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Christie’s Imp-Mod Sale Brings in Market-Affirming $399 M., With Records for Balthus and Bonnard

Christie’s Imp-Mod Sale Brings in Market-Affirming $399 M., With Records for Balthus and Bonnard May 14, Balthus’s Thérèse sur une banquette, 1939, sold for $19 million. CHRISTIE’S IMAGES LTD. 2019
Despite a jaw-dropping day on Wall Street with the Dow tumbling more than 600 points, the art market performed in a gold-framed bubble with Christie’s Impressionist and Modern evening sale racking up a buoyant and market-affirming $399 million. The tally, including fees, hit the top end of the pre-sale estimate range of $287.6 million to $399.8 million. (Estimates premium, and the hammer total was $343.4 million.)
Of the 63 lots offered, nine failed to sell, for a trim buy-in rate of 14 percent. Of the 54 lots sold, 45 made over $1 million, with six hurdling the $20 million mark. The tally came close to the $415.8 million result for the same sale at Christie’s last year, led by a Kazimir Malevich, Suprematist Composition, that fetched $85.8 million.
All prices amount up to and including $300,000; 20 percent on the part above $300,000 and up to and including $4 million; and 13.5 percent for anything over that.
Two artist records were set on Monday night. In terms of guarantees, for which certain lots receive pre-sale financial backing, five works rated third-party guarantees from investors outside of Christie’s, and three held stand-alone guarantees by the auction house. Third-party backers receive an undisclosed financial fee from the house for the risk taken, and it paid off handsomely, with the top two lots on Monday night powered in part by guarantees. Claude Monet’s Coin du bassin aux nymphéas, 1918–19, sold for $21.8 million. CHRISTIE’S IMAGES LTD. 2019
The evening began on a charged note with the first lot, Pablo Picasso’s 1928 page-sized pen and ink composition Dessin (Carnet Dinard, Baigneuse, projet pour un monument)—an abstract drawing of the artist’s young mistress Marie-Therese Walter balancing a beach ball—selling for $5.27 million, five times its low estimate.
A larger Henry Moore composition in a rich mélange of gouache, water color, wax crayons, pencils, pen, and ink—Two Women and Child from 1948—brought in $2.96 million (on an estimate of $2.8 million to $3.5 million). It last sold at Sotheby’s in London in June 2015, at a more buoyant time in the art market, for £2.17 million (around $3.4 million).
In the sixth lot, another Picasso (one of seven offered in the sale)—Course de taureaux, a confident early bull-fighting scene executed in gouache and pastel on board in 1900—realized a bargain $2.66 million (est. $3.5 million–$5.5 million). It last sold in Paris at Galerie Charpentier in 1959 for what would be approximately $3.7 million in today’s value.
Price points and rarity to market jumped higher with Balthus’s racy and enigmatic figure of a girl reclining on a bench, Therese sur une banquette (1939), selling to a telephone bidder for an artist-record $19 million (est. $12 million-$18 million). Attired in white stockings, a thigh-bearing skirt, and a coral-hued sweater, the girl appears to be holding the string of a yo-yo with one outstretched arm as the other delicately balances her grip on the floor for support. It was backed by a third-party guarantee and was featured in the Metropolitan Museum of Art’s 2013 exhibition “Balthus: Cats and Girls.”
Among a group of five Claude Monet offerings from various vendors, Le pont japonaise, a late work stamped with the artist’s signature and painted at Giverny circa 1918-1924, sold for $12.8 million (est. $12 million-$18 million). Generally, the market prefers and places a higher value on Monet works actually signed by the artist over unsigned works that were catalogued at this studio after his death in 1926. Tonight it didn’t seem to make much of a difference, as another Monet bearing a stamped signature, Coin du basin aux nympheas (circa 1918-1919), drew out three bidders and sold over the phone for $21.8 million (est. $15 million-$25 million).
Another offering from a group coined and marketed by Christie’s as “French Pastoral,” Pierre-Auguste Renoir’s bucolic plein air composition Le pecheur a la ligne from 1874 (around the year Impressionism came to be known) sold to another phone bidder for $8.79 million (est. $8 million-$12 million). It last sold at Sotheby Parke Bernet & Co. in London in 1979 for £610,000 (around $790,500). Vincent van Gogh’s Arbres dans le jardin de l’asile, 1889, sold for $40 million. CHRISTIE’S IMAGES LTD. 2019
A stunning and widely exhibited interior scene by Edouard Vuillard, La table de toilette (1895)—bearing intense decorative motifs and blended color schemes that can make a viewer dizzy—sold on the phone for $7.99 million (est. $5 million-$8 million). Once part of a five-panel suite known as “The Album” commissioned by the French patron Thadée Natanson, the group was eventually dispersed, and the Vuillard panel is one of only two that are privately owned, with the rest harbored in museum collections. It last sold at auction at Christie’s New York in November 1989, at the height of that decade’s art boom, for $7.7 million.
