Displaying items by tag: market

Pablo Picasso’s (1881-1973) Femme Assise Prés D’une Fenêtre (1932) sold for nearly $45 million at Sotheby’s Impressionist & Modern evening sale on Tuesday, February 5, 2013 in London. The coveted portrait of Picasso’s lover and muse, Marie-Therese Walter, came from a private collection and was last seen on the market in 1997 when it sold for $7.5 million. The portrait was guaranteed to sell due to a third-party “irrevocable bid” and while the buyer remains anonymous, some believe it was the guarantor, represented by Patti Wong, the chairman of Sotheby’s Asia.

The auction, which totaled $190 million, also included a separately catalogued section of 21 Surrealist works. All but three works sold, adding $26 million to the overall sale. Highlights from this section included Joan Miro’s (1893-1983) Femme revant de l’evasion (1945), which sold for $13 million and also carried a third-party guarantee.

Another considerable sale of the night was a series of three drawings by Egon Schiele (1890-1918), which brought $22 million. The works were put on sale by Vienna’s Leopold Museum. Another Schiele work, a pencil, gouache, and watercolor piece completed in 1915, sold to Wong on behalf a client for $13 million.

The sale was Sotheby’s second highest for an Impressionist sale in London.

For years, Italy, Greece, and other ancient lands have accused American museums of ignoring evidence that antiquities in their collections were looted from archaeological sites. Five years ago, the Association of Art Museum Directors (AAMD) responded by making the requirements for acquiring ancient works much more stringent. The revised guidelines advised American museums against acquiring works unless solid proof existed that the artifact, prior to 1970, was outside the country where it was discovered in modern times, or was legally exported from that country after 1970.

 1970 remains an important date, as it marks the year UNESCO put a stop to the illicit trafficking of antiquities. The year is now regarded as the standard cutoff for collecting. Works that appear on the market without documentation dating back that far are much more likely to have been stolen, looted, or smuggled out of their countries.

 On Wednesday, January 30, 2013 the AAMD announced a few additional restrictions for American museums. The AAMD, which has 217 member museums in North America, now requires institutions to post a public explanation on the AAMD’s website if they acquire any ancient works with spotty ownership records. In addition, the museum much provide an image of the object, any known provenance information, and an explanation as to why they decided to acquire the work. If an institution fails to comply, they will be subject to ethical scrutiny and possible expulsion from the AAMD.

 Officials hope that the tighter acquisition regulations will discourage American museums from obtaining questionable artifacts while supporting transparency between the United States and nations of origin who may lay claim to the antiquities.

On February 6 in London, a painting by the Italian artist Amedeo Modigliani (1884-1920) will lead Christie’s Impressionist and Modern Art Sale. Painted in 1919, Jeanne Hebuterne (au chapeau) is a portrait of Modigliani’s common-law wife seated in a wooden chair wearing a black hat and dress, illustrating the elongated form he is known for.

While Modigliani is one of Europe’s highest-selling modern artists, the market for Impressionist and modern art has slowed lately due to a lack of exceptional works in circulation. However, the upcoming sale at Christie’s is expected to bring as much as $237 million with the Modigliani portrait selling for as much as $35.5 million.

Jeanne Hebuterne appeared in a posthumous Modigliani retrospective in Venice in 1922. The portrait was bought from Sotheby’s, London for $26.4 million by a New York collector who is now putting it up for sale.

A painting worth $1 million by the French artist Henri Matisse (1869-1954) was recovered in Essex, England. Stolen from the Museum of Modern Art in Stockholm in 1987, the location of Le Jardin (1920) has remained a mystery for more than twenty years.

The discovery occurred when British art dealer Charles Roberts of Charles Fine Art was offered the Matisse painting by a Polish collector. Roberts ran a search on the Art Loss Register (ALR) database, a hub for information regarding stolen artworks, and found Le Jardin listed. Christopher A. Marinello, executive director and general counsel of the ALR, facilitated the painting’s recovery and it is currently being held in the organization’s office before being returned to Sweden in the coming weeks.

Le Jardin was the only artwork stolen during the 1987 burglary when thieves broke through the museum’s front entrance with a sledgehammer and unscrewed it from the wall. The burglars escaped just minutes before private guards arrived to investigate the scene. Following the robbery, the thieves made several attempts to sell the painting back to the museum for an exorbitant sum. Museum officials resisted, knowing that the Matisse painting was too well known to sell on the open market and that it would resurface eventually.

