Displaying items by tag: auction house

Christie’s announced that they will be raising their buyer’s premium, a fee charged to buyers at auction, for the first time since 2008. The auction house had been charging 25 percent for the first $50,000 of a sale, 20 percent on the amount from $50,001 to $1 million, and 12 percent on the remaining price. The increase, which will go into effect on March 11, 2013, will bring the charges up to 25 percent for the first $75,000, 20 percent on the amount from $75,001 to $1.5 million, and 12 percent on the rest.

In recent years auction houses have started offering certain sellers a percentage of the buyer’s premiums, which can result in lower profits for the auction companies but ultimately brings in more business. Last month Christie’s announced that its sales for 2012 totaled $6.27 billion, a 10 percent increase from its 2011 sales. While no other auction houses have announced increases in buyer’s premium, it has been a trend among them in the past.

Christie’s International announced that they will be closing their Haunch of Venison subsidiaries in New York and London in March 2013. The gallery in Chelsea will close after its exhibition, How to Tell the Future from the Past, ends its run on March 2. The London gallery, known as the Yard, will be converted to a permanent exhibition and sales space for Christie’s private sales department.

Founded by art dealers Harry Blain and Graham Southern in 2002, Haunch of Venison represents and exhibits the works of emerging and established contemporary artists. The gallery’s name comes from the London courtyard, Haunch of Venison Yard, where it was originally based. Christie’s bought the gallery, which had branches in London, Berlin, and New York, in 2007. Haunch of Venison’s Berlin branch closed in 2010, the same year Blain and Southern left Haunch to start a new gallery, BlainSouthern.

Christie’s decision to shutter the Haunch of Venison galleries came as private sales have been gaining ground for the auction house. The restructuring will focus the company’s attention on those private sales rather than working as a primary gallery representing artists. Haunch of Venison has also withdrawn from the upcoming European Fine Art Fair in Maastricht.

Christie’s will be holding an online-only auction of works by Andy Warhol (1928-1987) from February 26 through March 5, 2013. The sale, which aims to grant a broader audience the chance to own a Warhol original, will benefit the Andy Warhol Foundation for the Visual Arts.

125 paintings, drawings, photographs, and prints by Warhol, an art market powerhouse, will be available. The works feature a wide range of pre-sale estimates, spanning from $600 to $70,000. The online format allows interested buyers to browse available works, make bids, and receive notifications by phone or email about the sale and status of their bids.

Although this is Christie’s first online-only Warhol sale, the auction house will be hosting more throughout 2013 as part of an ongoing partnership with the Warhol Foundation. The weeklong digital sale marks the first time Christie’s has ever offered online-only Post War and Contemporary art sales.

Highlights from Christie’s online sale include one of Warhol’s famous Campbell’s soup cans filled with concrete (circa 1964), four gelatin silver prints of Steven Spielberg stitched together (circa 1976-1986), and a graphite on paper drawing titled Madonna and Child (circa 1981).

Following Simon de Pury’s departure from the auction house Phillips de Pury & Co. on December 21, 2012, the company is in the midst of a number of changes. Upon de Pury’s exit after 12 years with the company, the auction house has reverted to its original name, Phillips, and has plans to develop its New York and London locations.

Phillips, which specializes in contemporary art, design, photography, and limited edition prints, will expand their salesrooms in order to compete with bigger auction houses such as Sotheby’s and Christie’s. In February 2013, 11,500 square-feet of offices and 10,000 square-feet of gallery space will be added to the company’s headquarters on Park Avenue in Manhattan.

Last year, Phillips purchased a 52,000 square-foot building in London’s Berkeley Square. The auction house plans to turn the seven-story structure into their London headquarters, which will resemble the company’s Manhattan office. Rumors have circulated that Phillips also purchased space in London’s Mayfair district, but officials have declined to comment.

On December 23, Swiss auctioneer and art collector, Simon de Pury, stepped down as Chairman of the New York-based auction house, Phillips de Pury & Company. The announcement was a shock to many as de Pury has helmed the business for the past twelve years. The Russian firm, Mercury Group, recently completed the acquisition of de Pury’s remaining shares in the company.

Phillips’ CEO, Michael McGinnis, said, “Simon has served as a tireless ambassador for the Company and a compelling presence at the podium. We thank him for his spirited enthusiasm, leadership and dedication.”  

