Displaying items by tag: proceeds

On Saturday, April 18, 2015, the Los Angeles County Museum of Art celebrated the museum’s 50th anniversary at a special fundraising gala, co-chaired by LACMA trustees Ann Colgin, Jane Nathanson, and Lynda Resnick. The evening welcomed approximately 750 guests and raised $5 million, the proceeds of which will benefit the museum’s programming and acquisitions. LACMA’s 50th Anniversary Gala was sponsored by Christie’s.

In honor of the occasion, Mrs. Nathanson and Mrs. Resnick gifted significant works of art to the museum’s collection; in addition, the two trustees led a campaign encouraging other patrons to donate or bequeath major artworks to LACMA.

Over the past few months, observant Washington Post employees have noticed that familiar works of art, some deeply beloved, others as familiar as wallpaper, were disappearing from the walls of the Post’s offices. Now we know why: Graham Holdings (as the company which once owned the Washington Post is now known) has decided to sell much of the corporate art collection begun by former Washington Post publisher Katharine Graham in the 1970s. The company is offering the collection, which is strong on works by local Washington artists, for what it says is a reduced rate to employees. Proceeds will be given to TheDream.US, a scholarship fund founded by Donald Graham to help undocumented students.

“We wanted to do this as a farewell gesture to Post employees and to give corporate and newspaper employees an opportunity to own artworks they have enjoyed and loved,” said Rima Calderon, vice president for Communications and External Relations at Graham Holdings.

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.

Back in January, a 17^th century masterpiece was discovered at Paris’ legendary Ritz hotel, which is currently undergoing a major $267.5 million renovation. Olivier Lefeuvre, a specialist in the period at Christie’s France, first spotted the work, which is by the French painter and court artist of Louis XIV, Charles Le Brun (1619-1690). How the painting ended up in the Ritz remains a mystery, as the hotel archives lack any reference to the work.

The 400-year-old painting was sold by auction house Christie’s on Thursday, April 18, 2013 to New York’s Metropolitan Museum of Art for $1.88 million. The Met does not have any other works by Le Brun so the acquisition will be a welcomed addition to the museum’s collection of 17^th century paintings. The masterpiece is expected to go on display at the Met at the end of May.

The painting, which depicts the killing of Trojan princess Polyxena after she was linked to the death of Achilles, had hung in one of the suites at the Ritz that designer Coco Chanel lived in for over 30 years. Proceeds from the sale will go to the foundation established by Ritz owner Mohamed Al Fayed in memory of his son Dodi, the late boyfriend of Princess Diana.

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.  

Christie’s online-only auction of 125 works by Andy Warhol (1928-1987), which ran from February 26-March 5, 2013 was a huge success. The sale, which included paintings, drawings, photographs, and prints, garnered $2.3 million, doubling its pre-sale estimate. Proceeds from the auction will benefit The Andy Warhol Foundation for the Visual Arts, which is dedicated to the advancement of the visual arts.

The auction, which was the first online-only Warhol sale, attracted 65,000 visitors and 263 bidders from 36 countries. The featured works had estimates ranging from $600 to $70,000 and many have never been on public view. Highlights from the sale included I Love Your Kiss Forever, a 1964 lithograph of Marilyn Monroe’s lips that fetched $90,000, more than 40 times its pre-sale estimate; In the Bottom of My Garden (circa 1956), a complete book of offset lithographs colored by hand that realized $80,250; and a t-shirt screen printed with Warhol’s Self-Portrait with Fright Wig, which garnered $47,500. The only lot that failed to sell was a graphite on paper drawing titled Madonna and Child (circa 1981), which was expected to bring $30,000-$40,000.

The next Andy Warhol @ Christie’s sale is in April 2013 and will be dedicated to Warhol’s legacy at the famed New York nightclub, Studio 54. Christie’s will host a number of online auctions throughout 2013 as part of an ongoing partnership with the Warhol Foundation.

The London branches of Sotheby’s and Bonhams will join forces with the Cologne-based auction house, Lempertz, to sell off works from the late Gustav Rau’s (1922-2002) vast collection. Rau, a well-known art collector and philanthropist, passed away suddenly in 2002, leaving his remarkable collection to Unicef’s German branch. Rau’s holdings, which include many Old Master and Impressionist paintings and sculptures, were estimated to be worth around $600 million at the time of the bequest.

While Unicef has sold a number of Rau’s works to fund ongoing projects over the years, this is the first time a significant portion of the collection has come up for sale. The auction, which is planned to take place this summer, will feature works by Jean-Honoré Fragonard (1732-1806), El Greco (1541-1614), and Claude Monet (1840-1926) among many others. The works are all in pristine condition as Rau either left his collection in storage or offered them to museums for exhibition purposes rather than hanging them in his own home.

All proceeds from the sales will benefit children’s causes, specifically in emerging countries. Rau, who spent much of his life working as a doctor in Africa, was a champion of clean drinking water initiatives and better vaccination practices in developing areas. Unicef plans to use a large portion of the funds to finish a children’s hospital in the Democratic Republic of the Congo that Rau founded before his death.      

On June 5, 2013 the Corcoran Gallery of Art in Washington, D.C. will auction 25 rugs from its William A. Clark Collection at Sotheby’s New York. The rugs, which are from the 16^th and 17^th centuries, are estimated to bring as much as $9.6 million.

The rugs were part of a bequest from William Clark (1839-1925), a Montana-based billionaire 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.

Highlights from the Corcoran sale include the Clark Sickle-Leaf Carpet, which is expected to garner between $5 million and $7 million. An unknown Persian artist created the rug during the first half of the 17^th century possibly for the shah. The rarely exhibited Sickle-Leaf is one of the most iconic and important carpets to appear at auction. Another rug known as the Lafoes Carpet, which measures 44 feet long, is expected to bring between $800,000 and $1.2 million.  

A significant painting by Thomas Cole (1801-1848), the English-born American artist who founded the Hudson River School, will be sold to benefit the Seward House Museum in Auburn, New York. Portage Falls on the Genesee (1839) was given to the American politician William H. Seward (1801-1972) while he was the governor of New York prior to the Civil War. Seward went on to serve as Secretary of State under Abraham Lincoln and Andrew Johnson.

The painting, which depicts what is now Letchworth State Park in western New York, has been a part of the Seward Museum’s collection for decades. Seward’s home and contents were donated to the Fred L. Emerson Foundation in the 1950s by Seward’s grandson, William Henry Seward III. The Seward House opened to the public in 1955 and became a registered National Historic Landmark in 1964. The museum became a fully independent, not-for-profit museum in 2009 and the Cole painting was retained by the foundation.

The recent discovery of the painting’s value and the subsequent need for greater security prompted officials to put the work up for sale. Funds from the sale will be split between the Emerson Foundation and the Seward House Museum. The museum plans to use its portion of the proceeds to further its preservation mission. Portage Falls on the Genesee is being kept in a secure storage location until the sale is official.