AO Art Observed™

Alberto Giacometti, Grand Buste de Diego Avec Bras, executed 1957, cast 1958 (est. £3.5–5 million, bought in), via Sothebys.com

Tuesday evening’s forty-two lot sale of Impressionist and Modern Art at Sotheby’s London brought in £68.8 million (or $111 million) for thirty-two lots sold. The auction house reports being “very pleased” with the total, which is the fourth highest ever in the department at the London location. The featured lot, Picasso’s La Lecture, exceeded its presale estimate after slow, thoughtful bidding by at least seven interested parties that increased in increments of £500,000. It sold to a telephone bidder for £25.2 million against a presale estimate of £12-18 million (estimates do not include the buyers premium, prices realized do). The real surprise, though, came when both Giacometti lots which carried the second and third highest presale estimates failed to sell. Bidding for an oil on canvas portrait of the artist’s brother ended at £2.7 million and a bronze sculpture of the same subject passed at £3.2 million.

The sale room at Sotheby’s London on Tuesday, via Art Observed

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Tiziano Vecellio (Titian), A Sacra Conversazione: The Madonna and Child with Saints Luke and Catherine of Alexandria, c. 1560 (est. $15-20 million, realized $16.9 million), via Sothebys.com

Sotheby’s 378-lot Old Master Sale in New York today realized a total of $90.6 million and set a record for a Titian painting at auction. The painting generated only one bid from an unidentified European collector and sold for its low estimate of $15 million. Still, the sale broke the previous record for a painting by the artist at auction that was set 20 years ago with the sale of Venus and Adonis for $13.6 million at Christie’s in London. The new record-holding painting is a late work and, according to the auction house’s research, has changed hands only six times since its creation around 1560.

-J. Mizrachi

At Sotheby’s Sale, Titian Draws One Bidder [New York Times]
Titian Painting Fetches Auction Record [ABC News]
Titian’s Madonna Fetches Record $16.9 Million at Sotheby’s Old Master Sale [Bloomberg]

Banksy, Save or Delete Jungle Book, 2001 (est. £60,000-80,000, realized £78,000), via Bonhams

Tuesday night’s auction of Urban Art at Bonhams in London – the fourth auction of its kind the house has mounted – realized just over £455,000 for 51 of 67 lots sold. Attesting to interest in the artist following the release of his film Exit Through the Gift Shop, ten Banksy lots offered at the sale accounted for approximately half of the evening’s earnings. The top lot was Banksy’s Save or Delete Jungle Book, which sold for £78,000 against presale estimates of £60,000-80,000. The image was created for a poster campaign about deforestation but was never circulated due to copyright issues with Disney.

Shepard Fairey, Peace Goddess on Wood, 2008 (est. £8,000-12,000, realized £27,600), via Bonhams

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Roy Lichtenstein, Ohhh…Alright…, 1964 (est. not published, realized $42.6 million), via Christies.com

This week’s Contemporary Art sales in New York ended with a bang at Christie’s Contemporary Evening Sale on Wednesday night. Seventy-five lots offered brought in $272 million with a sell through rate of 93% by lot and 92% by value. As was the case earlier this week at the Phillips and Sotheby’s sales, Pop Art sold exceptionally well. Roy Lichtenstein‘s Ohhh…Alright… was the evening’s top lot and set the record for the artist when it sold to an anonymous bidder for $42.6 million – smashing the previous record of $16.3 million set at Christie’s in 2005.

AO Onsite photo by J. Mizrachi

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Andy Warhol, Coca-Cola [4] [Large Coca-Cola], 1962 (est. $20-25 million, realized $34.5 million), via Sothebys.com

Auction goers at Sotheby’s Contemporary Art Evening Sale on Tuesday night were offered glass bottles of Coca-Cola before entering the saleroom in honor of the auction’s featured lot – Andy Warhol‘s Coca-Cola [4] [Large Coca-Cola]. The painting sold for $35.4 million against a high presale estimate of $25 million and was, like the Warhol for sale at Phillips Monday night, the evening’s top lot. The Sotheby’s auction was comprised of 54 lots (not including a work by Felix Gonzales-Torres, which was withdrawn) that brought in $222.5 million against presale estimates of $151.8-214.5 million. The sale had a sell through rate of 90.7% by lot and 97.1% by value with 5 of 54 lots unsold.

