World Record Price for Max Pechstein Achieved at Auction; Strong Results for German Expressionists

Today, Max Pechstein's masterpiece double-sided painting achieved a sensational result of €3,500,000 ($4,663,200) in Ketterer Kunst's auction of Modern and Contemporary Art in Munich. “The work not only set a new world record for a painting by the artist, it is also the most expensive work sold at auction in Germany in 2011," said auctioneer Robert Ketterer.

The oil painting from 1910 (lot 25) is one of Pechstein's strongest works. Aya Soika, author of the catalog raisonné, brings it to the point by simply calling it one of the artist's best works. A collector from Germany seemed to value its quality as well, defeating national and international competitors from the Ukraine, Great Britain, and USA. With a result of € 3,500,000, the winning bidder sent the work to a result that was more than five times its starting price.

“All in all, the auction of Modern and Contemporary Art made for a terrific atmosphere and new records. The section of Modern Art alone has 17 results beyond the € 100,000 mark and a sales quota by lots of 75 percent, as well as a value increase quota of 185 percent (ratio between starting- and hammer price),” says Robert Ketterer. He continues: ”Our autumn auctions realized proceeds of € 16,600,000, some € 3.1 million more than in the second half of 2010.“

The December auctions were opened by the section of Modern Art and Max Pechstein's work “Weib mit Inder auf Teppich“ and “Früchte II“, the record-setting double-sided painting, definitely was not the only highlight. In general, works by the Brücke artist Pechstein were in high demand, all eight of them were sold at prices far beyond their starting prices.

Conrad Felixmüller's work with painting on both sides “Herbst in Klotzsche“ and “Das eingeschlafene Modell II“ (lot 79) was worth more than a threefold of the starting price of € 200,000 to a German collector. He allowed a result of € 610,000 and thus beat bidders in the room, on the phones and written bids.

The extensive offer of works by Gabriele Münter was sold almost completely. Occupying the top
position is the “Murnauer Landschaft (Staffelsee)“ (lot 43) from 1924, which had captured the heart of
a private collector from Southern Germany. Neither bidders in the auction room nor two unrelenting
phone bidders could curb his eagerness. For a result of € 390,000 (starting price: € 180,000) he can
now call the beautiful sea view his own. With a result of € 268,400 (starting price: € 180,000) the work “Stillleben mit Madonna“ (lot 33), acquired by a German private collector, is just slightly below this
mark.

Karl Hofer's “Mädchen mit Laute“ (lot 93) was called up with € 120,000 and went to a Southern
German private collection for € 250,000 or more than twice the first bid.

Besides Otto Mueller's “Zwei Mädchenakte/Zwei sitzende Akte“ (lot 38, starting price: € 75,000,
result: € 244,000) and Willi Baumeister's “Nocturno mit rotem Segment“ (lot 109, starting price:
€ 56,000, result: € 207,400) other lots that achieved excellent increases were Erich Heckel's “Blick
auf die Förde“ (lot 58, starting price: € 24,000, result: € 95,000) and Ewald Mataré's “Eule“ (lot 96,
starting price: € 22,000, result: € 183,000).

The list of results in the Postwar and Contemporary art section was led by lot 252, the “Figur Flora“ by Horst Antes, which a German collector sent to a final result of € 281,000 (starting price: € 65,000) and thus topped the old world record, also realized by Ketterer Kunst, for a work by the artist.

The work “Große Vierung“ (lot 305) by Martin and Brigitte Matschinsky-Denninghoff also made for great excitement in the auction room, starting at € 60,000, it went to the hands of a German collector for a price of € 85,000.

Just as popular was Eberhard Havekost's oil painting “Benutzeroberfläche 5“ (lot 340). Sought after
by bidders from Germany, the large oil painting from 2001 went to a collector from the capital for
€ 83,000.

Three works by Rupprecht Geiger also aroused desires among bidders, most of all his oil painting
“467/67“ (lot 201). Despite a good amount of written bids, the hammer eventually went down for one
of the numerous phones. At a price of € 77,000 the color-intensive work went to an Austrian
collector.

Objects not sold in the two auctions can be purchased in the post auction sale until end of January
2012. Lists with results are available by phone under (0049)+89-55244-0.

(Final price results include buyer's premiums.)