Displaying items by tag: Auction

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.

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.

During the holiday season donations to Goodwill start pouring in; one location in Federal Way, Washington got more than they bargained for this year. A signed etching by the pioneering Surrealist artist, Salvador Dali, was dropped off by an anonymous donor and quickly identified by employee, Shea Munroe. The piece was added to Goodwill’s online auction system for a mere $999 and the price has continued to soar. It is currently listed on the organization’s auction site at $18,525. The auction ends tonight, November 19, at 7:30 p.m. PST.

Authenticated by Period House Appraisal Service in Tacoma, the framed color etching titled, Reflections, is from the artist’s The Cycles of Life Suite and features one of Dali’s famous melting watches. Signed and numbered “126/150,” the piece is also labeled as an “etching and photolithography from collage.” Although the work’s paper is slightly warped due to humidity and there is some discoloration to one part of the matting and a few scratches and scuffs to the glass and frame, the etching will undoubtedly sell for an impressive price.

Goodwill trains their employees to look for potentially high-value items and asks that they put aside any signed items or pieces with paperwork attached. Other valuable items that have appeared on the Goodwill auction site are a Rolex watch that sold for $900, a diamond ring that reached $12,000, and a Frank Weston Benson watercolor that fetched $165,002 in 2006, the most valuable piece to sell online to date.

Christie’s Post-War and Contemporary auction edged out Sotheby’s as the blockbuster sale of the week. Profits reached a walloping $412,253,100 on Wednesday night in New York and only six of the 73 lots went unsold. Beating the pre-sale estimate of $289,350,000-$411,800,000, the auction was the second highest grossing in Christie’s history. The record is currently held by the November 2006 Impressionist and Modern sale that brought $491.5 million. However, last night’s auction was the highest earning sale for the Post-War and Contemporary category to date.

During the course of the sale seven artist records were set and six works sold for over $20 million. Brett Gorvy, Chairman and International head of Post-War and Contemporary Art said, “We curated the sale around the rich variety of quality works and most coveted artists.” Works by these big name artists proceeded to sell for mind-bogglingly astronomical prices.

Andy Warhol’s iconic portrait of Marlon Brando, titled Marlon, (1966) sold for $23,714,500, Roy Lichtenstein’s interior Nude with Red Shirt (1995) brought $28,082,500, and Franz Kline’s seminal Abstract Expressionist painting, Untitled (1957) sold for a record $40,402,500. Other major sales included Warhol’s 3-D Statue of Liberty (1962) that went for $43,762,500, Mark Rothko’s Black Stripe (Orange, Gold and Black) that sold to a telephone bidder for $21,362,500, and Jeff Koons’ stainless steel Tulips (1995-2004) that brought $33,682,500, a new record for the artist. Jean-Michel Basquiat’s Untitled (1981) was expected to bring in big numbers and did not disappoint at $26,402,500, but the piece stayed under its high estimate of $30 million.

Contemporary sales continue tonight at Phillips de Pury.

The Contemporary art auction that took place at Sotheby’s Tuesday night made up for any disappointment stemming from last week’s Impressionist and modern art sale. Profits from the Contemporary sale reached $375.1, the highest total for any auction in Sotheby’s history. The previous record of $362 million was set in May of 2008.

The biggest sale of the night, Mark Rothko’s No. 1 (Royal Red and Blue) (1954) stirred up some competition and ended up selling to a telephone bidder for $75.1 million after the auction house’s fees. Other impressive sales included Jackson Pollack’s Number 4, 1951 that brought $40.4 million with fees, a record for the artist, and Francis Bacon’s Untitled (Pope) (1954) that sold for $29.7 million with fees. A number of high-quality works on paper by Andy Warhol also sold well. Green Disaster (Green Disaster Twice) (1963) sold to newsprint tycoon, Peter Brant, for $15.2 million and Suicide sold to the Manhattan art dealer, Philippe Ségalot, for $16.3 million, a record for a Warhol work on paper.

Out of 69 works offered at the auction, only 11 went unsold.

Held at Christie’s in New York this past Monday, the first in a series of auctions to benefit the Andy Warhol Foundation for the Visual Arts brought in over $17 million. The sale featured over 354 works by Andy Warhol including prints and photographs. Online auctions will begin this coming February.

