(4 May 2005) SHOTLIST

APTN
New York, 3rd May 2005
1. Pan auction
2. Auctioneer
3. Audience, bidders
4. Auction of "Zwei reiter und liegende Gestalt" (Two riders and reclining figure) by Wassily Kandinsky, painted in 1909-10
5. Close up of "Zwei reiter und liegende Gestalt
6. Wide shot during auction
7. Crowd
8. Auctioneer finishing the bidding
9. Auction of Fernand Leger's "Les Maisons Dans Les Arbres," .
10. Close up painting
11. Close up auctioneer closing the bidding
12. Man standing by "Selbstbildnis mit Glaskugel" (Self-Portrait with Crystal Ball) by Max Beckmann, 1936
13. Painting
14. Wide shot of bidder and auctioneer
15. Auctioneer.
16. Bidder closing sale
17. Pablo Picasso's "Les Femmes d'Algers", 1955
18. Painting
19. Auctioneer closing the sale
20. Crowd
21. SOUNDBITE: (English): David Norman, Sotheby's:
"It was an uneven night and there were some surprises in the way that the impressionist pictures were selling, because for the last couple of years the death of the impressionist market has been a bit overtold. So it led us to be quite conservative and pretty rigorous in terms of our pricing, and what we found was the audience came back to the pictures. In some of the major modern pieces, not all but, in some major modern pieces, a part of the market where there has been seen great amount of strength and a quick escalation in price, we followed the pricing up I think a little too quickly, and the market rejected it."
21. Auction
22. Crowd


KANDINSKY FAILS TO MEET RESERVE

The highly-anticipated sale of the rediscovered painting by Wassily Kandinsky failed to happen at Sotheby's auction house in New York on Tuesday, setting the tone for a disappointing sale that fell far short of pre-auction estimates.

Bidding reached 11,250,000 US dollars on Russian Expressionist artist's painting "Two Riders and Reclining Figure", and stopped there, short of the minimum reserve for the painting to sell.

Pre-auction estimates valued the work at between 15 and 25 million US dollars.

Another leading lot that failed to sell was French painter Fernand Leger's "Les Maisons Dans Les Arbres."

Bidding on the work reached seven million US dollars, again below the minimum reserve for the painting. The pre-sale estimate range was from eight to 12 million US dollars.

Sellers routinely tell the auction houses the minimum price below which they will refuse to sell the work, and unfortunately for Sotheby's that happened on 20 out of the 65 lots in Tuesday's sale.

The low end of Sotheby's pre-auction estimate for the total value of tonight's auction was 127.3 million US dollars, and they estimated the works could bring more than 180 million US dollars.

In the end the sale fetched just over 91 million US dollars.

German Expressionist Painter Max Beckmann's "Self-Portrait with Crystal Ball", another of the sale's most highly anticipated lots, sold well, reaching more than 16.8 million US dollars, including the buyer's premium which is paid to the auction house. The pre-auction estimate for the work was 10 to 15 million US dollars.

Pablo Picasso's painting "Les Femmes D'Alger" sold within its estimate range, bringing just over 18.6 million US dollars.

The pre-auction estimate was from 15 to 20 million US dollars.

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