The London-based dealer Francois Odermatt, an underbidder on the Vuillard, came back to snag Pierre Bonnard’s sweet 1910 interior Jeunes filles au chien (Deux des filles d’Alexandre Natanson) for a bargain $735,000 (est. $1 million-$1.5 million). That price paled next to the winning bid for Bonnard’s masterful 1912 La Terasse ou Une terrrasse a Grasse, which sold to yet another anonymous telephone bidder for a record $19.6 million (est. $5 million-$8 million).
The big-selling Bonnard was one of several standout examples from a small group of works from the collection of Drue Heinz, the late British-born actress, socialite, publisher, and philanthropist who married the ketchup magnate H.J. Heinz. Another Heinz standout was Amedeo Modigliani’s Lunia Czechowska (a la robe noire), a portrait of a pale beauty from 1919 that brought in $21.8 million (est. $12 million-$18 million). It has resided in Drue Heinz’s collection since 1954 and last appeared in public in 2006 in the Royal Academy exhibition “Modigliani and his Models.”
Yet another in the Heinz camp, Giorgio Morandi’s meditative Natura morta (1955), sold to San Francisco art advisor Steven Platzman for $1.7 million (est. $500,000-$700,000). In total, the Heinz group tallied $77.5 million, double its estimate.
Though better known for his market exploits in collecting post-war and contemporary art, the late New York publisher S.I. Newhouse had an eagle eye for earlier work, as evidenced by Vincent van Gogh’s richly impastoed and fall colored cover lot Arbres dans le jardin de l’asile. Painted in Saint Remy in 1889, the work attracted four phone bidders and sold for $40 million (on an unpublished estimate in the region of $25 million).
Another Newhouse jewel, Paul Cezanne’s Bouilloire et fruits—a ravishing still life by the master from 1888-1890—sold to a phone bidder for the evening’s top lot price of $59.3 million (over an unpublished estimate in the region of $40 million). Newhouse acquired the painting at Sotheby’s London in 1999 for £18.2 million (around $26.5 million). Amedeo Modigliani’s Tête, ca. 1911–12, sold for $34.3 million. CHRISTIE’S IMAGES LTD. 2019
Tobias Meyer, the former worldwide head of Sotheby’s contemporary art and its onetime star auctioneer, navigated the Newhouse deal with Christie’s, a shock for those who remember his long association with the house’s archrival. At Christie’s, he watched the action from an aisle seat near the front of the uncrowded salesroom.
At a press call of highlights before the sale last week, Meyer was on hand to talk about Newhouse and said, “He was the most happy in the presence of greatness.” On Monday, four works from Newhouse’s collection made a cool $100.9 million.
As for sculpture, the standout star was Amedeo Modigliani’s carved limestone Tete from (circa 1911-1912), one of 23 carved heads known that sold for $34.3 million (est. $30 million-$40 million). The seller acquired the work privately from Thomas Gibson Gallery in London in 2010, and the elongated features of the noble head—chiseled with braided hair and an ancient-looking demeanor—brought to mind Cycladic art and the heads of Constantin Brancusi.
A similar Modigliani from around the same time sold at Christie’s Paris for a then-record €43.2 million (around $52.3 million). Yet another limestone head from the series November 2014 for a then-record $70.7 million. Tonight’s version did not challenge either of those high marks.
The last lot of the long evening, usually reserved for a low-value item, turned that notion upside-down with Picasso’s delicately reserved beauty La Lettre (La Reponse). Created in 1923, the work featuring the artist’s Russian-born ballerina wife Olga Khokhlova and consigned from the collection of H.S.H. Princess “Titi” von Furstenberg attracted three telephone bidders and went for $25.2 million (est. $20 million-$30 million).
Found waiting in line for his jacket after the auction, Odermatt—the dealer who bought the Bonnard—said, “The sale was as good as it could be.”
The auction action resumes on Tuesday evening at Sotheby’s.

