Le Corbusier Femme (3ème recherche) (1962), the year’s top slot so far, sold for $2.66 million at Christie’s Zurich, setting a new record for the artist. 
Photo: Christie’s via FAZ

The first six months of 2015 saw a stagnant Swiss auction market as the auction houses have been struggling to attract key lots and buyers from abroad.

According to Frankfurter Allgemeine Zeitung, the Swiss National Bank’s policy u-turn in January, which resulted in a nearly 20 percent increase in the value of the Swiss Franc against the Euro, has had serious consequences for the Swiss houses.

Consignors and collectors—especially from within the European Union—have been reluctant to participate in Swiss auctions.

The mid-range market in particular has experienced strong losses. In 2014, sixteen lots topped the CHF 1 million ($1.02 million) mark. But this mark will be almost impossible to improve on this year.

Ferdinand Hodler Genfersee mit Jura (1908)
Photo: Kornfeld via FAZ

The top lot was also a surprise. Swiss stalwarts such as Albert Anker, Ferdinand Hodler or Alberto Giacometti were trumped by Le Corbusier.

The architect and designer’s statue Femme (3ème recherche) (1962), a life-size mahogany sculpture, was hammered down at Christie’s Zurich for CHF 2.6 million ($2.66 million), far outperforming its pre-sale estimate of CHF 600,000 ($614,407).

The result was not only the top performing lot in Switzerland in the first half of 2015 but also a world-record auction result for Le Corbusier.

The second top lot was Albert Anker’s Das Bad in Crêt (1888), which was bought for CHF 2 million ($2.2 million) by an anonymous bidder at the small Lucerne-based auction house Fischer in June.

In third and fourth places, Ferdinand Hodler’s Genfersee mit Jura (1908), and Ernst Ludwig Kirchner’s Rotes Haus – Roter Januar (1909), both sold at Kornfeld in Bern at CHF 1.7 million ($1.8 million) each.

The financial reports from the leading Swiss auction houses revealed that low performance in the market this year exposed the dependancy on blockbuster consignments last year. For example, the total turnover of the Bern-based auction house Kornfeld of CHF 21 million ($21.5 million) makes up less than half of the earnings in the same period in 2014.

Félix Vallotton La Seine bordée de saules Tournedos (1922) sold at Chritstie’s Zurich for CHF 700,000
Photo: Christie’s via FAZ

Zurich-based Koller reported a turnover of CHF 36 million ($36.8 million); there is no six-month financial data from 2014 for comparison.

At Christie’s Zurich, the growth of the market for Swiss art was negligible in previous years and the current sales figure of just over CHF 7 million ($7.1 million) shows little signs of change.

Sotheby’s Zürich, the third major Zurich auction house, is due to publish its financial data in December.

Lucerne-based Fischer reported a turnover of CHF 5 million ($5.1 million), boosted by the successful sale of the Anker painting.

Related stories:

Switzerland Cracks Down on Art Market with Tighter Anti Money Laundering Laws

Arrest of Swiss Freeport Owner Yves Bouvier Over Art Fraud Ring Rocks Art World