Displaying items by tag: sold

In 2013, New York’s Metropolitan Museum of Art sold 3,290 objects worth a total of $5.4 million -- the institution’s highest revenue from such sales in eight years. So far, $3 million worth of paintings have been sold in 2014.

The works, which were offered at auction, previously resided in the museum’s storage facility. In 2013, the Met reported a $4.4 million operating deficit, which was said to be caused by Hurricane Sandy and other factors. The institution stated that the proceeds from the sales did not go toward its debt. Rather, the museum sold the works to refine its collection and to make room for future acquisitions. Museums are forbidden by the state Board of Regents from selling artworks in order to fund operating costs.

The Met sold Old Master paintings, Renaissance works, and clothing and accessories from its Costume Institute. The museum currently owns upward of 1.5 million objects.

On November 4, 2013, Christie’s will auction works from the private collection of the prominent art dealer Jan Kruiger. The sale, which will take place five year’s after Kruiger’s death, is expected to garner over $160 million. A consequent sale of works on paper and sculpture will likely bring around $15 million.

The sale at Christie’s will present a mere fraction of Kruiger’s personal collection. The remainder has either been sold privately or resides with his family. Highlights from the upcoming auction include Wassily Kandinsky’s landscape Herbstlandschaft, which carries an estimate of $6 million to $8 million, and Pablo Picasso’s sheet-iron sculpture Tete (Head), which is expected to fetch $25 million to $35 million.

While Christie’s and Sotheby’s were in close competition to helm the sale, Christie’s allegedly offered a more profitable financial package to Kruiger’s heirs, giving them a more significant percentage of the buyer’s premium.

Kruiger opened the Jan Kruiger Gallery of New York, which specialized in 19^th century, 20^th century and contemporary art, in 1967. It remained a fixture of the art world for decades.

Jean-Michel Basquiat’s (1960-1988) neo-expressionist painting Untitled (1982) sold for $29 million at Christie’s in London on June 25, 2013, surpassing its pre-sale estimate of $24.7 million. The work, which was acquired by the seller for $1.7 million in 2002, sold to a telephone bidder. Untitled was painted in the same year as Dustheads, the Basquiat painting that sold for $48.8 million in May 2013, setting the record for the artist at auction.

Other highlights from the Post-War and Contemporary art sale included Roy Lichtenstein’s (1923-1977) Cup of Coffee (1961), which sold for $4.2 million and exceeded its $3 million high estimate; Willem de Kooning’s (1904-1997) uncharacteristically serene Untitled XXVIII, which brought $4.4 million, well past its high estimate of $3.5 million; and Yves Klein’s (1928-1962) SE 181 (1961), a sculpture in the artist’s signature blue hue, which garnered $4.1 million, surpassing its high estimate of $2.7 million. However, not all lots fared so well. Andy Warhol’s (1928-1987) Colored Campbell’s Soup Can (1965) failed to meet its low estimate of $3.4 million due to its unpopular color palette. Steven S. Cohen, the disgraced founder and CEO of SAC Capital Advisors LP, previously owned the work.

Overall, the sale realized a total of $108.4 million and sold 90% by value and 80% by lot. Francis Outred, International Director and Head of Post-War & Contemporary Art, said, “Overall the auction showed an intelligent, solid market and a depth of global bidding, which is a testament to the worldwide interest in Post-War and Contemporary art.”

The German startup, Auctionata, sold Egon Schiele’s (1890-1918) Reclining Woman (1916) for $2.3 million, breaking the record for any artwork sold as part of an online auction. The company, which is less than a year old, auctioned the watercolor on Friday, June 21, 2013 via webcast. The online auction record was previously help by Andy Warhol (1928-1987) whose Flowers series garnered $1.3 million in 2011.

Auctionata, which is helmed by Alexander Zacke, a former Ebay advisor, is planning to expand its online auction offerings to include various categories such as jewels, classic cars, wine and fine art. Along with holding weekly auctions, the company is hoping to establish an online showroom in New York City.