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Andy Warhol, Diamond Dust Shoes, 1980 (est. 1.3 -1.6 million GBP, realized 1,553,250 GBP), via Sothebys.com

Sotheby’s Contemporary Art Evening Auction in London today brought in 13.3 million GBP against a low presale estimate of just under 10 million GBP.  Of the 39 lots offered for sale, 4 were bought in, 15 lots sold above their high presale estimates, and 2 works sold for under their low presale estimates. Andy Warhol‘s Diamond Dust Shoes, never before seen at auction, realized 1,553,250 GBP against a high estimate of 1.6 million GBP and was the highest earning lot of the night.

Lucio Fontana, Concetto Spaziale, Attese, 1965 (est. 1.5-2 million GBP, realized 2,281,250 GBP), via Sothebys.com

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David H0ckney, Autumn Pool, 1978 (est 700,000 – 1 million GBP, realized 1,329,250 GBP), via Phillipsdepury.com

Wednesday’s Contemporary Art Evening Sale at Phillips de Pury in London, which carried a presale estimate of 5.6 – 8 million GBP, brought in 6,562,900 GBP, with 21 of 56 lots unsold (86% by value, 69% by lot). The featured lot, David Hockney‘s Autumn Pool, sold for 1.3 million GBP against a high presale estimate of 1 million GBP. This also broke the record for a work on paper by the artist at auction.

Andy Warhol, The Scream (after Edvard Munch), 1984 (est. 500,000-700,000 GBP), via Phillipsdepury.com

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The Lehman Brothers corporate sign enters Christie’s, London. Image via the NY Times.

Two years after Lehman Brothers filed for bankruptcy, the art that once decorated its offices is continuing to be sold off as part of their effort to repay creditors. Today, “artwork and ephemera” which once hung in the defunct bank’s European headquarters fetched £1,631,238 ($2,573,685) in a mammoth 6-hour sale at Christie’s in London. Today’s auction follows the September 25th sale at Sotheby’s in New York that raised $12.3 million.

The auction attracted over 1,100 registered bidders from around the world, including a record 330 clients who registered to bid via the internet using Christie’s LIVE. Many former Lehman employees were present for the bidding, one former staffer told AFP before the sale “It’s a memory I want. It was a sad end to it all but I had a lot of good times there, it was where I started off my career.”

Atomists – Jump over, Gabriel Orozco. Estimate: £60,000 to £80,000. Price Realized: £99,560 ($157,305)

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Untitled 1, Julie Mehretu. Estimated: $600,000—800,000. Price Realized: 1,022,500.

118 artworks that once hung in the corporate offices of Lehman Brothers Holdings Inc. sold to bidders at Sotheby’s auction house in New York today for $12.3 million, exceeding the high-end estimate of $12 million. The sale comes almost exactly two years after the investment bank filed the largest bankruptcy in the history of the United States and its proceeds will be used to pay off the $613 billion owed to creditors. Today, Kimberly Macleod, spokesperson for Lehman Brothers commented: “We are delighted that Sotheby’s delivered the value we sought on behalf of the creditors and that the result was at the top of the pre-sale estimate.”

