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Even though $258 million worth of Impressionist and Modern art changed hands by the close of three of five sales in the category at Christie’s

in New York so far this week the auction house has not had it all its own way. Picasso’s sculpture Tete and Herbslandschaft by Kandinsky failed to draw any bids.  According to the estimates they could have brought in $60 million, but with hindsight it can be seen that these estimates were too high. The top lot was Giacometti’s portrait of his brother Diego.  But even this was bought by a guarantor. Estimated at $30-50 million  it was guaranteed by a third party before the sale and changed hands for $32.6 million after failing to attract any bids. This was a new world record for a painting by Giacometti.  The provenance was exceptional and included the Maeght family – founders of the Foundation Maeght in Saint-Paul-de-Vence in the South of France. Giacometti’s previous record for a painting was established by the 1964 Portrait de Caroline, which made $14,601,000 in 2008.

Bidders from more than 35 countries took part.  There was buying from mainland China throughout the sales series.  China’s richest man Wang Jianlin spent $28.2 million on Picasso’s painting of his children Claude and Paloma.  The 1950 work was estimated at $9-12 million.  Two additional sales of Works of Paper and the Day sale will complete the series in New York later today.

UPDATE:  The eventual tally for the five sales at Christie’s was $293.7 million.