$264 million Yves Saint Laurent collection

This week, Christie’s in Paris is having one of the most exciting auctioning events it’s seen in a very long time – especially with the economic crisis, this kind of excitement and actual biddings generated came as a genuine surprise.

More than 1,200 wealthy art lovers, collectors and dealers were present at Christie’s in Paris, as well as 100 abroad on telephone lines to Christie’s staff members were involved with the much anticipated auctioning off of the late fashion designer Yves Saint Laurent’s lifetime collections of art.

A 1911 Matisse painting sold for $40.9 million, which was double the original estimate. Other classic art was sold off in roars of adrenalin-pumping bidding mayhem. One flop, however, was a Picasso that was stopped at 21 million euros when it had been estimated to reach between 25 million to 30 million euros.

Aside from the incredible value of all the items in this Yves Saint Laurent auction, Christie’s had invested in a $1.2 million renting and refurbishment of the Grand Palais in Paris to host this particular auction.

Yves Saint Laurent’s passing away in mid-2008 was a grave and sombre event for the fashion world last year. The man had created a fashion empire and inspired many throughout his lifetime.

• Source: NYT