One of four versions of The Scream by Norwegian painter Edvard Munch, which dates from 1895, will lead Sotheby's Impressionist and Modern Art Evening Sale in New York on May 2. (Sotheby's/Associated Press)

Last version of iconic painting in private hands to be sold in New York

The Scream, Edvard Munch masterpiece, will be sold at a New York City art auction this spring.

Sotheby’s announced Tuesday that the work will lead its Impressionist & Modern Art Evening Sale on May 2.

The work, which dates from 1895, is one of four versions of the composition. The auctioneer says it’s the only version still in private hands.

The head of Sotheby’s Impressionist and Modern Art department in New York, Simon Shaw, says the price could exceed $80 million US.

The drawing of a man holding his head and screaming under a streaked, blood-red sky is being sold by Norwegian businessman Petter Olsen, whose father was a friend and patron of Munch’s.

“I have lived with this work all my life, and its power and energy have only increased with time,” Olsen said.

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Throughout the early weeks of 2012, it’s been clear that many local real estate professionals are anticipating some form of strong start throughout the remaining time in the first quarter of the year. Even though figures have a long way to go in the Seattle area, one of the more glaring returns early this year have been the low prices in the area and the possible effects.

Median sale prices for the Seattle area are down nearly eight percent from the outset of 2011. The drop in sale price is quite differing throughout the entire Seattle area. For example, Grays Harbor and Clallam counties experienced an even bigger shift than normal, coming near a 40 percent drop from month to month.

Even while the prices remain low, there are a number of other figures that are pointing to a first quarter and entire year of positivity in the Seattle real estate market. Pending sales in the area are up heavily over last year at the same time. There’s been a 13 percent jump in just 12 months, as there were over 6,132 sales compared to 5,393 back at the beginning of 2011. Despite the pending sales’ effect on the inventory going down in Seattle, the increase is a cause for optimism.

Also on the seller’s side for optimism is the fact that rentals have continued to go up in the area over the past year. The average rental rate for Seattle apartments is currently sitting at a figure that has jumped nearly 10 percent in the past year alone. The thinking with rising rental rates is that potential buyers on the fence may take a closer look at buying as rates continue to go up.

The success of the market for the rest of the quarter and year could largely depend on whether inventory can get back on track with the amount of pending sales in the area. The lack of brand new property and building has left the overall inventory a bit short, as those pending sales have gone up. As mortgage rates have dropped to record lows throughout the country, as well as in Seattle, more inventories would represent a chance for buyers to take advantage. One small issue right now could simply be that buyers can’t find the right home, which is only temporary if true interest is there, as types of homes on the market are cyclical.

Despite the lower prices in January, which certainly isn’t an appealing figure for the real estate professionals, there are still plenty of other figures pointing towards a healthy year for the area market. The rising rentals, low mortgage rates, and jump in pending sales are just a few things that could end up making for a promising year for buyers and sellers alike.

Emma Crawford is a creative writer from Murray State University. As an aspiring writer she specializes in writing about travel destinations, real estate and tourism.

The Sotheby’s International Realty® brand takes great pride in presenting to the world unique places and their stories, and in using our innovative marketing tools, global network and relationships with discerning buyers to perfectly match time-honored properties with those who will appreciate them and give them new life.

As agents, we have access to some of the most qualified buyers in the world. For example take a look at this exquisite St. Barthelemy Villa represented by St. Barth Properties Sotheby’s International Realty, $6,000,000.

This newly refurbished, three-bedroom, three-bath, hillside villa is set in the heights of Pt. Milou with sensational views that deliver the beauty of an early morning sunrise to the awe-inspiring sunset. With both indoor and outdoor living areas, the villa offers incredible views from all locations.

Allow us to show you some of the special properties agents of the Sotheby’s International Realty Network have most recently successfully represented in the last issue of Significant Sales magazine.

Mike Good, chief executive officer at Sotheby’s International Realty®, is scheduled to speak on April 2 at the upcoming 2012 AREAA Global Real Estate Summit in New York at the Waldorf Astoria.

