When great works of art by famous figures go up for auction, it usually creates a buzz among eager (and wealthy) buyers. That’s exactly what happened when a piece by Monet recently sold for $56 million, which not only caused a major bidding war but also set a new record.
‘I’ve Never Seen Bidding That Long’
“A never-before-seen painting” titled Iris by Claude Monet, “the French Impressionist behind such masterpieces as ‘Water Lilies’ and ‘Impression, Sunrise,'” per Smithsonian Magazine, has just sold for 50 million euros (around $56 million) at Sotheby’s in Paris on Thursday, Oct. 22.
Smithsonian Magazine also notes that the sale of the painting “[set] a record for the most expensive piece of art ever sold at auction in France.”
That wasn’t the only notable aspect of the auction. The New York Times reported that “[a]fter a 42-minute bidding tussle between at least six would-be buyers on telephones, the painting … was bought by an Asian client bidding by phone with Jen Hua, deputy chairman of Sotheby’s Asia.”
“I’ve never seen bidding that long,” said Helly Nahmad, a London dealer who specializes in modern art. “It was insane, but these things are mega-rare.”
Iris — which features flowers and a lily pond, and stretches around 5 feet tall and almost 6 feet wide — is thought to have been painted in 1924 to 1925.
It was formerly part of a collection owned by Schlumberger energy company heiress Jeanne Schlumberger. Before the auction, Thomas Bompard, a senior international specialist at Sotheby’s Paris, said in an interview (via the NYT) that the painting has “never been exhibited,” noting, “Once the painting arrived in her house, it left the world.”
Following Schlumberger’s death in 1983, her descendants decided to sell 26 pieces from the collection on the 100th anniversary of Monet’s own passing. The sale brought in a total of €74.4 million, which is around $83.5 million.
The 5 Most Expensive Works by Monet
When a piece by Monet sells, it not only proves that his work is still popular among buyers. Indeed, this particular artist’s “auction performance serv[es] as a primary barometer for the health of the high-end art trade,” according to MutualArt.
“Over the last decade, the market for Monet has shifted from stable appreciation to exponential growth, particularly for his iconic series works such as the Meules (Haystacks) and Nymphéas (Water Lilies),” MutualArt notes. “The scarcity of these era-defining canvases, many of which are domiciled in permanent museum collections, has created a fiercely competitive environment among global ultra-high-net-worth individuals.”
Just consider the fact that while “Iris” earned an impressive amount, other Monet pieces have commanded even larger amounts.
Back in February, MutualArt listed the most expensive works by Monet at the time, including:
1. Meules, 1890 – $110,747,000. Sotheby’s New York, 2019
2. Nymphéas en fleur, circa 1914-1917 – $84,687,500. Christie’s New York, 2018
3. Meule, 1891 – $81,447,500. Christie’s New York, 2016
4. Le Bassin aux nymphéas, 1919 – $80,451,178. Christie’s London, 2008
5. Le Parlement, soleil couchant, 1900-1903 – $75,960,000. Christie’s New York, 2022
‘Never-Before-Seen’ Monet Painting Sells for Record-Setting Amount After ‘Insane’ Bidding War