On Thursday, Christie’s held its Old Masters auction during its Classic Week at the house’s New York location. Hammering at $19.6 million, the sale generated $24.2 million with buyer’s premium across 49 lots—including 5 of the 12 previously announced works that the Brooklyn Museum was deaccessioning. An additional five were sold during the house’s European art sale. Collectively, the Brooklyn Museum’s deaccessioned works brought in $6.6 million with buyer’s premium, more than double the pre-sale low estimate of $2.25 million for the ten works. All of the works sold were guaranteed.
The sales follow the museum’s announcement in mid-September of long-term plans to deaccession works from its holdings to raise money for collection maintenance. The goal is to generate around $40 million for the fund. The New York institution is among those taking advantage of the temporarily relaxed guidelines issued by the Association of Art Museum Directors as a coronavirus … Read the rest