AREAA, the Asian Real Estate Association of America, is a nonprofit professional trade organization dedicated to promoting sustainable homeownership opportunities in Asian American communities by creating a powerful national voice for housing and real estate professionals that serve this dynamic market.  AREAA is the only trade association dedicated to representing the interests of the Asian real estate market nationwide.  The organization is expanding globally, with trade missions to China, South Korea, Taiwan and Vietnam.  They are looking to build bridges across Asian countries, and have recently launched their first international chapter in Canada, given the significant increase in their Asian population.

Mike will represent our brand among this important group of real estate, mortgage and housing-related professionals from all over the world, speaking to them on today’s global housing opportunities.  He joins several other leading industry professionals speaking at this event, which offers attendees networking opportunities and the ability to showcase and view active projects.

For more information on AREAA and the 2012 AREAA Global Real Estate Summit in at the Waldorf Astoria, go to http://areaa.org/index.php. There are many local chapters of the AREAA in various markets across the Americas.

Theo will be responsible for growing our brand in Europe, the Middle East and Africa, and will be part of our growing EMEA support team as we continue our focus on quality international growth.

Theo previously served as general manager of Terra Sotheby’s International Realty in Cyprus from 2008 to 2009.  He also was managing director of M & T Mama’s Kettle Ltd., the owner of Mama’s chips, from 2004 until he sold the company last year.  He earned his bachelor of science degree in international business from Montclair State University in Upper Montclair, N.J., and his master’s degree from Rotterdam School of Management, Erasmus University, in The Netherlands.

Alvaro has served our brand for the last six years as a consultant, responsible for the international development of the brand worldwide.  As part of his new role, he also will oversee a vice president of international development for Asia.  We are still seeking candidates for this new, open position.

Please join us in welcoming Theo to our team and congratulating Alvaro on his expanded responsibilities!

We are pleased to announce the opening of San Miguel Sotheby’s International Realty, the newest member of our network.

Adrian Toscano and Larry Stebbins serve as co-founders of the firm, which expands our current presence in Guadalajara, Los Cabos and the Riviera Maya.  Our operations in Mexico have been under the capable direction of Carlos Gonzales since 2005.  In an ongoing attempt to continue to expand our brand presence in San Miguel, Carlos has sold Adrian and Larry the rights to San Miguel while he continues to operate the Guadalajara, Los Cabos and Riviera Maya offices.

Please see the attached press release for more information on this exciting development in the growth of our brand and join us in welcoming San Miguel Sotheby’s International Realty to our network.

The Northwest MLS reports for January indicate, as compared to the same month a year ago, in spite of harsh weather and the absence of tax credits, that pending sales are up 13.7%.

“Given that we lost a week with some of the worst weather in 16 years, the numbers are astoundingly good” remarked Northwest MLS director Ken Anderson. “This is the first January in four that we can make a reasonable year-over-year comparison,” he added. “The improvement in the numbers show that the market is healing itself and standing on its own”.

Lower inventory and interest rates and positive job growth are contributing to rising optimism among industry professionals, though distressed properties are slowing down market recovery.

Prices are wide ranging from a low of $13,000 for a manufactured home in Sultan to an asking price of $26.8 million for a Mercer Island waterfront home.

Snohomish County reported the greatest reduction in inventory at about two-thirds of year-ago levels. Several areas within King County also reported similar percentage declines in total active listings.

OB Jacobi, Northwest MLS board member says the reduction in inventory is impacting the market. “We have plenty of qualified buyers who are ready to buy if they could just find a home.”

The lower number of listings coming on the market is due to a combination of things according to J. Lennox Scott, CEO and chairman of John L. Scott Real Estate. He mentioned several contributors such as those owing more than their home’s current value, sellers with equity holding off for better prices and the lack of new construction. “The lower number of new listings combined with the increase in sales activity is creating the shortage of homes for sales in specific areas and price ranges,” Scott said.

“A seller’s market has returned in the areas close to the job centers of Seattle and Bellevue, up to the one million dollar price point,” Scott noted, adding “We are also seeing the same situation in the more affordable price ranges in the surrounding market areas, caused by a shortage of inventory and healthy to strong sales activity.”