At Sotheby’s London’s Evening Sale of Old Master & British Paintings on December 5, a rare drawing by Raphael set a new record for the artist at auction. A masterpiece in black chalk, Head of a Young Apostle (circa 1519-20), has been part of the Devonshire Collection at Chatsworth since 1720 and features one of the key figures in the artist’s final work, Transfiguration, a celebrated painting from the Renaissance, which is now in Rome’s Vatican Museum.

Amid a considerable amount of bidding both in the auction room and on the telephone, Head of a Young Apostle sold for $47.8 million, nearly three times the drawing’s low estimate of $16 million to $24 million. Gregory Rubenstein, Worldwide Head of Old Master Drawings at Sotheby’s, said, “A number of the world’s greatest collectors stepped up tonight in recognition of the genius of Raphael and the extraordinary beauty of this drawing.”

The sale proves that the market is still prime for Old Master works. Head of a Young Apostle is one of three exceptional Raphael drawings to appear at auction in the past 50 years; each work has set an all-time sale record for an Old Master drawing. This particular sale is the highest price paid at a European auction in 2012 and is the second highest Old Master sale to date. The first is Peter Paul Rubens’ Massacre of the Innocents, which sold for $76.7 million at Sotheby’s in 2002.

Sotheby’s Old Master sale realized almost $94 million and sold 74.5% by lot.

The back-to-back American art auctions that took place at Christie’s and Sotheby’s this week both garnered impressive numbers. The auction at Christie’s on November 28 set the bar high when it reached $38,469,650 in sales. However, Sotheby’s followed up strong and achieved a total sale of $27,608,500, exceeding the high estimate of $24,158,000. Franklin Riehlman, owner of Franklin Riehlman Fine Art in New York City said, “Prices at Sotheby’s were nice and strong. Christie’s had a phenomenal sale and Liz Sterling has done a wonderful job reconstructing the department.” Elizabeth Sterling was appointed the head of American art at Christie’s earlier this year.

The top lot at Christie’s was Edward Hopper’s October on Cape Cod (1946), which went for $9.6 million and set a new record for the most expensive item sold to an online bidder. The oil painting, which features a house and small barn from a distance, is one of the last works by Hopper remaining in private hands. Other solid sales were Charles Burchfield’s Golden Dream (1959), which brought $1,202,500; Stuart Davis’ City Snow Scene (1911), which also reached $1,202,500; and Martin John Heade’s Hummingbird Perched on the Orchid Plant (1901), which brought $1,802,500.

Georgia O’Keeffe fared well at both auctions and took the top two lots at Sotheby’s; both plant paintings, Autumn Leaf II (1927) realized $4,282,500 and A White Camellia (1938) brought $3,218,500. “O’Keeffe did very well,” said Riehlman. “There was a lot of bidding.” An O’Keeffe painting titled Sun Water Maine (1922) also reached the second highest price at Christie’s when it realized $2,210,500, exceeding the high estimate of $1,500,000.

Norman Rockwell continued to perform well at Sotheby’s and two paintings exceeded their high estimates when The Muscleman (1941) sold for $2,210,500 (high estimate: $800,000) and Doctor and Doll (1942) reached $1,874,500 (high estimate: $700,000). Other impressive sales included Alfred Jacob Miller’s Caravan En Route [Sir William Drummond Stewart’s Caravan] (circa 1850), which went for $1,762,500 and Arthur Dove’s Town Scraper (circa 1933), which realized $1,258,500.

“The market for early modernists seems very strong,” said Riehlman. “Older works didn’t do as well. Cassatt and Prendergast are spotty, but 15 years ago every Cassatt would have sold.” Out of the one Mary Cassatt work offered at Sotheby’s and two present at Christie’s, not a single piece sold. Similarly, Maurice Prendergast’s one painting offered by Sotheby’s, Park Street Church, Boston (circa 1905-07), failed to sell and at Sotheby’s, Picnic Party (circa 1900-03) didn’t quite reach its low estimate of $300,000 when it sold for $290,500 and New Hampshire (circa 1910-13) just broke its low estimate of $40,000 when it realized $43,750.

“Both houses are being very selective in terms of traditional 18^th and 19th century materials,” said Riehlman. Buyers are much more likely to make significant purchases when the majority of works are top-quality. Despite the declining interest in older works, there was a lot of action at both sales. Riehlman was planning on buying Marvin Cone’s Stone City Landscape (1936), which realized $752,500, a record for the artist. “It went like a freight train right by me,” he said, a testament to just how eager buyers were this week.  

David Hickey, one of America’s foremost art critics is known for his acerbic commentary, but his latest tirade against the world of modern art is downright scathing. Hickey, a professor, curator, and author, told the Observer that he will be walking away from contemporary art, a genre he says has been ruined by rich collectors who are more concerned with money and celebrity than quality.

