Displaying items by tag: Sotheby's

On June 5, 2013 at Sotheby’s New York the Corcoran Gallery of Art auctioned 25 rugs from its William A. Clark Collection. The rugs, which are from the 16^th and 17^th centuries, brought in $43.7 million, over four times the pre-sale high estimate of $9.6 million, making it the most successful carpet auction ever held. 100% of the lots sold and the auction achieved “White Glove” status, meaning every lot in the sale garnered more than it’s pre-sale high estimate.

The highlight of the auction was the Clark Sickle-Leaf Carpet. An important and iconic rug created by an unknown Persian artist during the first half of the 17^th century, the rarely exhibited piece was expected to garner between $5 million and $7 million. The carpet ended up selling for $33.7 million, the highest price paid for any carpet at auction. Mary Jo Otsea, the senior consultant for rugs and carpets at Sotheby’s said, “Selling the Clark Sickle-Leaf Carpet for a record-breaking price of more than three times the previous auction record for a carpet has unquestionably been the highlight of my 30 year career. It is gratifying to see the strength of the market for carpets of this quality and rarity.”

The rugs were part of a bequest from William Clark (1839-1925), a Montana-based entrepreneur-turned-senator, to the Corcoran in 1925. The gift was comprised of 200 paintings and drawings and a number of other works, including the rugs. The Corcoran will use the proceeds from the sale to support future acquisitions that will better fit the institution’s focus on American and contemporary art. While the Corcoran has endured recent financial troubles, the money will not be used for operating expenses in keeping with its deaccession policy.

Cahiers d’Art, a famed French literary journal and publisher of visual arts, will re-release its definitive catalogue of works by Pablo Picasso (1881-1973). The long out-of-print work titled Zervos Picasso Catalogue after Cahiers d’Art’s founder, Christian Zervos, is comprised of 33 volumes and features over 16,000 paintings and drawings that were amassed during a long-lasting working relationship between Zervos and Picasso.

For the first time ever, the Zervos Picasso Catalogue will be available in English and it will include corrections to the original catalogue made in cooperation with the Picasso Administration, the organization responsible for managing the artist’s estate. Sotheby’s has been named the worldwide distributor of the catalogue, which will be available on December 15, 2013.

Founded in Paris in 1926, Cahiers d’Art was revered for its publications highlighting the most important artists of the early 20^th century. Zervos Picasso Catalogue is arguably the publisher’s most important work. With the earliest volumes dating back to 1932, complete sets of the catalogue are extremely uncommon. Staffan Ahrenberg, the current owner of Cahiers d’Art, said, “Christian Zervos dedicated his life to Picasso, and it is our great honor to continue the Zervos/Picasso story and legacy. I think it is essential for Zervos to be back in print and available to collectors, scholars, and trade.”

Sotheby’s American Art auction, which took place today, May 22, 2013 in New York, garnered upward of $28 million, surpassing the sale’s high estimate of $24.4 million. Out of the 62 lots offered, 83.9% sold and 93.8% sold by value. This was the third consecutive American art sale at Sotheby’s to exceed its high estimate.

The auction’s top lot was the highly anticipated John Singer Sargent (1856-1925) painting Marionettes (1907), which achieved $5.2 million (estimate: $5 million-$7 million). Best known for his portraits of members of high society, Marionettes is a departure from Sargent’s usual subjects. The painting depicts men from Philadelphia’s large Italian American community performing Sicilian puppet theater at the turn of the 20^th century. When Sargent created the work, he was well established and considered to be the preeminent portrait painter of his time. The painting was part of Sargent’s personal collection for over 20 years and was passed down through the artist’s family to the owner who offered the work at Sotheby’s.

Proving the enduring strength of Norman Rockwell (1894-1978) in the American art market, six paintings by the artist sold together for $6.5 million, garnering double their overall high estimate of $3 million. Another work by Rockwell, He’s Going to Be Taller than Dad, was the object of seven bidders desire. The domestic scene of a young boy and his dog sold for $2.6 million, far exceeding its high estimate of $700,000.

At the sale, auction records were set for the modern painter Milton Avery (1885-1965), California landscape painter William Keith (1838-1911), and portraitist Irving Ramsey Wiles (1861-1948).

