CHRISTIE’S NEW YORK
POST-WAR AND CONTEMPORARY ART EVENING SALE REALIZES $247,597,000 (£153,510,140 / €178,269,840)

ROY LICHTENSTEIN’S I CAN SEE THE WHOLE ROOM!…AND THERE’S NOBODY IN IT! FETCHES $43,202,500–A WORLD AUCTION RECORD FOR THE ARTIST

16 NEW WORLD AUCTION RECORDS
Last evening’s Post-War and Contemporary Art Evening Sale at Christie’s in New York achieved $247,597,000 (£153,510,140 / €178,269,840), demonstrating the continuing appeal of this category among collectors worldwide. Thirty-three works sold above the $1 million mark and 16 new world auction records were established. In total, sell-through percentages were very strong, with 90% sold by lot and 87% by value.

“The world’s top 10 collectors were present in the saleroom tonight, and a global community of collectors was bidding aggressively on works by the preeminent artists in this category,” said Brett Gorvy, Chairman and International Head of Post-War and Contemporary Art at Christie’s. “This is an extremely strong sale result.”

The top lot of the sale was Roy Lichtenstein’s I Can See the Whole Room…and There’s Nobody in It!, which set a new auction record of $43,202,500. Painted in 1961, it is one of the earliest and most important of Lichtenstein’s Pop Art pictures, formerly in the collection of the pioneering collectors Emily and Burton Tremaine. The previous record for a Lichtenstein work was Ohhh … Alright…, 1964, which sold at Christie’s New York in November 2010 for $42.6 million (£26,785,550 / €31,105,800).

Read the Christie’s announcement>

For more news, visit the News Center at www.christiesrealestate.com

Friends of Telluride ~

Thought you might enjoy a quick update and hope all is well.  Look forward to seeing you back in Telluride this winter.  If you would like to give us a call with your travel plans, we would be more than happy to assist you with accommodations.

Summer and fall are behind us as we await the first major winter storm later this week.  Medium term predictions are for significant snows for early ski season, so break out the winter gear and make your reservations early.  Local property management companies are reporting strong bookings, well ahead of the 2010-2011 ski season. Below is our most recent market update and airline schedule for your review.

Despite a mid summer lull in sales activity, largely the result of the Euro debt crisis and financial market volatility, the Telluride marketplace appears to be holding up well.  Sales in the month of September of $24.6M approached those of September 2010 of $29M.  Transactions YTD are up by 20% with the Historic Town of Telluride demonstrating the greatest strength in the overall market.  Total transactions within the Town increased by 14% with 15 sales above $2M, at an average price per incident of sale of $3,050,000.  The average price per square foot registered was $926 with a high achieved at $1,238 PSF.  Overall, the dynamics of investor interest is shifting from a total “pull back” experienced in 2008/2009 as potential buyers are looking to place resort properties in “family portfolios” for long term use and enjoyment.  Having stabilized, our marketplace with limited inventory and significant ownership equity, presents a safe haven in an otherwise volatile global economy.

If you have an interest in learning more about “best buys” in any market category, send us an email and we will send along our top picks.

With direct jet service from 7 major cities across the US and world-wide connections, Telluride is easier than ever to get to.  Travelers are served via Montrose Regional Airport (MTJ) and Telluride Regional Airport (TEX) – - see schedule and air map below.

See you on the slopes this winter and please do not hesitate to call us with any real estate or Telluride related questions.

Best,

TD Smith and Chris Sommers

A luxury condominium in Aspen sold for $3.595 million, or $2,222 a square foot, in what’s being held up to show continuing interest in high-end properties in the mountain town, The Aspen Times reports.

Local real estate brokers were convinced the price per square foot would prevent anyone from buying the 1,618-square-foot condo, but three offers were submitted in the same week.

 Beautiful Morning in Telluride