Displaying items by tag: sales

In 1979 when Jean-Michel Basquiat (1960-1988) was still an unknown graffiti artist, he shared an apartment with his girlfriend, Alexis Adler, in Manhattan’s East Village. Typical of his street art roots, Basquiat covered the space in murals, his signature scrawled crowns, and other artistic markings. The couple split up a year later, shortly before Basquiat rocketed to art stardom. Sadly, his life and career were cut tragically short by a drug overdose in 1988.

Adler, who now works as an embryologist at New York University, eventually purchased the apartment she once shared with Basquiat and never painted over his work. She also held on to the artist’s notebooks, postcards, painted clothes, photographs, and drawings. After three decades, Adler has begun consulting with advisors in regard to her unparalleled collection of Basquiat ephemera. It has been rumored that she is looking to release a book on her never-before-seen collection, which could entail an exhibition and sale, but has not been confirmed by Adler.      

After his death, Basquiat remained a major figure in the art market and he continues to be the subject of highly anticipated exhibitions. Adler’s holdings will no doubt be a welcomed addition to the Basquiat market presence. In an attempt to ready herself for the frenzy that will undoubtedly ensue, Adler has hired Stephen Torton, Basquiat’s former assistant, to represent her in any future sales. Lisa Rosen of Fine Art Restoration is responsible for refurbishing and removing a wall from the apartment that contains a full Basquiat mural and Sur Rodney Sur, the former director of the Gracie Mansion gallery, has already catalogued the 65-plus items in the collection.

Also included in Adler’s remarkable collection is a script for a play written by Basquiat and rolls of 35mm film documenting the artist at work as well as candidly going about his day. The collection offers a rare glimpse of the artist on the brink of unprecedented fame.

China’s art market experienced a substantial boom in 2011, bumping the United States out of its top spot and ultimately becoming the world’s principal market for art and antiques. In 2012, amid the uncertain global economy, China’s growth began to slow and its art and antiques market shrank by almost a quarter. This deceleration allowed the U.S. to regain its title as the world’s most significant art market.

The power shift was announced as part of the highly anticipated TEFAF Art Market Report compiled by Dr. Clare McAndrew. McAndrew, a cultural economist who specializes in the fine and decorative art market, is the founder of Arts Economics, a company commissioned by The European Fine Art Foundation to provide a yearly analysis of the worldwide art market. The report coincides with the beginning of TEFAF Maastricht, the Foundation’s annual art fair, which begins March 15, 2013 in the Netherlands and runs through March 24, 2013.

Slowing economic growth and a lack of high quality, high priced items on the market are to blame for China’s slip to the second most influential art market. While auction sales dropped by 30% in China, U.S. sale figures were up 5% to $18.4 billion. In 2012, buyers opted to minimize financial risk by buying works by well-known artists at the top end of the market with Post-War and Contemporary art performing the strongest.

Dr. McAndrew will present her findings at the TEFAF Art Symposium on Friday, March 15, 2013 in Maastricht.

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 Renaissance and Old Master sales, which ran from January 29-31, 2013 in New York, set a number of important records this week. First, during a sale of works by German Renaissance artist Albrecht Dürer (1471-1528) on January 29, a woodcut titled The Rhinoceros sold for $866,500, setting a record for the artist at auction. The piece, which was completed in 1515, surpassed its presale estimate of $100,000 to $150,000. The auction, which presented 65 works from a private collection, brought $6 million in total.

The auction house’s Renaissance and Old Master sales brought in a total of $88.4 million, the highest total for the series of sales in New York since 2006. Contributing to the auctions’ huge success was a number of groundbreaking sales. Fra Bartolomeo’s (1472-1517) The Madonna and Child brought $12.96 million, the top price paid for the artist at auction. Sandro Botticelli’s (1445-1510) Madonna and Child with Young Saint John the Baptist sold for $10.4 million, also setting a record for the artist at auction. The Botticelli painting had previously been a part of the Rockefeller family’s collection for over 50 years.  

Nicholas Hall, Co-Chairman of Old Masters and 19^th Century Art at Christie’s said, “We are so pleased by the results of this week’s Renaissance sale that we have decided to repeat a themed Renaissance sale in January 2014.” He added that the sales have affirmed, “The strength and enduring appeal of Old Master works of art.”

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.

American pop artist Andy Warhol (1928-1987) brought $380.3 million in sales in 2012, exceeding Chinese ink painter Zhang Daqian (1899-1983) as the world’s highest seller at auction. Warhol also surpassed modern master Pablo Picasso (1881-1973) and Gerhard Richter (b. 1932), who holds the record for top living artist at auction.