American art sales continue tomorrow, May 23, 2013 at Christie’s in New York.

Sotheby’s evening sale of Contemporary Art, which took place on Tuesday, May 14, 2013 in New York, saw a number of exceptional works sell for record-breaking prices. The night’s top lot was Barnett Newman’s (1905-1970) Onement VI, an iconic Abstract Expressionist painting, which garnered $43.8 million. The work exceeded its high estimate of $40 million and set an auction record for Newman. The dark blue canvas, which measures 8 ½ feet x 10 feet and is sliced down the middle by a pale blue streak, is a remarkable example of Newman’s association with abstract expressionism as well as color field painting.

Other highlights from the sale included Gerhard Richter’s (b. 1932) oil painting of Milan’s cathedral square, Domplatz, Mailand (estimate: $30 million-$40 million), which sold for $37.1 million and set a record for Richter as well as for any living artist at auction; a sculpture by Yves Klein (1928-1962), which sold for $22 million and broke the record for the artist at auction; and Clyfford Still’s (1904-1980) PH-12, which was estimated to sell for $16 million to $20 million and ended up going for $20.9 million.

Although there were a number of high-profile sales, the auction was not without some failures. Francis Bacon’s (1909-1992) Study for Portrait of P.L., which was expected to bring $30 million $40 million didn’t find a buyer. Two works by Jeff Koons (b. 1955) also failed to sell.

The auction happenings will continue in New York at Christie’s, where Post-War and Contemporary sales will be held through the afternoon of Thursday, May 16, 2013.

On May 22, 2013, Sotheby’s New York will offer a rare John Singer Sargent (1856-1925) painting as part of its annual spring auction of American Art. Marionettes (1903), which is expected to sell for between $5 million and $7 million, was part of Sargent’s personal collection for over 20 years and was passed down through the artist’s family to the present owner.

Best known for his portraits of members of high society, Marionettes is a departure from Sargent’s usual subjects. The painting depicts men from Philadelphia’s large Italian American community performing Sicilian puppet theater at the turn of the 20^th century. When Sargent created the work, he was well established and considered to be the preeminent portrait painter of his time.

Eventually, Sargent grew tired of painting portraits and started traveling to seek out new inspirations. Sargent painted a number of marionette works during a four-month stint in Philadelphia. In 1909, Sargent ceased painting portraits of the elite altogether and decided to paint only what he wanted to.

Only six works by Sargent have ever appeared at auction and carried an estimate in excess of $5 million. Group with Parasols, which sold at Sotheby’s in 2004 for $23.5 million, set the record for the artist at auction.

Marionettes will go on view at Sotheby’s on May 18, 2013.

Sotheby’s announced its financial results for the first quarter of 2013, which ended March 31. The auction house’s first quarter total revenues were $101.7 million, a $3.2 million decrease from 2012. The decline was mainly caused by a reduction in auction commission margin from 18.1% to 15%. However, the quarter’s net auction sales increased 23% compared to last year’s first quarter.

High-grossing categories, including Impressionism as well a Modern and Contemporary Art, remained highly competitive. In an effort to enhance revenue and strengthen auction commission margins, Sotheby’s changed its buyer’s premiums structure rate on March 15, 2013. Buyers now pay 25% on the first $100,000 of a work’s selling price; 20% on the portion of the price above $100,000 but under $2 million; and 12% on any remaining amount about $2 million. Since most sales for the first quarter of 2013 took place before this shift occurred, it did not have a substantial impact on Sotheby’s results for the first quarter of 2013.

Due to the nature of the auction seasons, first and third quarters tend to bring in lower revenues than the second and fourth quarters. Typically, first quarter results are not an accurate gauge of expected full year results. Sotheby’s Chairman, President and CEO Bill Ruprecht said, “The first quarter showed a solid increase in auction sales compared to the prior year, but the results illustrate how competitive the market is for the highest value consignments. That competition resulted in lower commission margins, which is reflected on the bottom line.”