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Eurazeo : Q1 2019 Results | MarketScreener

PARIS, May 16, 2019
Business diversification, international expansion, combination of balance sheet and investment partner
management activities: roll-out of a value creation strategy
> Q1 2019 economic revenue 1 : +4.7% to €1,397 million at constant Eurazeo scope and exchange rates 2 , despite the calendar effect of the Easter weekend
> +25.1% increase in asset management revenue at constant Eurazeo scope 3
> Over €405 million in investments / reinvestments, with a Eurazeo share of €212 million
> Over €850 million in total or partial divestments, with a Eurazeo share of €632 million
> In addition, the Eurazeo Capital IV fundraising generated disposal proceeds of €258 million for Eurazeo SE
> 13 external growth transactions in the Eurazeo portfolio
> €16.7 billion in assets under management as of March 31, 2019, comprising NAV of €5.9 billion and AuM for investment partners of €10.8 billion
> Nearly €645 million in fundraising, raised by Eurazeo Capital IV and the Idinvest funds
> NAV per share: €78.6, up +1.5% compared to December 31, 2018. Following our methodology, unlisted companies, which represent the majority of the portfolio value, are not revalued in the quarterly NAV
> Agreement with the Chinese sovereign fund, CIC (China Investment Corporation), to create a €1 billion fund
> Acquisition of a 25% stake in MCH, a leading Spanish Private Equity fund manager
> Share buybacks in Q1 2019: 572,486 shares for €37 million
> Cash and cash equivalents of €1,127 million as of March 31, 2019 and over €692 million pro forma of all signed deals, share buybacks and dividend payments
Virginie Morgon, Chairwoman of the Executive Board, declared:
“Eurazeo Group’s development was driven by all investment divisions in Q1 2019. Activity was strong in the opening months of 2019, in both portfolio companies and the investment divisions. We also accelerated our international expansion through strategic partnerships in China and Spain and pursued our resource diversification strategy with over €640 million entrusted to Eurazeo by investment partners. After a year of major transformation in 2018, the Eurazeo Group is now well placed to pursue its growth.”
1 Fully-consolidated companies + proportionate share of equity-accounted companies.
2 The constant Eurazeo scope and exchange rates is defined on page 2.
3 On a non-constant scope basis for iM Global Partner whose first quarter 2018 revenue was not consolidated.
Eurazeo reports robust growth in Q1 2019 economic revenue at constant Eurazeo scope and exchange rates of +4.7% to €1,397 million, despite the Easter weekend falling in the second quarter this year (compared to the first quarter in 2018) and a high Q1 2018 comparable base.
This increase breaks down as follows: i) +4.6% for Eurazeo Capital which delivered a solid performance in highly diversified sectors such as insurance, tax-free shopping, fragrances and flavors and e-commerce platforms in the United States for recreational vehicles; ii) moderate growth of +0.9% for Eurazeo PME mainly hindered by the sluggishness of the consumer sector in France; iii) +29.0% for Eurazeo Brands driven by the strong momentum in its fragrance / household goods business in the United States; and iv) +11.8% for Eurazeo Patrimoine which benefited from the robust activity of the group of clinics, the positive impact of hotel refurbishments in the hotel group and the photovoltaic plants.
Eurazeo Development reported a +25.1% increase in third-party fund management revenue to €25.5 million (see Section III).
Q1 2019
Constant Eurazeo scope
At constant
In millions of euros
Eurazeo Capital
+ 5.2%
+ 4.6%
Eurazeo PME
+ 1.8%
+ 0.9%
Eurazeo Brands
+ 29.0%
+ 29.0%
Eurazeo Patrimoine
+ 11.8%
+ 11.8%
Eurazeo Development *
+ 25.1%
+ 25.1%
Eurazeo Holdings
+ 3.1%
+ 3.1%
Economic revenue
+ 5.3%
+ 4.7%
Consolidated revenue
+ 5.4%
+ 4.7%
Proportionate revenue
+ 4.7%
+ 4.6%
* At constant Eurazeo scope: except for iM Global Partner whose Q1 2018 revenue was not consolidated
Constant Eurazeo scope corresponds to 2018 reported data , restated for the following movements: 1) 2018 scope entries: Vitaprotech (July 2018) and 2 Ride Holding (July 2018) for Eurazeo PME; C2S (April 2018) for Eurazeo Patrimoine; Idinvest (July 2018); 2) 2018 scope exits: Neovia (July 2018), Desigual (July 2018) and Asmodee (October 2018) for Eurazeo Capital; Odealim (formerly AssurCopro) (July 2018) and Vignal Lighting Group (December 2018) for Eurazeo PME; 3) 2019 scope entries: Albingia (January 2019) for Eurazeo Capital; Efeso (January 2019) for Eurazeo PME; Bandier (March 2019) for Eurazeo Brands; 4) 2019 scope exits: none; 5) Changes in percentage interests for the equity-accounting of Elis and Europcar; 6) IFRS 5 (discontinued operations in Seqens, Elis and MK Direct); 7) At constant euros for the companies denominated in US$ (WorldStrides, Trader Interactive, Nest and Bandier) and CHF (Sommet Education).
