Yves Saint Laurent’s Art Collection Auction Begins in Paris

At 1 p.m. Eastern Standard Time, the seminal auction of Yves Saint Laurent and Pierre Bergé's art collection began in Paris, the likes of which only comes along once a century. Amassed by the couple over five decades, the gigantic collection includes works by Picasso, Mondrian, and Matisse, Art Deco furniture, bronzes and antiques, including two Chinese figureheads. Pieces date from the first century to the twentieth century. The collection is so huge that the only place in Paris it could fit was the Grand Palais, and Christie's will spend three days auctioning off the 731 lots. The collection is so special that all 7,000 of the five-volume catalogues have sold out and are expected to become collectors' items, and 30,000 people came by the Grand Palais over two days just to look at it.

Yesterday the auction raked in $261 million, nicely above the estimated $232 million, setting a world record for a private art sale. A cubist Picasso couldn't fetch the asking price of 25 million euros and was put on hold, but a Matisse oil, Cuckoos on a blue and pink carpet, estimated to fetch $23 million, went for $46.5 million. Oh, and in case you were wondering, the people sitting in the Grand Palais bidding on this stuff are draped in fur and eveningwear. And, we imagine, blowing their noses with money.