Displaying items by tag: buyer

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.

An ornately decorated 18^th century Chinese porcelain vase sold for a record-setting $83 million in London on November 11, 2010. The vase, which was made for the Qianlong Emperor, soared past its presale estimate and became the highest-selling Asian work of art ever offered at auction. However, the original buyer failed to pay for the vase and the piece is now being sold for less than half its record-setting price.  

The vase’s owners, Tony Johnson, a retired lawyer, and his mother, Gene, have held on to the work for over two years after the original sale without seeing a profit. Johnson and his mother recently found another buyer for the vase, which will sell for an undisclosed amount believed to be between $32.1 million and $40.2 million. The London-based auction house Bonhams helped facilitate the sale.

The recent price tag is much more sensible for the Qing-dynasty vase, which features a reticulated body painted in the famille rose palette. The sale of Chinese art and antiquities peaked in 2010, leading to a number of major sales that were not always realized. The demand for Chinese works of art has since leveled off.

A house built in 1952 by Frank Lloyd Wright for his son, David, has spent months on the brink of demolition. Fortunately, an anonymous buyer has purchased the Phoenix, Arizona home, ensuring its preservation.

The buyer paid $2.387 million for the house, which overlooks the picturesque Camelback Mountains. The former owners, Steve Sells and John Hoffman of the Arizona-based development company, 8081 Meridian, continued to raise the price of the house after purchasing the property for $1.8 million this past June.

The Frank Lloyd Wright Building Conservancy, an organization devoted to preserving the seminal architect’s legacy, facilitated the recent sale. After hearing that the former owners planned to level the house and split the lot to build new homes, the conservancy petitioned the city with the help of other organizations, asking that the house be granted landmark status. While three local government bodies approved the proposal, the City Council, which would be the deciding vote, repeatedly postponed their decision.

One of Wright’s most significant later works, the house in Phoenix features a coiled design similar to the one Wright employed for the Guggenheim Museum in New York. For years ago, Wright’s granddaughters decided to sell the house to a buyer they thought would preserve it. However, the house was sold again in June to 8081 Meridian putting it in danger of demolition.

While the house is in need of approximately $300,000 worth of restoration, the conservancy is helping to establish a nonprofit organization that will maintain and operate the house as well as oversee the renovation. The new owner plans to acquire landmark status for the house so that it can be made available for educational purposes on a limited basis.

This past March, the highest court in Germany for civil affairs ordered that 4,300 pre-World War II posters looted by Nazis were to be returned to Peter Sachs, a retired airline pilot. Sachs is the son of Hans Sachs, a Jewish dentist who fled Germany in 1938 after being arrested by Nazis and sentenced to the Saschsenhausen concentration camp.

The poster collection, worth more than $5.8 million, was previously kept at The Deutsches Historisches Museum in Berlin. Sachs started his collection in the late 19^th century at a young age and went on to publish a poster magazine called Das Plakat, found a society, and give lectures on the subject. Unique works by Henri de Toulouse-Lautrec, Ludwig Hohlwein, Lucian Bernhard, and Jules Cheret are included in the collection.

At the time of its confiscation, Sachs’ collection was the largest of its kind. When the Gestapo seized the posters in 1938, Sachs was told that Propaganda Minister Joseph Goebbels wanted the works for a new museum wing dedicated to “business” art. Sachs’ collection included advertisements for travel destinations and various products as well as propaganda and political posters.

When Sachs arrived in the U.S. with his wife and young son, he assumed that he would never see his collection again. In 1961 he accepted about $50,000 from the West German government, figuring the works had not survived the war. In 1966 when Sachs learned that some of his collection was still intact in East Berlin, he made contact with communist authorities in an attempt to get the posters loaned for exhibitions. He never succeeded.

After Sachs’ death, his son Peter fought a five-year legal battle for the return of his father’s posters after a government panel denied his claim in 2007. The court ultimately ruled that Sachs had never lost legal ownership of the post collection and that Peter, Sachs’ heir, had the right to possession.

Guernsey’s auction house will handle the collections’ sale in three intervals. The first auction is scheduled for January 18, 2013 and the second and third series will take place at six-month intervals. Guernsey’s hopes to find a single buyer for the collection and has been in talks with museums in Germany, Israel, and the U.S.