At constant Eurazeo scope and constant exchange rates corresponds to “constant Eurazeo” figures, restated for foreign currency impacts in investments.
A- Private Equity
Eurazeo Capital: strong financial performance
At constant Eurazeo scope and exchange rates, Eurazeo Capital economic revenue rose +4.6% in Q1 2019 to €932.2 million, despite Easter weekend falling in Q2 2019, compared to Q1 2018.
The nine unlisted Eurazeo Capital companies reported +6.0% growth in economic revenue. DORC, whose acquisition was completed on April 25, 2019, was not consolidated in Q1 2019.
> Five companies posted revenue growth of over +10%: 1) Iberchem delivered an excellent performance across all its destinations in both fragrances and flavors; 2) Grandir posted +16% growth thanks to the increased stake in Germany and an additional acquisition in the United Kingdom; 3) Trader Interactive reported revenue up +14% thanks to growth in marketplace activities and an acquisition in Q2 2018; 4) Planet continued to penetrate new countries and recorded robust activity in payments and tax-free shopping; 5) The consolidation of Lutti, acquired in Q4 2018, allowed CPK to post revenue growth.
> Albingia reported good first quarter growth in collected premiums. Seqens posted slight business growth following the acquisition of PCI in the CDMO in 2018.
> Two companies delivered a lower performance in Q1 2019 due to calendar impacts. 1) WorldStrides reported decreased revenue as Easter student travel will be recorded in Q2 2019 (vs. Q1 2018); 2) The latest school term start at Sommet Education was a success, with a rise in the number of new students by more than +10%. Revenue declined due to a one-month shift in the academic calendar (from January to February 2019) for one of the two schools.
Eurazeo PME: a solid performance hindered by consumer sector companies
At constant Eurazeo scope and exchange rates, Eurazeo PME economic revenue increased +0.9% to €315.6 million.
> This revenue growth was driven by: 1) Smile : solid performance in this first quarter and three build-ups since Eurazeo PME’s entry into its share capital in 2017; 2) Péters Surgical confirmed its robust growth tied to its international activity; 3) In’Tech Médical with vigorous activity in the US; 4) Vitaprotech with an external growth transaction in April (ARD).
> This growth was partially offset by 1) a different seasonality for Orolia compared to Q1 2018, as well as 2) a slowdown in the Europe automobile market, mainly in Germany, that partially impacted the Q1 2019 business conducted by Redspher . Redspher also acquired a company in Spain, specializing in maximum emergency transport services.
> In an adverse economic context, the portfolio’s B-to-C companies, Dessange International , 2 Ride Holding and MK Direct, recorded a decline in their businesses in line with their markets.
Eurazeo Growth (not consolidated): an excellent performance
ManoMano significantly improved its revenue compared to the closing trend last year, mainly due to an excellent international performance. Back Market more than doubled its revenue in Q1 2019. Growth of over +100% was reported in all countries, including France. Likewise, Doctolib posted Q1 growth of over +100%, with the promising launch of medical teleconsultation. Younited Credit further accelerated its growth rate to around +100% year-on-year, particularly due to the successful launch of its B2B activity. ContentSquare strengthened its management team and sales force following its most recent fundraising and had a very good first quarter. Vestiaire Collective has embarked on a new strategy under the management of its new CEO, Maximilian Bittner. This strategy has already delivered results with a burst in growth at the quarter-end. I-Pulse and IES pursued their development driven by the solid trends in their underlying markets.
Eurazeo Brands: a sharp revenue increase
Eurazeo Brands posted revenue of €6.5 million, an increase of +29.0%. In Q1 2019, Nest Fragrances generated revenue of US$7 million, an increase of +28% versus 2018, driven by strong growth in all retail channels. Furthermore, in the same period, Nest Fragrances obtained the distribution of its products by Ulta, with the launch of a new personal care range. The new Chief Executive Officer recruited in coordination with Eurazeo Brands joined the company in January 2019. With over 25 years of beauty industry experience, her goal is to accelerate the company’s growth.
Bandier , which joined the Eurazeo Brands portfolio in March 2019, also posted strong quarterly growth.
Pat McGrath was not consolidated.
B- Real assets
Eurazeo Patrimoine: growth at constant Eurazeo scope and exchange rates of 11.8% in Q1 2019
> Eurazeo Patrimoine economic revenue totaled €115 million in Q1 2019. At constant Eurazeo scope and exchange rates, the +11.8% revenue growth was mainly driven by C2S and Reden Solar.