Hickey claims that art editors and critics have lost their edge, spending more time catering to the wealthy people who hold the reigns on the contemporary art market than surveying the actual work (which he says is also lacking). Hickey is not alone in this claim. A number of contemporary art curators, museums, and galleries have deemed the work of such artists as Damien Hirst, Tracey Emin, and Antony Gormley bloated and empty – the result of too much fame and not enough criticism. While the notion of the artist as celebrity is not new, today’s market is saturated with it and gaining status has taken precedence over making revolutionary, ground-breaking art.

A former dealer, Hickey is attuned to considering art in monetary terms but his objections stem from his belief that contemporary art has become too broad, too elitist, and lacks discretion. Hickey’s retirement will remove an important critical voice from the equation. He plans to complete a book on the pagan roots of America, aptly titled Pagan America, as well as a book of essays titled Pirates and Framers.

French prime minister, Jean-Marc Ayrault, decided not to impose a wealth tax on works of art after a massive backlash that involved the country’s leading museums, including the Louvre. The tax, which was proposed by President Francois Hollande as part of his 2013 budget plan, was to be enforced on works worth upward of $65,545 (50,000 euros) in an effort to reduce France’s deficit. Museum leaders became particularly incensed after budget minister, Jerome Cahuzac, championed the tax.

The heads of France’s seven largest museums banded together and sent an angry to the culture ministry stating that the tax would harm their collections as owners would be dissuaded from lending their privately-owned works in an attempt to hide their identities. Additionally, the tax could scare off potential art collectors, weakening the overall market.

In light of the harsh criticism, Ayrault stated that the wealth tax would not be approved although it had already been passed by the Assemblee Nationale’s finance committee.

Sotheby’s hosted a number of sales in Hong Kong this past week. On October 7^th, the Modern and Contemporary Southeast Asian paintings sale achieved $15.5 million, soaring past the pre-sale estimate of $5.8 million. The sale achieved the highest auction total for this category and the painting Fortune and Longevity by Lee Man Fong, an Indonesian modern master, set a record for any Southeast Asian painting when it sold for $4.4 million. The final price for the painting was almost three times the pre-sale estimate.

The Contemporary Asian Art sale totaled $15.1 million and Tiananmen No. 1 by Chinese symbolist and surrealist painter, Zhang Xiaogang, was the top lot at $2.69 million. Liu Wei’s Revolutionary Family Series – Invitation to Dinner was the second highest sale at $2.24 million, a world record price at auction for the Beijing-based artist who works in various mediums including video, installation, drawings, sculpture, and painting.

The 20^th Century Chinese Art sale brought in $24.6 million and sold 90% by lot. Works from Europe, the United States, and around Asian sold well and many were above their pre-sale estimates. The top lot was Potted Chrysanthemums by the Chinese modern art pioneer, Sanyu, which sold for $3.99 million.

The following day, the Fine Chinese Paintings sale totaled $53.2 million, the highest of the four art auctions. Offering many works from private collections, the total sale was more than double the pre-sale estimate and sold 97.2% by lot. The two top lots at the auction, Zhang Daqian’s Swiss Peaks; Calligraphy in Xingshu and Fu Baoshi’s Lady at the Pavillion, both sold for $2,974,278.

Last year China beat out the United States as the world’s largest art and antiques market and the autumn sales reflect that power swap. There was a bit of controversy when a 60-year-old Taiwanese Buddhist sister demanded that a $1.65 million sale be halted at the Fine Chinese Paintings auction. Sotheby’s canceled the sale of a painting by Zhang Daqian after Lu Chieh-chien requested a court hearing to prevent bidding on Riding in the Autumn Countryside (1950) which she claims was the property of her family and had been consigned without consent.

Ronald Perelman and Gagosian Gallery Inc. sued each other over payment for the billionaire’s purchases of contemporary art.

Perelman twice failed to pay an agreed-upon price after delivery of a sculpture and a painting and refused to meet a payment schedule for an unfinished sculpture, according to a lawsuit filed today by the New York-based gallery in New York State Supreme Court in Manhattan.

Perelman, 69, also filed suit against the gallery and its owner, Larry Gagosian, in the same courthouse today, accusing them of concealing material information and using their position in the art world to manipulate the price of artwork.

Gagosian “raced to the courthouse with his suit in a failed attempt to take the focus off the lawsuit we filed today accusing him of fraud, breach of duty and breach of contract,” Christine Taylor, a spokeswoman for Perelman, said in a statement. “Gagosian has used his dominance of the market for contemporary art to enrich himself at the expense of his customers. His complaint is frivolous -- the works he identifies are fully paid for, and we will seek redress for this improper filing at the appropriate time.”