Displaying items by tag: prices

Christie’s evening sale of Old Master & British Paintings, which took place on July 2, 2013 in London, garnered $36.2 million and attracted buyers from 11 countries. Georgina Wilsenach, Head of Old Master & British Paintings at Christie’s London, said, “This sale saw strong prices for paintings from all schools particularly Italian, Flemish and British. We welcomed, once again, bidders from Asia, the Middle East, South American and Russia as well as the traditional markets of Europe and America.”

Canaletto’s (1697-1768) masterpiece, The Molo, Venice, from the Bacino di San Marco, was the evening’s top lot. The work, which is one of the artist’s most celebrated views of Venice, realized $12.8 million, well over its high estimate of $8.9 million. The painting, one of the largest of this particular subject, once belonged to Edward Howard, the 9^th Duke of Norfolk and a major patron of British art. The work was passed down through the Duke’s family until the 1970s.

Other highlights from the sale included Peter Paul Rubens (1577-1640) detailed study of a bearded man’s head in profile holding a bronze figure. Created after the artist had returned to Antwerp from Italy, the composition depicts one of the kings featured in Rubens’ monumental Adoration of the Kings (1616-17), which was painted for the Church of Saint John in Mechelen. The study brought $2.6 million, just over its low estimate of $2.2 million.

The Andy Warhol Foundation for the Visual Arts has ended a six-year clash with its insurer Philadelphia Indemnity Insurance Company, recovering almost $6.6 million in legal fees. The battle between the foundation and its insurer began over authentication issues and snowballed to include the repayment of related legal fees.

The dispute began in 2007 when art collector Joe Simon-Whelan sued the foundation’s authentication branch for alleged fraud and conspiracy relating to the purchase of his 1965 Andy Warhol self-portrait, which he paid approximately $200,000 for in 1989 and was later deemed inauthentic. Another collector, Susan Shaer, filed a similar suit again the foundation in 2010 bringing the legal fees doled out to nearly $7 million.

According to a statement released by the foundation, “both suits alleged an absurd scheme to manipulate the prices for Andy Warhol’s (1928-1987) artwork yet [they] were forced to dismiss their claims in late 2010…The Foundation’s insurers nevertheless refused to reimburse the Foundation for its legal costs incurred in defending these bogus suits, alleging that the Foundation’s insurance policies did not cover claims of this nature.” The funds have since been repaid by Philadelphia Indemnity and transferred to the foundation’s endowment.

The Andy Warhol Foundation was established in 1987 following the artist’s sudden death. The organization’s mission is to support the creation, presentation and documentation of contemporary visual art.

Christie’s Post-War and Contemporary Evening Art Auction on May 15, 2013 in New York garnered $495 million – the highest total in auction history. Packed with masterpieces from an array of important art movements including Abstract Expressionism and Pop, many of the works offered were from lauded private collections and institutions. Brett Gorvy, Chairman and International Head of Post-War and Contemporary Art, said, “The remarkable bidding and record prices set reflect a new era in the art market, wherin seasoned collectors and new bidders compete at the highest level within a global market.”

The top lot of the night was Jackson Pollock’s (1912-1956) Number 19, 1948 (estimate: $25 million - $35 million). A prime example of Pollock’s drip paintings, the work sold for $58.3 million and set the record for the artist at auction. The influential art critic, Clement Greenberg, singled our Number 19 as the painting that offered enough proof to justify calling Pollock one of the most significant painters of our time.

Other highlights include Roy Lichtenstein’s (1923-1997) iconic work of pop art, Woman with Flowered Hat (1963) (estimate: approximately $30 million), which sold for $56.1 million and set the record for the artist at auction; Jean Michel-Basquiat’s (1960-1988) Dustheads (estimate: $25 million - $35 million), a neo-expressionist work from the 1980s, which sold for $48.8 million, an auction record for the artist; and Mark Rothko’s (1903-1970) color field painting, Untitled (Black on Maroon) (1958) (estimate: $15 million-$20 million), which sold for $27 million.

Out of 70 works offered at last night’s auction, only 4 failed to find buyers.

Sotheby’s evening sale of Contemporary Art, which took place on Tuesday, May 14, 2013 in New York, saw a number of exceptional works sell for record-breaking prices. The night’s top lot was Barnett Newman’s (1905-1970) Onement VI, an iconic Abstract Expressionist painting, which garnered $43.8 million. The work exceeded its high estimate of $40 million and set an auction record for Newman. The dark blue canvas, which measures 8 ½ feet x 10 feet and is sliced down the middle by a pale blue streak, is a remarkable example of Newman’s association with abstract expressionism as well as color field painting.

Other highlights from the sale included Gerhard Richter’s (b. 1932) oil painting of Milan’s cathedral square, Domplatz, Mailand (estimate: $30 million-$40 million), which sold for $37.1 million and set a record for Richter as well as for any living artist at auction; a sculpture by Yves Klein (1928-1962), which sold for $22 million and broke the record for the artist at auction; and Clyfford Still’s (1904-1980) PH-12, which was estimated to sell for $16 million to $20 million and ended up going for $20.9 million.

Although there were a number of high-profile sales, the auction was not without some failures. Francis Bacon’s (1909-1992) Study for Portrait of P.L., which was expected to bring $30 million $40 million didn’t find a buyer. Two works by Jeff Koons (b. 1955) also failed to sell.

The auction happenings will continue in New York at Christie’s, where Post-War and Contemporary sales will be held through the afternoon of Thursday, May 16, 2013.

Last week at Sotheby’s auction house in London, Gerhard Richter’s Abstraktes Bild (809–4) sold to a telephone bidder for $34.2 million, the highest price paid for a living artist’s work at auction. Previously owned by musician and collector, Eric Clapton, the abstract painting was estimated to bring $14.1 million to $18.8 million.

Alex Branczik, Senior Director and Head of the Evening Auction of Contemporary Art, said, “The combination of outstanding provenance and gold-standard quality in this sublime work by this blue-chip artist made for an historic auction moment. Gerhard Richter’s international appeal as one of the hottest Contemporary artists was once again confirmed this evening.”

The German postwar painter, best known for his abstract and figurative works, was recently the subject of a critically acclaimed retrospective, Gerhard Richter: Panorama, at the Tate Modern in London, the Pompidou Center in Paris, and the Staatlichen Museum in Berlin. After the show, the prices of Richter’s works have continued to climb.

Friday’s sale beat out Jasper Johns’ Flag painting from the 1960s, which brought $28.6 million at Christie’s in 2010, for a living artist at auction. Richter, 80, lives in Cologne, Germany.