Giacometti (Installation view), via Art Observed

White, for Alberto Giacometti, is presented as something of an etheric form, the color of death or absence playing on is interrelation with temporal action.  Space is generated only from the presence of space, and not from its reciprocal orientation. His practice is disposed towards the ideal void, where reality, untouched, is always waiting to be discovered. Giacometti’s opposition to easily read concepts of reality lies in his belief that merely representing figures alone, leaving behind the density and materiality of their  surroundings and ignoring the distance between himself and the object of his perception, offered an incomplete picture of the truth. Giacometti’s eye was profoundly sensitive to different kinds of empty, negative space. He wanted to give form to space, opening his figure from within to its presence or surroundings. (more…)

Reuters reports on the ongoing battle for a collection of 16 Giacometti sketches and over 100 photographs by the Swiss artist and his friends.  A lawsuit was filed by the Alberto and Annette Giacometti Foundation, claiming the works were stolen from its holdings.  “It offers a very important documentation of the artist and his private side,” says Katharina Ammann, a Swiss art expert.  “It is also the perfect accompaniment for the few Giacometti works already part of the Grisons museum’s collection.” (more…)

Amedeo Modigliani’s Nu Couché sells at Christie’s, via Rae Wang for Art Observed

Dashing through a 34-lot auction in style, Christie’s has entered the November auction week in impressive style, bringing a flurry of sales during its curated “The Artist’s Muse” auction tonight that saw several world records fall, and achieved an impressive tally of over $491 million for the evening, especially considering the 10 lots that failed to sell.

Amedeo Modigliani, Nu Couché (1917-18), via Christie’s (more…)

Kees Van Dongen, Deux Nus Aux Ballons Courtesy Sotheby’s
LOT SOLD. 1,314,500 USD  (Hammer Price with Buyer’s Premium)

Sotheby’s concluded its Impressionist  & Modern day sale today, with a sale total (including buyer’s premium) of $39,910,775. The auction house sold 73% of lots in the morning session and 62% in the afternoon session.

Pablo Picasso, Tête d’homme Courtesy Sotheby’s
LOT SOLD. 1,142,500 USD  (Hammer Price with Buyer’s Premium) (more…)

Lynda Benglis sculptures and Hans Hurting paintings at Cheim & Read’s booth at Frieze Masters. All photos by Caroline Claisse for Art Observed unless otherwise noted

Frieze Masters and Frieze London concluded on October 14th, with both fairs reporting solid sales on the high end. This year, there was a distinct focus on curated booths and curatorial projects and less of an overt feeling of commercialization. Frieze Masters in particular focused on serious connoisseurship and an academic approach, both of which translated into a successful fair for dealers.

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An Alberto Giacometti sculpture, once part of an installation at Phillip Johnson’s Glass House, was considered lost and has been “hiding almost in plain sight for years”. Via much research and correspondence, the show’s curator, Jordan Stein, discovered it had actually been at the Alberto and Annette Giacometti Foundation in Paris all these years, unrestored. On Saturday, the building’s owner, The National Trust for Historic Preservation, will be honoring the 1947 sculpture, “Night”, by holding its spot and using the story of its disappearance as the inspiration for a series of temporary exhibitions in its reopening to the public.  (more…)

Paul Cezanne, Jouer de cartes (1892–96). Image courtesy of Christie’s.

Last night’s Impressionist and Modern Art Evening Sale at Christie’s began this season’s auctions in New York. Christie’s overall sales totaled $117 million—well over their low estimate of $90.5 million. According to Christie’s, they achieved a sell-through rate of 96% by value and 90% by lot. In a post-auction press conference, Christie’s Head of the Department, Brooke Lampley, said that the results were exactly what they had expected, given that they had tailored their sale to match what the market was looking for.

View of the Impressionist and Modern Art Evening Sale at Christie’s. Photo by Aubrey Roemer for Art Observed.

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Edvard Munch’s The Scream (1895). Photo by Aubrey Roemer for Art Observed.

Today marks the beginning of a two week flurry of art sales in the New York auction houses. This week is focused entirely on Impressionist and Modern Art, with next week centered on Post War and Contemporary Art. Chances are that you have already been bombarded with the numerous and impressive highlights that both houses have to offer, as the many of the lots from both houses are iconic, impressive, and will quite possibly break world records left and right.

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Rudolf Stingel, Untitled (2011)

Luxembourg & Dayan‘s Grisaille explores the use of a generally monochromatic color palette in works spanning multiple centuries. The exhibition is divided between the gallery’s new space in London and the 77th Street location in New York; the show began in London in October, overlapping with the New York show throughout November and December. Both shows feature a variety of artists including Albrecht Durer, Alberto Giacometti, Pablo Picasso, and Andy Warhol. The New York gallery also shows new work by Richard Prince and John Currin.

Gerhard Richter, Grau (1974)

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Max Ernst, The Stolen Mirror, 1941 (est. $4-6 million, realized $16.3 million), via Christies.com

Christie’s evening sale of Impressionist and Modern art on Tuesday night brought in $140 million against presale estimates of $210-300 million. Four of the top 5 most valuable lots failed to sell, including the auction’s cover lot – a Degas ballerina sculpture with a presale estimate of $25-35 million. The Degas had been shopped around privately with no luck and carried what many believed to be a very aggressive estimate. The auction house cited those two facts to explain that lot’s failure, as well as the overall performance of the sale. In general, fresh to market material faired best, and hefty presale estimates deterred bidding on the priciest works. What turned out to be the evening’s top lot – Max Ernest‘s The Stolen Mirror – was both fresh to market and carried an estimate in line with the artist’s records and with heightened interest in Surrealist material over the past few auction cycles. The canvas set the record for the artist at auction when it sold for $16.3 million against a high estimate of $6 million. The previous record was set this past June at Christie’s London with a 1923 work that brought $4.4 million.