> Reden Solar reported sharp Q1 2019 revenue growth, mainly due to its international expansion following its 2018 acquisitions and robust activity in France. This trend should continue during the year, with the commissioning of the Mexican solar plant from March 2019 and the resumption of production at the Puerto Rico solar plant.
> The increase in C2S Group Q1 2019 revenue was primarily due to external growth transactions via the integration in the group of two new clinics in Auxerre and Vesoul as well as the ophthalmologic care center in Lyon.
> In Q1 2019, Grape Hospitality continued its 2018 growth. This trend was attributable to the contribution of hotels refurbished in phases 1 and 2 of the refurbishment plan (49 out of 85 hotels) and of those located in the French regions and abroad (primarily Germany and Spain). Grape Hospitality’s revenue growth will remain robust in 2019, particularly through completed acquisitions and the finalization of the refurbishment plans.
> Finally, CIFA ‘s Q1 2019 performance was in line with 2018.
The first quarter of 2019 was very active with 104 investment, reinvestment, external growth and total and partial divestment transactions totaling €1.3 billion, demonstrating the wide range of Eurazeo’s activities. Overall, Eurazeo and its investment partners invested €405 million (48 transactions) and performed divestments totaling €850 million.
Eurazeo invested in 15 new companies, including Idinvest investments which were mainly concentrated in the venture and private debt sectors.
In Q1 2019, Eurazeo sold eight investments under excellent conditions, generating high multiples and IRRs. The divestment of Moncler notably generated a multiple of 4.8x the initial investment and an IRR of 43% (almost 10x on the previous sale).
A- Private Equity
Eurazeo Capital (11 companies)
As of March 31, 2019, the Eurazeo Capital portfolio comprised 11 companies: Albingia, CPK, Elis, Europcar, Planet (formerly Fintrax), Grandir (formerly Les Petits Chaperons Rouges), Iberchem, Seqens (formerly Novacap), Sommet Education, Trader Interactive (U.S.) and WorldStrides (U.S.).
Divestments in Q1 2019 (€668 million, including a Eurazeo share of €613 million):
Divestment in March 2019 of the entire stake in Moncler for a net cash impact of €445 million. Eurazeo’s 8-year investment in Moncler generated a multiple of 4.8x the initial investment and an IRR of 43%. The multiple on this last transaction is close to 10x.
Divestment in January 2019 of Neovia for €224 million (Eurazeo share of €168 million), generating a multiple of nearly 2x the initial investment and an IRR of approximately 20%.
Eurazeo Capital IV investment partner syndication : the first Eurazeo Capital IV fund syndication, involving the four investments Trader Interactive, WorldStrides, Iberchem and Albingia, generated proceeds of €258 million for Eurazeo SE.
Eurazeo PME (11 companies)
As of March 31, 2019, the Eurazeo PME portfolio comprised 11 companies: Dessange, Efeso, In’Tech Medical, Léon de Bruxelles, MK Direct, Orolia, Péters Surgical, Redspher (formerly Flash Europe), Smile, Vitaprotech and 2 Ride Holding.
Investments / reinvestments in Q1 2019 : new investment in Efeso for €55 million (Eurazeo share of €34 million), a global leader in operational excellence consulting, and a new build-up for Orolia in 2019 (without reinvestment by Eurazeo PME): Skydel, a Canadian company specializing in innovative GPS.
Eurazeo Growth (52 companies)
Eurazeo Growth was formed by combining Eurazeo Croissance (nine companies as of March 31, 2019: Back Market, ContentSquare, Doctolib, Farfetch, ManoMano, Vestiaire Collective, Younited Credit, IES and I-Pulse) and Idinvest Growth investments (43 companies).
Investments in Q1 2019: Eurazeo Croissance reinvested a total of €83 million in ContentSquare (a leader in SaaS web and mobile customer journey analytics), Doctolib, Younited Credit and Vestiaire Collective to accelerate their development. Idinvest Growth invested €21 million in nine companies, including Frichti (meal delivery service) and Wefox (insurance management platform).
Idinvest Venture (183 companies)
Idinvest Venture’s business was steady in Q1 2019, with investments of nearly €51 million in 21 companies, including seven new entities, among which two in digital – Colonies in France (supplier of co-living accommodation) and Malt (digital freelance hiring platform) and two in the smart city sector – Ambler in France (network of medical transporters/ambulances) and Flash in Germany (company specializing in medium distance transportation solutions).
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Eurazeo SA published this content on 16 May 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 16 May 2019 05:17:01 UTC