOT SURE WHO DOES YOUR PROOF READING, BUT FOR A FAMOUS PAINTING BY A FAMOUS PAINTER, THE SPEELING SHOULD BE CHECKED (MONET) NOT MANAT. I AM SURPRISED

eric Jun 25th 2010 12:39PM

LOL. That's actually YOU'RE mistake, nut Luxist's. YOU are thinking of Claude Monet ... this is Eduardo MANET.

nipman760 Jun 25th 2010 1:29PM

You dunce, you spelled it wrong too. Another thing, on the subject of DUNCE, there are 2 French painters MONET and MANET........

mjcbst Jun 25th 2010 1:51PM

You're commenting on the spelling of someone else, when you're spelling is wrong? My goodness....

mjcbst Jun 25th 2010 1:53PM

Good lord...and you even got "speeling" wrong....next time, try a dictionary.

Starwisher Jun 25th 2010 9:30AM

Adam, this was a record set for art sold at AUCTION

HDunster, The spelling is correct. Then there's Claude MONET.
Another famous artist, but definitely a different one.

Starwisher Jun 25th 2010 9:35AM

Adam, this is a record for art sold at AUCTION.

HDunster,, The spelling is correct for MANET. Then there's Claude MONET.
Another famous artist, but definitely a different one.

Kevin Jun 25th 2010 10:02AM

C'mon. Who is this author? The writing is a train wreck. Go take some remedial English classes.

Lisa Frangoulis Jun 25th 2010 10:17AM

Tens of millions of dollars for paintings and people are starving. And are we not in a recession? Apparently the recession hasn't been felt at Sotheby's.

Gemini5936 Jun 25th 2010 10:33AM

The top .01% of the world are impervious to the recession. Just remember that over half of all house sales over 1 million dollars are paid in cash. Remember that horrific chair that sold last year at auction for around 30 million dollars...vast wealth and old money will live on forever.

Warren Buffett, Bill Gates, among others have more money than you could spend in 10 lifetimes.

Suzanne Jun 25th 2010 11:14AM

HDunster, am I seeing things or are you criticizing someone's spelling?
Note: Spelling NOT Speeling.

Greeneyedbob Jun 25th 2010 11:44AM

Hey HDunster, Not sure who your art teacher was but Monet's first name is Claude. Manet's first name is Edouard. Check out google or Wikipedia for a little refresher

Lisa Frangoulis Jun 25th 2010 12:52PM

Dear Gemini5936

I well understand your point. Remember it is easier for a camel to thread the eye of a needle than for a rich man to enter the gates of heaven. No I am not a religious fanatic. I simply don't understand people's priorities. The good that could be accomplished with that amount of money and someone simply spends it on a painting they put on their wall. Personally, I could never live with myself if I did that.

But who am I just a poor working schmuck! And as the saying goes, the rich get richer and the poor get poorer.

And the middle class is slowly ceasing to exist.

kachina321 Jun 25th 2010 1:05PM

DO YOU THINK STEVE IS LAUGHING ALL THE WAY TO THE BANK? I THINK THIS PAINTING LOST SOME VALUE IN THE FEW YEARS STEVE HAD IT.

kachina321 Jun 25th 2010 1:05PM

CAN SOMEONE TELL ME IF THEY PLAY THAT GAME SOCK -HER WITH A BAT AND A BALL?

Ron Jun 25th 2010 1:53PM

What a bunch of MORONS!
Its his money and NOT yours, he can spend it anyway he wants to and why give it to people that have done nothing to earn it. You must have voted for Obama!

Lisa Frangoulis Jun 25th 2010 3:06PM

It is there money to do what they want with. And your buddy Cheney made millions at the cost of American soldiers lives. I guess that doesn't seem to bother you or him. Hope you all sleep well at night.

If Manet's painting is worth millions I have art work from a person who is now schizophrenic living on the street. Trust me he is a better artist than Manet and if I had 33 million dollars to piss away I would give it to him to help him get his life together. Not everyone is looking for a handout. If you educate people and give them a proper environment in which to live they would then prosper themselves.

Giving money to those in need does not always mean it is a hand out.