The median price for last month’s closed sales of single family homes and condominiums (combined) was $214,990, down about 11.7 percent from a year ago when the median selling price was $243,500. The price changes ranged from year-over-year increases reported in five counties (Ferry, Grant, Kittitas, Mason, and Pacific) to declines of up to 40 percent (in Clallam and Grays Harbor counties).

“Price increases are muted by short sales and foreclosures that are causing low appraisal values,” observed Scott, directors Jacobi and Wilson agreed.

“We are simultaneously seeing the continued rise in pending and closed sales,” said Jacobi. “Usually pent up demand and rising sales means that prices will be going up. But, unfortunately, that isn’t the case thanks to the high level of distressed properties that continue to drag down the entire market,” he explained.

“What is tempering our real estate recovery in Kitsap and much of Puget Sound are the short sales and REO properties that are on the market and the way the banks are dealing with their sales process,” said Wilson, while pointing to several encouraging signs.

“All the pieces are in place for a more normal market in much of Kitsap”, Wilson pointed out. “With pending sales up 17 percent in Kitsap, buyers are taking advantage of the values this market is offering and the extremely low interest rates. If this trend continues we should begin seeing price appreciation as we progress into the year,” he remarked.

Improving numbers show the artificial stimulus of the tax credits was not the key to the recovering market, suggested Anderson. “Instead, today’s affordability has buyers in all price segments returning – and feeling more confident about the future.”

Northwest MLS director Darin Stenvers believes “the perfect storm is brewing.” He said the pent-up need for homes in good condition is creating shorter market times and sales close to the original asking price. “It is a great time for sellers who have been waiting,” said Stenvers, the office managing broker at John L. Scott Real Estate in Bellingham.

“The market is almost done with the needed correction,” Stenvers stated, adding, “Distressed homes and REOs are not going away fast but have slowed and should soon level off.” He also foresees a loosening of overly restrictive lending guidelines. Wilson said, “I remember at the height of the market people would say ‘I wish I would have bought some waterfront back in 2001… or I wish I would have picked up a couple of rentals a few years ago’.” For these people, “the clock has been rolled back and you now have an opportunity to purchase real estate near the bottom of the market,” he suggested.

We are pleased to announce our luxury real estate services now are available in Barcelona, Spain, with the opening of Barcelona Sotheby’s International Realty.

The office is jointly owned by Markus Thoene and Christoph Toelle, who also operate Costa Brava Sotheby’s International Realty, which serves the high-end real estate market in the coastal region of Girona.

Download the press release for more information and join us in welcoming Barcelona Sotheby’s International Realty to our network.

Other Northwest MLS report findings:

• Single family homes accounted for about 87% of sales volume and about 90% of dollar volume.
• About half the homes sold last year had 3 bedrooms, about 3/4 of condos had 2 or less.
• Prices for 3 bedroom homes built before 2009 vary widely ranging from $112,375 in Grays Harbor County up to $408,500 in San Juan County.
• Average active listings per month reported in 2011 was 34,000.
• Of 860 million-dollar-plus sales of single family homes more than half was in Seattle’s Eastside. Of those, 145 were west of I-405 including Bellevue and Beaux Arts Village, Clyde Hill, Hunts Point, Medina and Yarrow Point.
• The highest priced single family home in the Northwest MLS sold last year was in Hunts Point on east Lake Washington for $14,750,000. The highest priced condo was sold in Kirkland for $3,249,000.
• Comparing median prices of homes sales within school districts the most expensive were in the Mercer Island School District ($824,000), followed by Bellevue ($550,000) and Issaquah ($530,000).
• 81,019 pending sales were shown during 2011, an increase of about 10.5% over 2010.
• The pace of sales measured by month’s supply and how long it would take for all inventory to sell at the current pace assuming no new inventory added showed an improvement over 2010. By this measurement, Snohomish County had the lowest supply followed by King County.

The firm, owned by the Pignatti Morano family and managed by Lorenzo Mercolini, joins our existing firms in Venice and Rome, Venice Sotheby’s International Realty and Rome Sotheby’s International Realty.

Please see the attached press release for more information, join us in welcoming Milan Sotheby’s International Realty to our network!