Displaying items by tag: Auction

A federal judge will settle an ownership dispute over a Pierre-Auguste Renoir (1841-1919) painting that was purchased at a flea market in West Virginia for $7. The FBI is currently holding the painting until the argument is settled.

Marcia “Martha” Fuqua claims to have purchased the painting in 2009 and subsequently stored it in a trash bag until she had the work authenticated two years later. After learning that the painting was an authentic Renoir, Fuqua planned to sell the work at auction; it was expected to garner around $75,000. However, Fuqua’s plan was foiled when documents from the Baltimore Museum of Art surfaced, revealing that the painting had been stolen in 1951. It was later determined that an insurer, the Fireman’s Fund, paid a $2,500 claim on the theft; the insurer is now battling Fuqua for ownership of the painting.

Paysage bords de Seine (1879) is believed to have been painted by Renoir on the spot for his mistress. An appraiser hired by the FBI estimated the painting’s worth at approximately $22,000, considerably less than Fuqua’s appraisal as concerns regarding the painting’s ownership and possible theft have lowered its value.

U.S. District Judge Leonie Brinkema ordered Fuqua and the Fireman’s Fund to make their cases in written pleas later this month. The FBI is still investigating the case.

A temporary export bar has been placed on a drawing by Raphael (1483-1520) titled Head of a Young Apostle. The Renaissance masterpiece, which is worth upwards of $47 million, is one of finest works held in a British private collection.

The drawing has been a part of the Duke of Devonshire’s collection at Chatsworth since the 1700s and was sold at Sotheby’s in December for $47.8 million, nearly three times the drawing’s low estimate. The Raphael work, which broke the auction record for a work on paper, was sold to benefit the Chatsworth’s long-term future and that of its collections. The UK’s arts minister, Ed Vaizey, hopes that an export bar will provide enough time for an interested buyer to raise the money necessary to keep the drawing in the country.

Head of a Young Apostle was created between 1519 and 1521 as a study for one of the figures in Raphael’s final painting, the Vatican’s The Transfiguration.

A group of leading artists, artist estates, collectors, and dealer has donated 25 works of art to benefit the Whitney Museum of American Art’s new Renzo Piano-designed building in downtown Manhattan. The works, which are said to be worth upward of $8 million, will be put up for auction at Sotheby’s New York from May 14-15, 2013.

All of the artists involved in the multifaceted gift have strong ties to the Whitney and are represented in the museum’s stellar permanent collection. The most valuable work that will be up for auction in May is Jasper Johns’ (b. 1930) oil on canvas painting Untitled (2012), which is estimated to sell for $1.5 million to $2 million. Johns has had five solo shows at the Whitney and has participated in over 37 group exhibitions; the donation came directly from the artist. Other highlights from the sale include a Jeff Koons (b. 1955) silkscreen on stainless steel, a Cy Twombly (1928-2011) work on paper, a recent nude by John Currin (b. 1962), and other works by John Baldessari (b. 1931), Andy Warhol (1928-1987), and Ed Ruscha (b. 1937).    

All of the profits from the sale will directly benefit the Whitney’s new building, which is expected to open in the High Line District in 2015.

A Chinese bowl dating back to the Northern Song Dynasty (960-1127) sold for $2.2 million on March 19, 2013 at Sotheby’s in New York. London dealer Giuseppe Eskenazi bought the bowl at the auction of Chinese ceramics and other works of art. The piece soared past its estimate of $200,000 to $300,000. The sellers were a New York-based family that purchased the bowl at a garage sale in 2007 for three dollars.

The bowl, which measures 5 inches in diameter, is an example of the rare “Ding” ware, which is known for its thin potting and ivory color. The bowl features interior and exterior carvings as well as ivory-hued glaze. Only one other bowl of the same form and size is known and it is part of the British Museum’s collection in London.

