Jeff Koon’s “Diamond (Blue)” sells under estimate
November 14th, 2007
via ArtObserved
Thanks to dealer Larry Gagosian, artist Jeff Koons now has a new auction record. His “Diamond (Blue)” had a hammer price of $11.8 million (including buyer’s premium) at Christie’s postwar/contemporary sale. But the record still didn’t surpass the estimates Christie’s had stuck on the bling – both of them.
Back in September, the auction house announced that the sculpture’s estimate of $12 million. About five weeks later, the Guardian published a $20 million estimate for the diamond. The $8 million increase was confirmed by a Christie’s rep to AO a week later.
The piece was offered up for auction supposedly by publishing magnate Benedikt Taschen, who bought it from Gagosian Gallery last year for $3.5 million. Coincidence? Maybe not. Sentiments that the diamond was overpriced were expressed, even at the $12 million mark. Christie’s defended the price with “supply and demand”, but apparently the demand wasn’t high enough.
The high-profile “Liz” by Andy Warhol pictured in the background of the photo above sold under its $25-35 million estimate for a hammer price of $21 million to collector Alberto Mugrabi, who reportedly is “heavily invested in the artist”. According to an article on Bloomberg.com, others were hesitant to participate in the high price, since everyone knew the consignor, actor Hugh Grant, had paid $3.5 million for it at auction in 2001.
Freud, Koons Set Records at Christie’s N.Y.C. Auction [Bloomberg]
A Few Between-Auction Thoughts on the Art Market [CultureGrrl]
November 16th, 2007 at 6:38 pm
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March 3rd, 2008 at 5:53 pm
For those whom couldn’t afford the over $2 million that Jeff Koons’ Puppy fetched at Sotheby’s “Red” auction benefit this February, but still want to buy a Koons and support a worthy cause, help is on the way.
Topping the scale of high-end, high profile museum limited edition sales is the American Friends of the Tel Aviv Museum of Art’s exclusive sale of Monkey Train (Blue), a limited-edition signed print (series of 40) by art world superstar Jeff Koons.
For a mere asking price of $30,000, this signed silkscreen comes with the coveted bragging rights of joining an elite club of Koons collectors such as Billionaire Eli Broad, Christie’s owner Francois Pinault, publishing magnate Peter Brant, hedge fund titan David Ganek, and Greek tycoon Dakis Joannou at a fraction of the price of membership. Print sales benefit the Tel Aviv Museum of Art – Israel’s leading modern art museum.
For more info please visits AFTAM’s website http://www.americanfriendstelavivmuseum.org/prints.html .
Cecilia Bonn
American Friends of the Tel Aviv Museum of Art Communications Consultant
Cecilia Bonn Marketing and Communications
1202 Lexington Ave., NY, NY 10028
P. (212) 734-9754, E. cbonn@nyc.rr.com