Displaying items by tag: Sotheby's

On Monday, April 29, 2013 the Metropolitan Museum of Art in New York and the Israel Museum in Jerusalem announced that they had come together to jointly acquire the Mishneh Torah. A rare 15^th century illuminated Hebrew manuscript, the Mishneh Torah features text from Moses Maimonides, a Jewish writer and philosopher from the Middle Ages. The Met and the Israel Museum have agreed to exhibit the Torah at both institutions on a rotating schedule.

Created in 1457, the Mishneh Torah is the second of a two-volume manuscript and features six large illustrations and 32 smaller images in the style of Northern Italian Renaissance miniature painting. The Vatican owns the first volume of the manuscript. The Mishneh Torah was restored at the Israel Museum’s conservation lab and has been on loan to the institution since 2007.

The Mishneh Torah was to be the leading item at an auction of the collection of Michael and Judy Steinhardt on Monday at Sotheby’s. The manuscript, which was expected to bring between $4.5 million and $6 million at auction, was purchased by the museums before the sale began. Sotheby’s has declined to reveal how much the two institutions paid for the Mishneh Torah.

Michael Steinhardt, a hedge fund manager and philanthropist, and his wife, Judy, have amassed a renowned Judaica collection, which includes silver and decorative objects, textiles, and fine art. Steinhardt said, “The acquisition of this remarkable manuscript by the Israel Museum and the Metropolitan Museum of Art is poetic given Judy’s and my longstanding involvement with both institutions; it is particularly meaningful that this event marks the first significant collaboration between the two museums.”

In an effort to curb the massive debts accrued by the American Folk Art Museum’s former chairman, Ralph Esmerian, the institution has decided to sell over 200 works from its collection at an auction at Sotheby’s. Esmerian, the former owner of the jewelry company Fred Leighton, is currently serving a six-year jail sentence for wire fraud and other charges.

In 2005, Esmerian promised to donate 263 works from his illustrious collection to the Folk Art Museum. However, he used some of those same works as collateral to secure multi-million-dollar loans with Christie’s and Sotheby’s. Late last month, Manhattan’s U.S. Bankruptcy Court arranged a settlement with the museum allowing the Folk Art Museum to keep 53 of the promised works as long as they enhance the institution’s collection and aid its educational mission. The remaining works, which include paintings, sculptures, scrimshaw, and needleworks, will be sold at Sotheby’s.

The trustee responsible for liquidating Esmerian’s estate has decided to sell the remainder of the collection through Sotheby’s, much to Christie’s dismay. Christie’s filed an objection to the settlement on March 15, 2013 claiming that Sotheby’s intimidated the trustee into choosing them to host the important auction.

The Esmerian sale will be held in December 2013 or January 2014 and the profits will go towards repaying the creditors the former chairman defrauded.    

Next month, Sotheby’s and Christie’s will hold some of their most anticipated auctions. The major sales of Impressionist, modern, and contemporary art are expected to garner at least $1 billion. Most of that money will be generated from the contemporary art auctions, which have been the highest earning in recent years. The Impressionist and modern art sales are expected to bring a joint $383 million while the contemporary auctions are estimated at over $700 million.

Highlights from the auctions include the renowned collection of vacuum-cleaner tycoon Alex Lewyt at Sotheby’s Impressionist and Modern Art Evening Sale on May 7, 2013. The 200-piece collection is valued at $65 million and includes a still-life by Paul Cézanne (1839-1906) that carries a $25 million estimate and a portrait by Amedeo Modigiliani (1884-1920), which is expected to garner anywhere from $20 million to $30 million.

Christie’s Evening Sale of Contemporary Art on May 15, 2013 will be lead by Jackson Pollock’s (1912-1956) Number 19, a seminal drip painting, which is expected to sell for $25 million-$35 million. It is the most important work by the artist to appear at auction in the past two decades.

Sotheby’s Contemporary Art Evening Auction on May 14, 2013 is also expecting a number of high priced sales. Francis Bacon’s (1909-1992) Study for Portrait of P.L. is estimated to sell for $30 million to $40 million and a painting by Barnett Newman (1905-1970), which is deemed one of the most important works from the Abstract Expressionist School, is also expected to bring $30 million to $40 million.

