Seen for the very first time: Faltering art market given a boost

For 90 years this exquisite and rare work by the Italian artist Amedeo Modigliani has graced the home of one wealthy family. The image of two young girls was painted in the south of France in 1918 as the artist avoided the ravages of the end of the First World War. Now, for the first time, it is to go under the hammer.

Purchased from the artist by the collector Jonas Netter, who helped to established Modigliani's reputation, the work – one of only five double portraits the artist created – has been the heirloom of a single family for nearly a century.

The painting, Les Deux Filles, is one of a slew of Impressionist and modern paintings that have never been to auction but which will be sold by Christie's next month in an attempt to buck the collapse of the art market. Henri Matisse's Femme Assise sur un Balcon, 1919, for example, passed through generations of the artist's family and has never before even been loaned to an exhibition.

The art market can no longer expect to attract the fabulous sums that were being paid just six months ago by trophy collectors whose fortunes have dwindled as the global recession bites. Instead of hoping for records, Christie's and Sotheby's are offering for sale only rare paintings that would be the envy of any world-class museum in order to lure the collectors who still have money.

Also at Christie's is a 1972 Miró that was given by the artist to the current seller and has never been exhibited; a 1921 Bonnard that has never left private hands and was last exhibited for two months in 1966. Sotheby's also has works hidden from public view for decades, including a 1943 Miró last shown in 1957.

The slimmed-down auctions – the houses have selected only the best works for sale – will be watched avidly by the art market. They are the first sales since the art bubble burst in November, yet the low value of the pound and low interest rates could see foreign buyers bid more than expected.

A spokesman for Christie's said: "These sales are more targeted because it's a changed world. We have gone for works that are timeless. With some artists, you can wait for others of a similar quality to come on to the market. You can't with these works. The Modigliani is a very rare thing to come on to the market."

Helena Newman, Sotheby's vice-chairman of modern and Impressionist art, said the focus on very high-quality work was deliberate. "We have tried to bring museum-quality pieces to the sale," she said. "The sense is that what will happen now is that the old money which might have been sitting on the sidelines may well come back and bid more than they might have done last summer. From talking to our clients, the signs are that they want to buy rather than sell.

"Old buyers will be brought back; because of the pound they may be able to bid more. And with interest rates being so very low, it's a once-in-a-generation opportunity."

Arts and Entertainment
music

Arts and Entertainment
Creep show: Tim Cockerill in ‘Spider House’

TVEnough to make ardent arachnophobes think twice

Arts and Entertainment
Steven, Ella Jade and Sarah in the boardroom
tvThe Apprentice contestants take a battering from the business mogul
Arts and Entertainment
TV Presenters Ant McPartlin and Dec Donnelly. Winners of the 'Entertainment Programme' award for 'Ant and Dec's Saturday Night Takeaway'
musicAnt and Dec confirmed as hosts of next year's Brit Awards
Arts and Entertainment
Jewel in the crown: drawings from ‘The Letter for the King’, an adventure about a boy and his mission to save a medieval realm
books
PROMOTED VIDEO
Arts and Entertainment
Juergen Wolf won the Young Masters Art Prize 2014 with his mixed media painting on wood, 'Untitled'
art
Arts and Entertainment
Iron Man and Captain America in a scene from
filmThe upcoming 'Black Panther' film will feature a solo black male lead, while a female superhero will take centre stage in 'Captain Marvel'
Have you tried new the Independent Digital Edition apps?
Arts and Entertainment
The Imperial War Museum, pictured, has campaigned to display copyrighted works during the First World War centenary
art
Arts and Entertainment
American Horror Story veteran Sarah Paulson plays conjoined twins Dot and Bette Tattler
tvReview: Yes, it’s depraved for the most part but strangely enough it has heart to it
Arts and Entertainment
The mind behind Game of Thrones George R. R. Martin
books

Will explain back story to fictional kingdom Westeros

Arts and Entertainment
Dorothy in Return to Oz

film Unintentionally terrifying children's movies to get you howling (in fear, tears or laughter)
Arts and Entertainment

music
Arts and Entertainment

film
Arts and Entertainment
Robert James-Collier as under-butler Thomas

TVLady Edith and Thomas show sad signs of the time
Arts and Entertainment

music
Arts and Entertainment
The Dad's Army cast hit the big screen

film
Arts and Entertainment

music
Arts and Entertainment
JK Rowling is releasing a new Harry Potter story about Dolores Umbridge

books
Arts and Entertainment
On The Apprentice, “serious” left the room many moons ago and yet still we watch