Auctionata currently employs around 250 people including specialists, curators and appraisers. Besides its online auction platform, the website boasts an online store where visitors can purchase antique or special items at their leisure.

London’s Courtauld Gallery, which was founded by the English industrialist and renowned art collector, Samuel Courtauld, in 1931, boasts the most comprehensive collection of Paul Gauguin’s (1848-1903) works in the UK. The Courtauld’s Gauguin holdings include five major paintings, ten prints and one of only two marble sculptures ever created by the Post-Impressionist master.

Collecting Gaugin: Samuel Courtauld in the ‘20s presents the museum’s complete collection complemented by two works that were once in Courtauld’s private collection. Martinique Landscape and Bathers at Tahiti are on loan from the Scottish National Gallery and the Barber Institute of Fine Arts respectively.

Courtauld began collecting works by Gauguin in 1923 when he purchased Bathers at Tahiti, which he later sold, and The Haystacks, which the artist painted in France. Courtauld continued to collect Gauguin’s works until 1929 when he acquired Te Rerioa (The Dream), which resided in his London home for three years before being presented, along with most of his other Impressionist and Post-Impressionist works, as a portion of his founding gift to the Courtauld Institute.

Collecting Gaugin: Samuel Courtauld in the ‘20s will be on view at the Courtauld Gallery through September 8, 2013.

German police arrested two people and raided 28 locations in an effort to halt a multi-million dollar international forgery ring responsible for selling fake paintings they claimed were by Russian avant-garde artists including Wassily Kandinsky (1866-1944). Apartments, business premises, and art galleries in Wiesbaden, Mainz, Suttgart, Munich, and Hamburg were searched by police officers. Over 1,000 items were seized including supposed forgeries and sales documents. Additional searches were carried out in Switzerland and Israel.

The forgers are believed to have sold over 400 works ranging in price from $1,332 to over $1 million since 2005, accruing more than $2.7 million. The two men who were arrested are believed to be the leaders of an international group of six counterfeiters. Private collectors in Germany and Spain acquired most of the fakes sold by the forgery ring.

Confidence in the German art market has been unstable since it was shaken by the largest forgery scandal to date in 2011. Art forger Wolfang Betrachhi was sentences to six years in jail after admitting to painting copies of works by Fernard Leger (1881-1955) and Max Ernst (1891-1976) and then selling them as masterpieces to unwitting collectors.  

The Michigan state Senate has taken measures to protect the Detroit Institute of Arts’ (DIA) works from being sold as a means to help revive the city’s grim economy. On Tuesday, June 4, 2013, the Senate’s General Government Committee approved a bill that aims to codify the ethical standards implemented by the American Alliance of Museums, which bans institutions from selling artworks for any reason other than the enhancement of its collection.

The Senate decided to take action after Detroit’s emergency manager Kevyn Orr asked for an appraisal of the DIA’s collection. Orr was considering whether the museum’s multi-billion dollar collection could be considered an asset to Detroit, which could potentially be sold to help cover the city’s $15 billion debt. Orr’s inquiry sparked an immediate reaction and DIA hired bankruptcy lawyer Richard Levin of Cravath, Swaine & Moore to protect the collection from any possible losses.

DIA is a unique public museum as Detroit retains ownership of its building and collection while a separate nonprofit institution manages its day-to-day operations. DIA’s collection includes major works by Pieter Bruegel the Elder (1525-1569), Henri Matisse (1869-1954), and Vincent van Gogh (1853-1890). Many of these masterpieces were donated by the city’s finest collectors, some of who have put restrictions on the works stipulating what DIA or the city can do with the works.

The bill, which was approved on a 5-0 vote, will now move to the full state Senate where it will be reviewed later this week.