Christie’s Impressionist and Modern Art Evening Sale will be held on May 8, 2013 and includes works by Claude Monet (1840-1926), Camille Pissarro (1830-1903), and Alfred Sisley (1839-1899).

George Bailey, the Chairman of Business Development at Sotheby’s London has partnered with fellow Sotheby’s employee, Lucinda Blythe, to launch an independent online auction site. The Auction Room (www.theauctionroom.com) specializes in “middle market” works of art that fall just under the minimum value criteria that many big name auction houses such as Sotheby’s and Christie’s enforce.

The Auction Room’s inaugural sale of Middle Eastern Contemporary Art will take place on June 24, 2013. An accompanying exhibition will held in London so that prospective buyers can view the works in person before the online sale begins. All of the lots offered will also be available for browsing two weeks before the sale on The Auction Room’s website.

The Auction Room will also specialize in the sale of jewelry, watches, silver, ceramics, and paintings. While the website is a bold new venture, Bailey will maintain his post at Sotheby’s.

Sotheby’s Contemporary Art Evening Sale on May 14, 2013 in New York will include one of the most important paintings by Barnett Newman (1905-1970) ever to appear at auction. Onement VI (1953) is a seminal work by the American artist and one of the most significant pieces from the Abstract Expressionist movement. The painting, which measures 8 ½ feet x 10 feet, is expected to garner anywhere from $30 million to $40 million. The canvas will go on view at Sotheby’s on May 3, 2013 until it appears at auction later that month.

Newman, one of the foremost artists of the 20^th century, was a pioneer of color field painting as well as a key Abstract Expressionist. As an exhibitions organizer at the Manhattan-based Betty Parsons Gallery in the 1940s, Newman played a fundamental role in the careers of many of his friends including Mark Rothko (1903-1970), Jackson Pollock (1912-1956), and Clyfford Still (1904-1980).  

Onement VI, a massive canvas consumed by rich blue paint and sliced down the middle by a light blue streak, was a gift from the artist to his wife, Annalee. The painting remained in her collection for almost a decade and was acquired in 1961 by the well-known collectors Frederick and Marcia Weisman. That same year the painting appeared in an exhibition titled Abstract Expressionists Imagists at the Solomon R. Guggenheim Museum that helped define the modern art movement.

Onement VI is the final work in a series of six paintings by Newman. Four of the paintings are held in major art institutions including the Museum of Modern Art in New York, the Wadsworth Atheneum Museum of Art in Hartford, CT, and the Allen Memorial Art Museum in Oberlin, OH. Onement V currently resides in a private collection.

A copy of the Bay Psalm Book, which was printed by pilgrims in Plymouth, MA in 1640, will head to auction at Sotheby’s in New York on November 26, 2013. The book is expected to garner around $30 million, which would set the record for a book at auction. John James Audubon’s Birds of America currently holds the record, a copy of which sold for $11.5 million 2010.

 Bay Psalm Book was written by colonials John Cotton, Richard Mather, and John Eliot 20 years after they arrived in America. Only 11 copies of the original run of 1,700 copies remain. The copy that will be auctioned in November belongs to Boston’s Old South Church, which currently owns two of the books.

The last time a copy of the Bay Psalm Book was offered at auction was in 1947 when it sold for $151,000, setting a record at the time. The book will go on a tour of various U.S. cities before the sale.

Sotheby’s will present three early bronzes from Auguste Rodin’s (1840-1917) pivotal The Gates of Hell at its Impressionist and Modern Art Evening Sale on May 7, 2013 in New York. The three casts are part of a renowned private collection and include a rare, early cast of The Thinker (1906), which is expected to garner anywhere from $8 million to $12 million.