Warhol’s all-time sales reached $2.9 billion while Picasso, who is regarded as the world’s costliest artist at auction, hit $5 billion. Picasso’s total auction sales for 2012 were down to $334.7 million from $366 million. Officials blame lack of supply for the dip in Picasso sales; while works by Picasso remain in demand, there are currently fewer exceptional pieces on the market. Daqian took an even harder hit than Picasso, slipping from $782.4 million at auction to $241.6, most likely the result of the economic and political uncertainty that pervaded China in 2012, which affected the international demand for Chinese art.

The restructuring that occurred last year knocked Daqian from first to fourth place in terms of selling power, a reflection of the increased demand for western postwar and contemporary works in the art market. A testament to contemporary art’s dominance, auctions in that category raising a record $1.1 billion in November 2012 through sales at Sotheby’s, Christie’s, and Phillips de Pury & Co.

Christie’s announced that Americana Week 2013 will be held from January 24-25 and on the 28^th in New York. The week will include a series of public viewings and auctions focusing on American craftsmanship and artistry. An Important American Silver sale will be held on the 24^th, an Important American Furniture, Folk Art, and Prints auction will take place on January 25^th, and on the 28^th, Christie’s will hold English Pottery and Chinese Export Art sales. The Americana Week auctions will present over 400 lots, many of which are from the 18^th and 19^th centuries and have never been offered at auction until now.

Highlights from the American Silver auction include a drum-form teapot by Paul Revere (1734-1818), a Japanesesque mixed-metal and hardstone style tea service by Tiffany & Co., and a set of silver casters by Simeon Soumaine (circa 1685-circa 1750) from 1740.

Leading the American Furniture, Folk Art, and Prints sale is a Chippendale carved mahogany block-and-shell bureau table signed by John Townsend (1733-1809). The bureau table will be offered alongside a Queen Anne carved maple armchair attributed to John Gaines III (1704-1743), an Edward Hicks (1780-1849) painting depicting William Penn’s treaty with Delaware tribal chiefs, a number of early needlework samplers from The Stonington Collection, and much more.

The English Pottery auction presents over 50 lots including early salt glazed stoneware, redware and creamware formed by William Burton Goodwin, and a London delft polychrome dish, which is painted with the biblical story of Abraham and Isaac.

Highlighting the Chinese Export Art sale are a Chinese export ‘orange Fitzhugh’ armorial dinner service from the early 19^th century, a pair of Chinese export famille rose fishbowls, and a Chinese export ‘Lady Washington States China’ dish, which was presented to Martha Washington by Andreas van Braam (1739-1801), the director of the Dutch East India Company, in 1796. Van Braam designed the dish as an introductory gift for the First Lady.

The Affordable Art Fair announced that it will launch a version of its popular show in Hong Kong next year. Taking place from March 15-17, 2013, the fair will bring together 80 local and international galleries at the Hong Kong Convention and Exhibition Centre.

The Affordable Art Fair launched in 1999 and strives to make the art world and collecting more accessible. There are currently 16 Affordable Art Fairs that take place worldwide. Since its inception, Over 1 million visitors have attended Affordable Art Fairs and art sales at the various shows total over $275 million.

The Affordable Art Fair in Hong Kong will present emerging artists alongside well-known names. In an effort to promote buying, all works will be priced around $130 to $13,000 with 75% of offerings under $10,000. Camilla Hewitson, Director of Affordable Art Fair Hong Kong said, “With Hong Kong’s position as the leading contemporary art market in Asia, we feel it is without a doubt the ideal city in which to launch an Afford Art Fair.”

After all of the galas, events, and parties that took place at Art Basel week in Miami died down on Sunday, December 9, it was clear that the show enjoyed another stellar year. In fact, many critics, exhibitors, and visitors deemed 2012 the best Art Basel presentation to date. Steady sales and a constant stream of visitors that totaled 70,000 were reported over the course of the five-day fair. Among the show’s patrons were over 130 museum and institution groups as well as powerful private collectors from across the globe. Exhibitor Adam Sheffer of Cheim & Read Gallery in New York said, “We were delighted again this year by the results of Art Basel Miami Beach. It remains the gold standard of the international art fair circuit.”

PULSE Miami, another contemporary fair that takes place during Miami’s art week, also reported stable sales and high attendance. In fact, the number of visitors to Ice Palace Studios where the show is held was up by 20% from last year. Cornell DeWitt, Director of PULSE Contemporary Art Fairs said, “We are thrilled by the increased number in attendance this year…Collectors at all levels purchased work ranging in price from mid-level well into six figures.” Works by major contemporary artists such as Chuck Close and Robert Longo, and William Eggleston were among the top sales.

With all of the attention and success that Art Basel week has garnered, collectors, exhibitors, and art enthusiasts are surely not wasting any time in making plans for next year’s trip to Miami.

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.