An iconic painting by Paul Cézanne (1839-1906) was the top lot at Sotheby’s auction of Impressionist and Modern Art yesterday, May 8, 2013 in New York. Les Pommes (1889-90), a still life of apples on a table, sold for $41.6 million, exceeding its high pre-sale estimate of $35 million. The second highest earning work at the auction was Amedeo Modigliani’s (1840-1929) L’Amazone, a well-known portrait of Baroness Marguerite de Hasse de Villers, which sold for $25.9 million falling within its presale estimate of $20 to $30 million. Both of the works were from the collection of philanthropists Alex and Elisabeth Lewyt and will fund a foundation set up in their honor to contribute to their favorite causes including animal welfare.

Other major sales included a Fernand Léger (1881-1955) painting previously owned by Madonna, Trois Femmes a la Table Rouge, which sold for $7.2 million (estimate: $5-7 million); a Pablo Picasso (1881-1973) sculpture of his muse Sylvette, which garnered $13.6 million (estimate: $12-$18 million); and three bronze sculptures by Auguste Rodin (1840-1916) including a version of his famed The Thinker, which brought $15.3 million (estimate: $8-$12 million).

The total sale netted over $230 million, just under the pre-sale high estimate of $235.1 million.

Pablo Picasso’s (1881-1973) granddaughter, Marina Picasso, has chosen Sotheby’s to sell two paintings by her grandfather from her personal collection. The sale will benefit children and adolescents in difficulty, a cause Marina Picasso is a major champion of. She has provided substantial funding and assistance to foundations in Vietnam, France, and Switzerland.

Marina Picasso’s collection was the subject of a traveling exhibition in the 1980s but this is the first time that any of her works have been offered for sale. The two paintings, which will be part of Sotheby’s Impressionist & Modern Art Sale in Paris on June 6, 2013, are Palette et Tete de Taureau (1938) and Femme Assise en Robe Grise (1943). The works echo the aesthetic implications of Picasso’s famed Guernica (1937), which captures the dark, somber tone of Picasso’s works from this period, the result of the horrors endured due to the Spanish Civil War.

Palette et Tete de Taureau is expected to bring $1.3 million-$1.9 million and Femme Assise en Robe Grise is expected to garner $3.2 million-$4.5 million.

Sotheby’s has announced that they will be opening a gallery for private sales close to its London outpost on Bond Street. The gallery will be ideal for big-name collectors who prefer to do business through unpublicized sales rather than in the public auction arena.

Private sales have seen an uptick in recent years and unpublicized transactions increased at Sotheby’s by 11% in 2012. These inconspicuous sales accounted for $906.5 million of the $5.4 billion Sotheby’s brought in from auctions the same year. Most of Sotheby’s private sales come from big-ticket modern and contemporary works, which are sold when a buyer visits a viewing room within the auction house. Details surrounding these transactions are often kept under wraps. These private sales are also beneficial for the auction house because publicity costs are nonexistent.

Sotheby’s new gallery is expected to open in London during the fall of 2013.

When Steven Brooks, a collector of Old Master paintings, purchased Louis-Michel van Loo’s Allegorical Portrait of a Lady as Diana Wounded by Cupid from Sotheby’s in 2004, he was unaware that the work was once owned by the German war criminal Hermann Goering. After it surfaced that Nazis possibly looted the work, Brooks deemed the painting worthless and decided to sue Sotheby’s for not thoroughly researching the work’s provenance.

The painting’s problematic past was revealed when Brooks tried to sell the painting at Christie’s in 2010. Specialists at the auction house discovered that Goering had purchased the painting in 1939, leading Christie’s to decline the offer to sell Portrait of a Lady on behalf of Brooks. Brooks’ lawsuit claims that Sotheby’s also refused to auction the work and won’t refund the nearly $90,000 he spent on the painting in 2004.

While there is no solid proof that the work was looted by Nazis, the uncertainty surrounding the painting makes it unsalable and in turn, monetarily worthless. Sotheby’s 2004 catalogue lacked any information on the painting between 1906 and 1987 and Christie’s was unable to determine anything other than the fact that Goering once owned the work. It is typical for private dealers to avoid works whose ownership cannot be traced between 1933, when the Nazis came to power, and 1945, when World War II ended, because of potentially problematic provenances.

There are currently no claimants for van Loo’s Allegorical Portrait of a Lady as Diana Wounded by Cupid.