The cast of The Thinker was made by the Alexis Rudier foundry in Paris and was commissioned directly from the artist by the publishing tycoon, Ralph Pulitzer. The sculpture features a plaque stating that it was made for Pulitzer under Rodin’s immediate supervision. The other casts included in the Impressionist and Modern Art auction are Rodin’s beloved The Kiss (1909) and Ugolino and His Children (1883), which was only cast three times during Rodin’s lifetime.

The Directorate of Fine Arts commissioned The Gates of Hell, which was inspired by Dante Alighieri’s The Divine Comedy, in 1880. The project was originally expected to take five years but Rodin spent 37 years working intermittently on what would become the defining sculpture of his career. While The Gates of Hell was never fully realized, many of Rodin’s most notable sculptures are related to the single and multi-figure works he created for the commission.

On Tuesday, April 9, 2013, Christie’s announced that they have been granted a license allowing them to hold independent auctions in Mainland China, making them the first international auction house to do so. The company’s inaugural sale will be held autumn 2013 in Shanghai. Christie’s has been building its relationship with China since 1994 when the auction house set up a representative office in Shanghai.

China’s art market continues to grow at a rapid pace, making it an ideal location for international auction houses. The sale of art and antiques in China garnered $13.7 billion in 2012, making it the second largest market in the world behind the United States. The country’s strong buyer base has been active in Christie’s global auction centers in New York, London, Hong Kong, and Paris. In fact, the number of clients from Mainland China bidding at Christie’s international auctions has doubled since 2008. Christie’s presence in Shanghai will allow the auction house to sell directly to China’s growing number of wealthy buyers.  

China’s auction market is currently dominated by the country’s own Beijing Poly International and China Guardian. Sotheby’s joined forces with the state-owned Beijing GeHua Cultural Development Group last year to hold auctions in China. Sotheby’s own 80% of its venture with Beijing Gehua.

Christie’s recently granted license, which is good for the next 30 years, allows the auction house to hold sales anywhere in China, but prohibits the company from selling anything created before 1949. Christie’s plans to sell wine, jewelry, watches, contemporary Chinese paintings, and international modern paintings starting this fall.

Sotheby’s will offer the Collection of Alex and Elisabeth Lewyt in a series of auctions in New York and Paris beginning on May 7, 2013. The works, which include paintings and drawings by Paul Cézanne (1839-1906), Amedeo Modigliani (1884-1920), Edgar Degas (1834-1917), and Camille Pissarro (1830-1903), will lead Sotheby’s Impressionist and Modern Art Sale in New York. Proceeds from the sale will benefit a charitable foundation to be created in the couple’s name. The 200 works, which also include illustrated letters by artists such as Paul Gauguin (1848-1903), are expected to garner anywhere from $67 million to $98 million.

The first sale of the series will present a selection of 20 works from the Lewyt’s collection. Highlights include a seminal Cézanne still-life titled Les Pommes, which the Lewyts bought from the Wildenstein Galleries in 1953; Modigliani’s sensual portrait of the socialite Marguerite de Hasse de Villers titled L’Amazone; and various works by Pissarro, Pierre-Auguste Renoir (1841-1919), Georges Seurat, Pablo Picasso, Georges Braque (1882-1963), and Marc Chagall (1887-1985).

Alex Lewyt, a New York-based vacuum cleaner inventor who died in 1988, and his wife, Elisabeth, an animal-welfare activist who died this past December, began amassing their remarkable collection in the 1950s.  

A temporary export bar has been placed on a drawing by Raphael (1483-1520) titled Head of a Young Apostle. The Renaissance masterpiece, which is worth upwards of $47 million, is one of finest works held in a British private collection.

The drawing has been a part of the Duke of Devonshire’s collection at Chatsworth since the 1700s and was sold at Sotheby’s in December for $47.8 million, nearly three times the drawing’s low estimate. The Raphael work, which broke the auction record for a work on paper, was sold to benefit the Chatsworth’s long-term future and that of its collections. The UK’s arts minister, Ed Vaizey, hopes that an export bar will provide enough time for an interested buyer to raise the money necessary to keep the drawing in the country.

Head of a Young Apostle was created between 1519 and 1521 as a study for one of the figures in Raphael’s final painting, the Vatican’s The Transfiguration.