Beginning in the New Year, the auction house will revert to its original name, Phillips, from its founding in 1796. The company, which specializes in contemporary art and design, has operated under the name Phillips de Pury and Company for the past eight years. In addition, starting in February 2013, the auction house will begin the expansion of its Manhattan headquarters on Park Avenue, adding more gallery and office space.

British art collector, Douglas A.J. Latchford, has spent decades building his reputation as one of the foremost experts in Khmer antiquities. Latchford, a resident of Thailand, was knighted in 2008 by the Cambodian government for admirably returning 14^th-century Khmer artifacts.

In sharp contrast to his previous accolades, Latchford is currently the subject of a civil complaint files by the U.S. attorney’s office. Federal lawyers state that Latchford, referred to in proceedings as “the Collector,” bought a 10^th century Khmer warrior statue known as the Duryodhana in the 1970s knowing that it had been looted from a temple during the Cambodian civil war.

While Latchford denies ever having owned the work, court papers claim that he purchased the statue from a Thai dealer who acquired the work from an organized looting network. Allegedly, Latchford then helped get the piece into Britain by concealing what was actually being shipped. Upon its arrival to the U.K., the auction house Spink & Son sold the statue to a Belgian collector in 1975. The collector’s widow is the Duryodhana’s current owner.

The widow approached Sotheby’s New York in 2010, hoping to sell the 500-pound sandstone statue. However, the sale was put on hold because of objections from the Cambodian government. While lawyers are hoping to return the work to Cambodia, the auction house still plans on selling the treasure, stating that there is no evidence to prove that the statue was looted or that it is the property of the Cambodian government.

Latchford has been collecting Cambodian antiquities for over 55 years and has donated many works to well-known institutions, including the National Museum in Phnom Penh and the Metropolitan Museum of Art. A judge is expected to rule on the Duryodhana case within the next few months.

California based auction house, Profiles in History, announced today that they will exhibit highlights from their upcoming auction, The Property of a Distinguished American Private Collector. The exhibit will be held at Douglas Elliman’s Madison Avenue Gallery from December 3 through December 9. The exhibit was supposed to be held at Fraunces Tavern Museum, but an alternate location was needed after Hurricane Sandy inflicted a fair amount of damage on the museum.

The Property of a Distinguished American Private Collector includes over 3,000 manuscripts that will be auctioned off at a series of sales beginning on December 18. The first part of the sale will include 300 of the most important letters and manuscripts from the collection and carries an estimate in excess of $8,000,000.

One of the most notable highlights of the exhibition and sale is a four-page handwritten letter by Vincent van Gogh. In the letter written to his close friends, Monsieur and Madame Ginoux, just seven months before his death, van Gogh talks of his failing mental and physical. He writes, “Disease exists to remind us we are not made of wood…” The letter, penned on January 20, 1890, is expected to bring between $200,000 and $300,000.

Other important documents on view include several manuscripts by George Washington, a Thomas Paine manuscript, a rare Emily Dickinson letter, and other correspondences by Sigmund Freud, Carl Jung, Karl Marx, Charles Darwin, and Thomas Edison.

Phillips de Pury & Company’s Contemporary art auction took place on November 15 in New York and garnered $79,904,500, a seemingly humble amount compared to the $887.5 million auction powerhouses Sotheby’s and Christie’s collectively raked in just days earlier.

A smaller scale auction house than its counterparts, Phillips de Pury offered 37 works, many of which were by younger emerging artists. Dan Colen, Tauba Auerbach, Rashid Johnson, and Sterling Ruby all hit record prices, but the top lot of the night was Andy Warhol’s portrait of Mao Zedong (1973) that sold for its low estimate of $12 million. Another Warhol portrait, this time of Jacqueline Kennedy from 1964, was being sold by Eli Broad and reached $11 million; it was expected to bring $10 million to $15 million. Jean-Michel Basquiat’s Humidity (1982) sold for $9 million, falling considerably behind its low estimate of $12 million. Another Basquiat, Self-Portrait (1982) fared better and brought $4 million, breaking its high estimate of $3.5 million despite having its authenticity questioned earlier in the day.

The auction total landed in the middle of its pre-sale estimate of $73,620,000-$110,730,000. While the edgier offerings from Phillips continued to sell well, works by more established artists brought less impressive prices. While this could be the result of mediocre quality, it is important to remember that tying up a $1 billion auction week is no easy feat.