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J. M. W. Turner, Modern Rome – Campo Vaccino, 1839 (estimate £12-18 million, realized £29,721,250), via Sothebys.com

Master Paintings Week continues in London after a boost from the Christie’s and Sotheby’s Old Master auctions that took place on July 6th and 7th. The Sotheby’s auction earned £53,484,350 against a high estimate of £50.8 million, while the Christie’s sale realized £42.3 million against a pre-sale estimate of £36.9–55.3 million (totals realized include buyer’s premium, estimates do not). More than half of the Sotheby’s earnings came from the sale of a single canvas by J. M. W. Turner, which sold to the J. Paul Getty Museum in Los Angeles for a staggering £29,721,250. The painting, showing a view of the Italian capital from the Capitoline Hill, has a sterling provenance and equally impressive exhibition history. The sale established a new record for the artist at auction.

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Image still from Christies.com video In the Salesroom: Andy Warhol’s Silver Liz, via Christies.com

The results of Christie‘s Post-War and Contemporary Art auction in London last night are a relief after this week’s lackluster Sotheby‘s auction and the let-down at Phillips de Pury & Co. on Thursday. The sale earned £45,640,200 against the pre-sale estimate of £40.9-58.1 million for 63 lots, selling 84% by lot and 85% by value (totals realized include buyer’s premium, estimates do not). The combination of higher-quality works, lower starting prices, and a greater variety of material presented is thought to have contributed to the success of the sale, even amidst a drop in the stock market.

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Cover of the catalog for last night’s Contemporary Art auction at Phillips de Pury & Co showing Thomas Schutte’s Doppelkopf (1994), via Phillipsdepury.com

Last night’s Contemporary Art auction at Phillips de Pury & Co reinforced uncertainties regarding the present state of the Contemporary Art market, as the sale earned just £3,963,450 against the pre-sale estimate of £6,075,000-8,575,000 (totals realized include buyer’s premium, estimates do not). Of 45 lots offered only 24 found buyers, leaving 47% of the lots unsold. For comparison, last year’s Contemporary Art Auction at Phillips earned £5.1 million.

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Sotheby’s Evening Contemporary Art Auction in Progress, via Sothebys.com

With the audience being described as “dazed” and “fatigued,” excitement was sparse at yesterday evening’s Contemporary Art auction at Sotheby’s in London. The sale realized a total of £41,091,800, well within the £32-52 million estimate (total realized includes buyer’s premium, estimates do not).  The sale had a sell-through rate of 83% by lot and 87.3% by value, while 45.4% of lots sold above their high estimates.

Yves Klein, MG 42, 1960 (estimate £200,000-300,000, realized £481,250), via Sothebys.com

The headlining work, Yves Klein’s RE 49, sold for just over £6 million (estimate £4.5-6.5 million) after three minutes of bidding from four interested buyers.  The other Klein canvas for sale yesterday evening, MG 42, realized a price of £481,250, above its pre-sale estimate of £200,000-300,000. Though the works performed reasonably well, there is still concern that the market might be tiring of them. “There are too many Kleins and Fontanas in these auctions,” Dusseldorf-based art adviser Jorg-Michael Bertz said, in conversation with Bloomberg reporter Scott Reyburn. “We need a rest from them.”

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Yves Klein, Re 49, 1961 via Sothebys.com

Expectations are high for this week’s Contemporary Art auctions at Sotheby’s and Christie’s in London.  The auctions, which will take place between June 28^th and July 1st, will feature sought after works by several important artists, including Yves Klein, Gerhard Richter, Andy Warhol, Jeff Koons, Richard Prince, Lucio Fontana, and Jean-Michel Basquiat.  The strength of the works being sold is the result of buoyed seller confidence following a recent series of record-breaking auction results, such as the sale of a Picasso for $106.5 million in May at Christie’s in New York and 43.2 million euros for a Modigliani sculpture this month at Christie’s in Paris.  Sotheby’s evening auction carries a low estimate of £38.3 million for 53 works, while the Christie’s Post War and Contemporary evening sale carries a low estimate of £40.9 million for 63 lots.  Last summer’s Contemporary Art sale at Sotheby’s, which was expected to bring between £19.8-27.4 million, brought in £25.5 million for 40 lots. The comparable Christie’s auction last year brought just over £19 million for 40 lots with a low estimate of £17.4 million.