TV
Arts and Entertainment
The Doctor finds himself in a forest version of London in Doctor Who episode 'In the Forest of the Night'
TVReview: Is the Doctor ever going stop frowning?
Arts and Entertainment
A scene from David Ayer's 'Fury'

film
Arts and Entertainment
Taylor Swift performs at the 2014 iHeart Radio Music Festival
music review
Arts and Entertainment
Paul Anderson plays Arthur Shelby in Peaky Blinders series two
tvReview: Arthur Shelby Jr seems to be losing his mind as his younger brother lets him run riot in London
Arts and Entertainment
Miranda Hart has called time on her award-winning BBC sitcom, Miranda
tv
Arts and Entertainment
Sir Nicholas Serota has been a feature in the Power 100 top ten since its 2002 launch
art
Arts and Entertainment
Awesome foursome: Sam Smith shows off his awards
music22-year-old confirms he is 2014’s breakout British music success
Latest stories from i100
Have you tried new the Independent Digital Edition apps?

ES Rentals

    Independent Dating
    and  

    By clicking 'Search' you
    are agreeing to our
    Terms of Use.

    Isis in Syria: A general reveals the lack of communication with the US - and his country's awkward relationship with their allies-by-default

    A Syrian general speaks

    A senior officer of Bashar al-Assad’s regime talks to Robert Fisk about his army’s brutal struggle with Isis, in a dirty war whose challenges include widespread atrocities
    ‘A bit of a shock...’ Cambridge economist with Glasgow roots becomes Zambia’s acting President

    ‘A bit of a shock...’ Economist with Glasgow roots becomes Zambia’s acting President

    Guy Scott's predecessor, Michael Sata, died in a London hospital this week after a lengthy illness
    Fall of the Berlin Wall: History catches up with Erich Honecker - the East German leader who praised the Iron Curtain and claimed it prevented a Third World War

    Fall of the Berlin Wall

    History catches up with Erich Honecker - the East German leader who praised the Iron Curtain and claimed it prevented a Third World War
    How to turn your mobile phone into easy money

    Turn your mobile phone into easy money

    There are 90 million unused mobiles in the UK, which would be worth £7bn if we cashed them in, says David Crookes
    Independent writers remember their Saturday jobs:

    Independent writers remember their Saturday jobs

    "I have never regarded anything I have done in "the media" as a proper job"
    Lyricist Richard Thomas shares his 11-step recipe for creating a hit West End musical

    11-step recipe for creating a West End hit

    Richard Thomas, the lyricist behind the Jerry Springer and Anna Nicole Smith operas, explains how Bob Dylan, 'Breaking Bad' and even Noam Chomsky inspired his songbook for the new musical 'Made in Dagenham'
    Tonke Dragt's The Letter for the King has finally been translated into English ... 50 years on

    Buried treasure: The Letter for the King

    The coming-of-age tale about a boy and his mission to save a mythical kingdom has sold a million copies since it was written by an eccentric Dutchwoman in 1962. Yet until last year, no one had read it in English
    Can instilling a sense of entrepreneurship in pupils have a positive effect on their learning?

    The school that means business

    Richard Garner heads to Lancashire, where developing the 'dragons' of the future is also helping one community academy to achieve its educational goals
    10 best tablets

    The world in your pocket: 10 best tablets

    They’re thin, they’re light, you can use them for work on the move or keeping entertained
    Lutz Pfannenstiel: The goalkeeper who gave up Bayern Munich for the Crazy Gang, Bradford and a whirlwind trawl across continents

    Lutz Pfannenstiel interview

    The goalkeeper who gave up Bayern Munich for the Crazy Gang, Bradford and a whirlwind trawl across continents
    Pete Jenson: Popular Jürgen Klopp can reignite Borussia Dortmund’s season with visit to Bayern Munich

    Pete Jenson's a Different League

    Popular Klopp can reignite Dortmund’s season with visit to Bayern
    John Cantlie video proves that Isis expects victory in Kobani

    Cantlie video proves that Isis expects victory in Kobani

    The use of the British hostage demonstrates once again the militants' skill and originality in conducting a propaganda war, says Patrick Cockburn
    The killer instinct: The man who helps students spot potential murderers

    The killer instinct

    Phil Chalmers travels the US warning students how to spot possible future murderers, but can his contentious methods really stop the bloodshed?
    Clothing the gap: A new exhibition celebrates women who stood apart from the fashion herd

    Clothing the gap

    A new exhibition celebrates women who stood apart from the fashion herd
    Fall of the Berlin Wall: Goodbye to all that - the lost world beyond the Iron Curtain

    The Fall of the Berlin Wall

    Goodbye to all that - the lost world beyond the Iron Curtain