Many works exceeded their high estimates including Jackie, a screen print and paper collage of Jacqueline Kennedy that had a high estimate of $300,000 and sold for $626,000 as well as Self Portrait in Fright Wig which was estimated at $12,000-$18,000 and sold for $50,000. The biggest sale of the night was a print featuring a butterfly titled Endangered Species: San Francisco Silverspot that reached over $1.2 million.

Profits from the sale will go towards the foundation’s endowment, and will help the organization to expand their contributions to the visual arts.

Four works by contemporary heavyweights Fred Tomaselli, Takashi Murakami, Mickalene Thomas, and Gilbert & George will be offered by Christie’s to benefit the artistic activities of the Brooklyn Museum. Profits from the sale, which will be held during the Post-War and Contemporary auction on November 15, will go towards the preservation and presentation of the museum’s collection, exhibitions, and a variety of public programs. The four works were made especially for the auction.

The sale marks the beginning of BKLYN: A Celebration of the Brooklyn Museum, a multi-year collaboration between Christie’s and the museum that will include additional sales benefitting the institution. Housed in a 560,000-square-foot Beaux-Arts building, the Brooklyn Museum is one of the oldest and largest institutions in the country. Its permanent collection features everything from ancient Egyptian pieces to contemporary art.

One of the biggest sales at Doyle New York’s Rare Books, Autographs, and Photographs auction on November 5 was an important letter by George Washington. Purchased by a private collector for $362,500, the letter surpassed its pre-sale estimate of $80,000-$100,000. It was the fourth highest price paid at auction for a letter by Washington and the highest price for a single-page letter.

Written to James McHenry, Washington’s wartime aide on December 10, 1783, the President writes of his intention to resign as Continental Commander and become “translated into a private Citizen.” The letter was sold with McHenry’s archives in 1859 to Baltimore collector William T. Walters. It remained in Walters’ family until it was offered at Doyle’s auction.

The entire sale totaled $1,604,594, surpassing the pre-sale estimate of $849,200 to $1,255,000 and 90% of lots sold. Besides George Washington’s letter, major sales included John Webster’s The Deuils Law Case… (1623), the first quarto edition, which achieved $25,000; a set of Author’s Autograph Edition of Whitman that sold for $22,500; and a letter from Paul Gauguin to Camille Pissarro that brought $28,125.

The top sale at last night’s Impressionist and modern Art auction at Sotheby’s in New York was a 1932 painting by Pablo Picasso of his muse, Marie-Therese Walter. The suggestive Nature Morte aux Tulipes, estimated at $35 to $50 million, sold to a phone bidder for $41.5 million.

The sale at Sotheby’s took place just one day after Christie’s lackluster Impressionist and modern art auction and didn’t fare much better than its predecessor. While there were some notable sales, 31% of lots went untouched including mid-level works by Degas and Rodin. While many have been blaming the election and unfortunate weather for the mixed sales, the quality of the work featured has also in question. Many have taken note of the padded sales by both auction houses and during these delicate economic times, buyers want to spend money on exceptional works, not mediocre works by exceptional artists.

On a positive note, there were a number of impressive sales besides the Picasso portrait. Claude Monet’s 1881 landscape Champ de Blé estimated at $5 to $7 million fetched $12.1 million and a photograph of Marcel Duchamp taken by Man Ray sold for $2.4 million, well over it’s $1.7 million high estimate. Another work that exceeded expectations was Fernand Leger’s Les Contructeurs, which went for $1.37 million, more than double its low estimate. The sale brought in $163 million; it was expected to garner about $169 million in total.  

After a monumental postwar and contemporary auction that totaled $386 million this past spring, Christie’s expects an even bigger sale this November. Taking place November 14–15 in New York, the auction house estimates that the Post-War and Contemporary Art Sale could garner more than $441 million.

The 74-lot evening auction includes Andy Warhol’s Statue of Liberty canvas expected to bring in around $35 million and one of his silkscreens of Marlon Brando estimated at $15-$20 million. Other major draws include Jeff Koons’ balloon tulips for $25 million, a Rothko painting for $15-$20 million, and works by market darlings Alexander Calder, Gerhard Richter, Franz Kline, Ellsworth Kelly, and Jasper Johns. Jean-Michel Basquiat’s Untitled (1981) is expected to set records for the artist with an estimate of $20 million.

Christie’s has already brought in $928 million in contemporary art sales this year.