At Sotheby’s, all eyes will be on an Yves Klein sponge painting from 1961 titled Re 49 and dedicated to the artist Charles Wilp.  This large-scale work comes from the collection of the Munich-based HypoVereinsbank and is estimated to bring £4.5-6.5 million.

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Picasso’s Portrait d’Angel Fernandez de Soto sold to an anonymous telephone bidder for £34,761,250 – the 2nd highest price for a work of art sold by Christie’s in London (est. £30-40million)

Last night Christie’s held London’s biggest ever art auction when 46 Impressionist and Modern works racked up £153 million ($227 million), but the total was off from the pre-sale estimate of £164-231 million. While nearly quadrupling the anemic $60.4 million brought in by Christie’s at the same sale last June, tonight’s results suggest that while the art market may have recovered, pricing points are still a moving target. The sale was dominated by UK and European bidding – that includes Russia and former Eastern Bloc countries – which bought 55 percent of the lots sold, the U.S. accounted for 40 percent, and Asia for the remaining five percent. The sale saw only 46 of the 62 lots on offer sell, for a buy-in rate of 25 percent by lot and just 26 percent by value. Eight lots sold for over five million pounds and 31 broke the million-pound mark (37 works sold over $ 1million).

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Self-Portrait with a Palette, Edouard Manet sold for a record £22,441,250 (est. £20-30 million) Image via Sotheby’s

Sotheby’s Impressionist & Modern sale last night marked a sluggish start to the summer auction season in London as sixteen of the 51 lots offered failed to find buyers. In percentage terms, 31 percent went unsold by lot and 16 percent by value. The sale totaled £112,101,350 ($165,282,230) – surpassing the low end of the pre-sale estimate of £101 million ($150 million), but far off the £148 million ($220 million) high estimate. The total is the third-highest ever achieved for an Impressionist and Modern evening sale at Sotheby’s in London and stands in stark contrast to the £33.5 million realized in June 2009. In another encouraging sign of a surging market, nineteen lots fetched over a million pounds, and of those, three made over ten million pounds. In all, four artist records were set. The sale was topped by the cover-lot Edouard Manet‘s Self-Portrait with a Palette, which reportedly sold to the New York based dealer Frank Giraud for a record £22,441,250 ($33,087,379). The previous Manet record was set at Christie’s when La Rue Mosnier Aux Drapeaux sold for $26.4 million in 1989. The work, consigned by hedge-fund billionaire Steven A Cohen, had been estimated to fetch between £20 million and £30 million.

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Nymphéas, Claude Monet (est. £30 – 40million)

The June sales in London are packed with potentially record-breaking Impressionist and modern works that are expected to fetch a combined total of £300-450 million. If the pre-sale estimates are realized, these the most lucrative series of auctions ever held in London, easily surpassing the £298 million realized in June 2008 before the global economic meltdown during which the June sales achieved just £96 million. Giovanna Bertazzoni, Director and Head of Impressionist and Modern art at Christie’s, London has noted the recent confidence renewed in vendors in light of the the strong results witnessed at auction over the last year, “we are witnessing a great willingness from clients to consign works of art of the highest quality. There is a fierce international demand in the art market, particularly for the rarest and the best, and the market itself is now truly global as illustrated at our auction in New York in May where we saw bidding from Russia, China and the Middle East, as well as from Europe and the Americas.”

Portrait of Ángel Fernández de Soto, Pablo Picasso (est. £30-40million)

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Important Russian Art at Sotheby’s via Artdaily

On June 9, at 7 p.m. the inaugural sale of Important Russian Art at Sotheby’s, London kicked off a much anticipated series of Russian- themed sales taking place at Christie’s, Bonhams and MacDougall Auction House – a unique enterprise specializing in Russian art exclusively.  The sale at Sotheby’s brought in £10.4 million ($15 million) , nearly meeting its £11.3 million ($16.3 million) high estimate.