England’s Ashmolean Museum has acquired one of the most important Pre-Raphaelite paintings remaining in private hands. John Everett Millais’ (1829-1896) portrait of John Ruskin, the leading English art critic of the Victorian era, has been on loan to the institution since January 2012. The work was officially given to the museum by the Art Council England under the Acceptance in Lieu of Inheritance plan, which stipulates that under British tax law debts can be written off in exchange for objects of national significance. The painting recently appeared in Tate Britain’s highly successful exhibition Pre-Raphaelites: Victorian Avant-Garde.

Millais, one of the founders of the Pre-Raphaelite brotherhood, was commissioned to paint the portrait in 1853 by Ruskin himself. While working on the painting, Milliais fell in love with Ruskin’s wife, which ultimately led to the breakdown of the Ruskins’ marriage, Millais’ friendship with Ruskin, and the artist’s involvement with the Pre-Raphaelite movement. After marrying Ruskin’s wife, Effie, Millais gave the portrait to a friend in Oxford, Henry Wentworth Acland. The portrait remained in Acland’s family until his descendants sold it at Christie’s in 1965, where the late owner of the painting purchased it.

The Pre-Raphaelite Brotherhood, which formed in 1848, was a group of English painters, poets, and critics who rejected the traditional approaches to art and painting established by the Mannerist artists who succeeded Raphael (1483-1520) and Michelangelo (1473-1564). Instead, the Pre-Raphaelites turned to medieval and early Renaissance art for inspiration often painting subjects from Shakespeare and the Bible. Pre-Raphaelitism, which rattled Britain from 1848 to 1900, was considered the country’s first avant-garde movement.

A selection of oil paintings from Russia’s Hermitage Museum will be on view at Houghton Hall in England from May 17, 2013 through September 29, 2013. Great Britain’s first prime minister, Sir Robert Walpole, assembled the collection during the first half of the 18^th century and built Houghton Hall to house the works. Paintings from Russian and American collections will complement the works, which are returning to England for the first time in 230 years.

Walpole built Houghton Hall, which now belongs to Lord Cholmondeley, one of his direct descendants, between 1722 and 1735. In 1779,When Walpole’s grandson was in need of money, he sold the majority of his grandfather’s collection to Catherine the Great for nearly $61,500. Approximately 75 of the sold works are returning to Houghton Hall for the exhibition including paintings by Rembrandt (1606-1669), Anthony van Dyck (1599-1641), Nicolas Poussin (1594-1665), and Diego Velázquez (1599-1660).

While a handful of the paintings have been on view in England since their sale in the 18^th century, none of them have returned to Houghton Hall. Designed by the foremost architects of Walpole’s time, James Gibbs and Colen Campbell, Houghton Hall’s lavish interior was decorated by the eminent architect and furniture designer William Kent. Walpole spared no expense and Houghton Hall remains as one of the finest examples of Palladian architecture in England.

The nonprofit Architectural League of New York is the latest party asking the Museum of Modern Art to reconsider their decision to raze the former home of the American Folk Art Museum. The organization wrote an open letter signed by members of its board of directors to MoMA on Monday, April 22, 2013. Prominent architects such as Richard Meier, Thom Mayne, Steven Holl, Hugh Hardy, and Robert A.M. Stern voiced their support against the demolition of the building, which was designed by notable New York-based architects Tod Williams and Billie Tsien.

The monumental building, which features a sculptural bronze façade, was erected twelve years ago on West 53^rd Street by the American Folk Art Museum. After the institution fell into financial turmoil, the building was sold to MoMA and the Folk Art Museum moved to a smaller location. Now, as plans for an expansion gain steam, MoMA has announced their decision to level the building. Officials justified the ruling by claiming that the Folk Art Museum’s former home didn’t mesh with MoMA’s sleek glass façade and that structure’s location was logistically problematic as it is slightly set back from MoMA’s main building.

The decision to demolish the structure, which has quickly become a Midtown landmark, has been met with a wall of opposition. Last week, a New Haven, CT resident, Robert Bundy, launched a petition against MoMA’s decision and garnered over 2,000 signatures in a matter of days.

As it stands, MoMA expects to begin renovations in 2014 by which time the Folk Art Museum’s former home will be destroyed.