On March 19, 2013 Sotheby’s London held a sale of important ceramics by Pablo Picasso (1881-1973) from a private collection, which included a wider selection of additional ceramics and prints. The auction, which included 100 of Picasso’s plates, jugs, tiles, vases, and bowls, garnered $2.2 million, exceeding the auction’s high estimate of $2.1 million. All of Picasso’s works sold and 94% of the pieces went for well above their high estimates. The highlight of the auction was Picasso’s vase Gros Oiseau Vert, which sold for $157,732, nearly three times its high estimate.

Picasso’s experimentation with ceramics started in 1946 when he was introduced to the Madoura Pottery workshop in France. He began working with the shop’s owners, Suzanne and George Ramie, and embarked on an exploration of the new artistic medium, which he would soon master.

During his career, Picasso produced several thousand ceramic works and continued to experiment with the medium until his death. The works offered at Sotheby’s were part of a single-owner collection and provided a substantial overview of Picasso’s ceramics and illustrated the full scope of his exploration with the medium.

After losing a major court case, Russian oligarch Boris Berezovsky will sell a limited edition print of former Soviet Union leader Vladimir Lenin by Andy Warhol (1928-1987). Berezovsky hopes that the sale of Red Lenin (1987) will help him pay off legal bills stemming from the failed court case.

In 2011, Berezovsky brought a civil case in the UK High Court against Roman Abramovich, the owner of the Chelsea Football Club. Berezovsky was a former business associate of Abramovich’s and helped him acquire control of the Russian oil company, Sibneft, in the 1990s. Berezovsky accused Abramovich of blackmail, breach of trust, and breach of contract and claimed that he was threated and intimidated to sell his stake in Sibneft in 2011 for less than its actual value. Berezovsky was seeking $4.5 billion in damages.

Red Lenin will be sold as part of Christie’s Old Master, Modern & Contemporary Prints auction on March 20, 2013 in London. The brightly colored screen print is expected to garner $45,000 to $75,500.

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.

A flawless D-color diamond weighing 101.73 carats will be offered as part of Christie’s International’s jewelry auction at the Four Seasons Hotel des Bergues in Geneva, Switzerland on May 15, 2013. The pear-shaped gem, which is the largest colorless diamond of such high quality to appear at auction, is estimated to garner about $20 million. An anonymous client is selling the rare stone that was recently cut from a rough diamond weighing 236 carats found at the Jwaneng mine in Botswana. Workers spent 21 months polishing the jewel.

While colorless stones tend to be less desirable than their colored counterparts, the record price for a colorless stone at auction is $21.5 million, which was set by the 76.02 carat cushion-shaped Archduke Joseph Diamond that sold at Christie’s in Geneva in November 2012. The diamond heading to Christie’s in May is not only the largest colorless stone but also a chemically pure Type IIA diamond, which accounts for less than 2% of the world’s diamond production.

The buyer of the pear-shaped diamond will have the honor of naming the extraordinary jewel, securing its identity among the most desirable diamonds in the world.

The remarkable Barbier-Mueller Collection of Pre-Columbian Art will be up for sale at Sotheby’s Paris on March 22 and 23, 2013. Comprised of approximately 300 works from Mexico, Central America, and South America and worth around $26 million, the Barbier-Mueller collection is the most important grouping of its kind ever offered at auction.

Swiss collector Josef Mueller (1887-1977) started building his collection after acquiring major works by Ferdinand Hodler (1853-1918) and Paul Cézanne (1839-1906) in Paris during the early 20^th century. Mueller went on to develop an affinity for important works of Pre-Columbian art. The collection was later honed and expanded to include African art, Oceanic art, and Cycladic art by Mueller’s daughter, Monique, and her husband, Jean Paul Barbier-Mueller.

The works offered at Sotheby’s span the historical cultures that dominated the period from 1200BC to 1500AC and include objects in wood and stone, ceramics, textiles, and ritual items. Highlights from the collection include a Chupicuaro ceramic statue from 500-100BC that is expected to sell for approximately $2.6 million; a Maya ceramic head that Mueller purchased from the film director John Huston estimated to bring $200,000-$325,000; and an Aztec stone figure of a water goddess from 1300-1500 expected to garner over $650,000.  

The Barbier-Mueller Collection of Pre-Columbian Art is on view at Sotheby’s until March 21, 2013.

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.