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Zao Wou-Ki 02-01-65 (1965) Estimate: HK$8-12 million US$1-1.5 million. Price Realized: HK$20,820,000 $2,694,593

Christie’s Hong Kong Spring sale of Contemporary Chinese Art on May 29th, 2010 sold 36 works by artists such as Zao Wou-Ki, Zhan Wang, Cai Guo-Qiang, and Kim Dong Yoo for a combined total of HK$303 million or US$39 million, with important works still fetching prices above their estimated value and all works auctioned were sold. Both Akira Yamaguchi and Ryozo Kato set new artist records for their works with Yamaguchi’s work fetching HK$1,940,000 or US$251,081, and Kato’s work reaching HK$312,500 or US$40,125. Other works that went above the estimate are Andy Warhol‘s portraits of Mao that went for HK$1.5 million dollars above estimates.

According to Art Daily, Eric Chang, International Director of Asia Contemporary Art and Chinese 20th Century, said, “Today’s Evening Sale of Asian Contemporary and Chinese 20th Century Art achieved HK$303.4 million/US$39 million, three times the estimate and a 67% increase from our Spring Evening Sale last year.” Bloomberg reports that the market for Contemporary Asian art is slowly on the rise, although no where near as powerful a force as a few years ago.

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Richard Prince, Nurse in Hollywood #4 (2004)

Fueled by 22 choice works from the collection of the embattled CNET founder Halsey Minor, which sold for $21.1 million, Phillips de Pury & Company’s evening sale last night wrapped-up a hugely successful week of contemporary art auctions in New York. Overall, the boutique-sized auction house sold 58 of the 74 lots on offer for a grand total of $37.9 million. Unlike its uptown rivals, Phillips saw no lots make over $5 million with only seven exceeding the $1 million mark. Nevertheless, the result is superior to the auction house’s last Contemporary evening sale in New York in November 2009, when they managed to bring in only $7,099,250. While a few familiar faces featured in the crowd, including Miami collector Donald Rubell and the fashion mogul Marc Jacobs, most of the action was dominated by anonymous telephone bidders – with the majority of winning bids being taken by Michaela de Pury and Michael McGinnis, head of Phillips’s contemporary art department worldwide.

In March this year Halsey Minor was instructed by a court order to give up dozens of artworks to satisfy a $21.6 million delinquent loan to ML Private Finance L.L.C., an affiliate of Bank of America’s Merrill Lynch. While last night’s sales may cover the majority of this payment, Minor is also under a court order to pay Sotheby’s a further $6.64 million in a dispute over three artworks he had purchased at auction and later refused to pay for. Meanwhile, in the state of California, a trial is underway on issues between him and Christie’s auction house. More works from Minor’s collection are coming on the block at Phillips today and on June 9.

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Untitled, Maurizio Cattelan (2001) Estimate: $3–4 million Price Realized: $7.9 million

Last night, Sotheby’s confirmed the art market’s return to form as 50 of the 53 lots on offer sold at its Contemporary art sale.  Tallying $189,969,000 in sales, well over the house’s $162 million pre-sale estimate, 39 works fetched more than one million dollars, with two selling for more than $30 million, and seven making more than $5 million. Further to this, the sale achieved the two top lots achieved so far at New York’s Contemporary sales week, surpassing Christie’s sale of Jasper Johns Flag for $29 million on Tuesday night  – Andy Warhol’s Self-Portrait more than doubled its high estimate to sell for $32,562,500, and an Untitled Mark Rothko painting from 1961 soared over the high estimate to sell for $31,442,500.

Self Portrait, Andy Warhol (1986). Estimate: $10-15 million. Price Realized: $32,562,500

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Jasper Johns’ Flag from the estate of author Michael Crichton fetched a record $28.6 million

Last night Christie’s delivered a top result of $231,907,000 in its New York contemporary-art evening sale, easily hurdling the pre-sale estimate of $142.9 – 207.4 million and making it Christie’s biggest New York contemporary sale since May 2008, which totaled $331.4 million. This remarkable total was powered by a trove of 31 choice works from the estate of Michael Crichton, the author of bestselling science-fiction thrillers like Jurassic Park, who died of throat cancer in 2008. In total the Crichton sale fetched a handsome $93.3 million – exceeding pre-sale expectations by $23.7 million, making it one of the most successful single-owner sales ever. The group’s top performer was Jasper Johns Flag (est. $10 – 15 million) which sold to New York dealer Michael Altman for $23.7 million.Fifty-one of the evening’s 79 works offered sold for over one million dollars, and of those, 5 cracked the 10 million dollar mark. Remarkably, only five lots went unsold, or six percent by lot and a tiny two percent by value; 5 artist records were set.The geographic breakdown of buyers according to lots sold saw the United States take the lead with 74% of works going to Americans – unsurprising giving the depth of bidding witnessed in the sales room. Europe accounted for 21 percent of the sales and 0% went to Asian buyers – in complete contrast to last week’s sales of Impressionist and Modern art which were dominated by the Asian market.

Bidders squeezed into a packed salesroom last night at Christie’s – many being forced to stand.

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Les buveurs d’absinthe (Les Déclassés) by Jean-Francois Raffaelli quadruples its pre-sale estimate of $400-600,000 and sells for $2,994,500 at Christie’s Impressionist/Modern sale.  Photo by Art Observed.

The art market received another, enormous boost of confidence last night at Christie’s Impressionist and Modern evening sale, as Picasso’s Nude, Green Leaves and Bust (1932) sold to anonymous telephone bidder for a record-breaking $106,482,500. The staggering price comes hot on the heels of Sotheby’s historic sale of Alberto Giacometti’s iconic bronze, L’Homme Qui Marche I (1961), for $104,327,00 in February this year. The Picasso helped drive the sale’s overall total to $335,548,000, making it the third biggest sale ever witnessed at Christie’s in New York.  Of the 69 lots offered, 56 sold with over 30 lots exceeding $1 million, and of those, 9 exceeded the $10 million mark. Nude, Green Leaves and Bust was part of a 27-lot single-owner sale from the collection of Mrs. Sidney F. Brody, a noted Los Angeles collector.  The Brody group was 100% sold by lot and value and realized $224,177,500 making it the biggest single-owner sale offered at Christie’s New York, surpassing the landmark sale of the Collection of Victor and Sally Ganz sale in 1997, and coming second only to the mammoth Yves Saint Laurent/Pierre Berge sale that made $443 million at Christie’s, Paris in February 2009.

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Relief éponge or (RE 47 II),  Yves Klein Estimate: £5 – £7 million. Price Realized: £5,865,250. Image via Christie’s

Last night, Christie’s evening sale of post-war and Contemporary art in London totaled £39,149,500, exceeding the pre-sale estimate of £26,290,000 to £38,260,000. More than half of the lots offered sold above estimate, and in selling 9 works over  £1 million (16 over $1 million), the auction house easily surpassed the equivalent figure for all three of their auctions of Post-War and Contemporary art in London last year.  The evenings auction confirmed that not only has confidence returned to the art market but also that there is a real hunger from international collectors in this market – Europeans dominated the bidding, eventually accounting for 41% of the sales, 22% of works sold to Americans, 31 percent went to Britain. Four percent went to Asia. Particularly strong prices were realized for classic European artists including Yves Klein as well as Joana Vasconcelos and Alighiero Boetti, both of whose work established world record prices.The strong results at our international auctions during the second half of last year encouraged vendors who were previously resistant to consign works of art, and the increased supply of quality works fed a strong demand and led to competitive bidding.

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