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Edgar Degas, Petite Danseuse de Quatorze Ans, executed in wax c. 1879-1881 and cast later (est. $25-35 million), via Christies.com

The November sales will be inaugurated at Christie’s on Tuesday night with a 75-lot Impressionist & Modern auction at their Rockefeller Center location in New York. Seventy-one lots will be offered at Sotheby’s New York on Wednesday evening, and the two sales are expected to fetch close to $400 million. This round of auctions follows closely on the heels of the Frieze Art Fair and the concurrent and comparatively smaller sales of Contemporary art in mid-October. Little has changed between then and now to make buyer’s less anxious about the financial markets, but the auction houses managed to secure a handful of top-tier consignments that may bolster the results of their sales.

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Egon Schiele, Hauser Mit Bunter Wasche (Vorstatd II), 1914 (est. $35.7-48.7 million, realized $40 million), via Sothebys.com

Sotheby’s 35-lot sale of Impressionist and Modern art in London on Wednesday night realized $157 million for 32 lots sold against estimates of $124-178 million. The evening’s top lot was a rare Schiele cityscape that brought in $40 million (or $35.5 million without fees) and set a record for the artist at auction. The painting was sold by the Leopold Museum in Vienna to raise the $19 million necessary to settle the restitution case of another Schiele in their collection. The previous artist record was set at Christie’s in 2006 with the sale of a cityscape for $22 million.

Alberto Giacometti, Trois Hommes Qui Marchent II, 1948 (est. $16.2-24.3 million, realized $17.3 million), via Sothebys.com

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Claude Monet, Nymphéas, c. 1914-1917 (est. $27.4-39.7 million), via Christies.com

If collectors failed to find anything that struck their fancy at Art Basel they’ll have more opportunities to buy during the summer lineup of sales at the three big auction houses in London over the next two weeks. On Tuesday Christie’s will inaugurate with an immense 92-lot auction of Impressionist & Modern Art, followed by Sotheby’s comparatively petit 35-lot sale on Wednesday evening. Next week Sotheby’s, Christie’s, and Phillips de Pury will hold Contemporary Art sales.

Pablo Picasso, Jeune Fille Endormie, 1935 (est. $14.5-19.3 million), via Christies.com

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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

more story and images after the jump…

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Pablo Picasso, La Lecture, 1932 (est. £12–18 million), via Sothebys.com

February’s round of major art auctions begins in London next week with Impressionist & Modern sales at Sotheby’s and Christie’s.  On Tuesday evening Sotheby’s will offer forty-two lots estimated to bring between £55-79 million. Sotheby’s will also hold a 60-lot sale of Impressionist, Modern, and Contemporary works titled “Looking Closely: A Private Collection” on Thursday, February 10th that is expected to fetch up to £54 million.  All the works in that sale are from the collection of George Kostalitz, a Geneva-based collector who died last year. Christie’s forty-six lot evening sale on Wednesday is estimated to bring £54-80 million and, as was the case last year, will be immediately followed by a thirty-one lot auction of Surrealist works estimated to fetch an additional £19-28 million. While it is uncertain whether these auctions will produce a buzz-worthy sale on par with last year’s £65 million paid for Giacometti’s L’Homme Qui Marche I, both houses are offering a number of strong works led by canvases by Picasso and Gauguin.

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Alberto Giacometti, Diego, 1958 (est. £3–5 million), via Sothebys.com

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John Baldessari, Giacometti Variations, 2010. Via Vogue

With his newest show, Giacometti Variations, at the Prada Foundation in Milan, conceptual artist John Baldessari comments on the culture of fashion in a city known for its style. “There is currently a blurring of art and fashion. It is de rigueur that fashion models be extremely tall and thin,” says Baldessari. “Giacometti’s figures are the most emaciated and skinny sculptures that exist. Why not push that further?”

Via Very Cool

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Henri Matisse, Nu de dos, 4 état (Back IV), conceived c. 1930 and cast 1978 (est. $25-35 million, realized $48.8 million), via Christies.com

Wednesday evening’s Impressionist & Modern auction at Christie’s in New York featured 84 lots (not including lot 27, which was withdrawn) that were expected to fetch between $198-286.6 million. The sale realized a total of $231.4 million and had a sell through rate of 80% by lot and 88% by value. Like the Sotheby’s sale  on Tuesday night, a handful of the top lots found buyers after enthusiastic bidding while the majority of lots were sold within or below presale estimates, or were bought in.

Still, the aggressive bidding that set two artists’ records was largely unexpected. Perhaps garnering the most post auction attention,  the sale of Matisse’s Nu de dos, 4 état (Back IV), an impressively sized bronze sculpture of a woman’s back, went to Larry Gagosian–on behalf of an anonymous client–for $48.8 million. Similarly, Violon et guitare, a 1913 painting by Juan Gris, generously outperformed its $18-25 million estimate, fetching $28.6 million from a European collector. Though the top buyers identities remain unknown, sources such as the New York Times have speculated the involvement of hedge fund billionaire and collector Steven A. Cohen, who was present at the event and has bought through Larry Gagosian in the past.

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The room fills at Christie’s Impressionist & Modern Evening Sale in New York, via Art Observed

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Amedeo Modigliani, Nu Assis Sur un Divan (La Belle Romaine), 1917 (est. $40 million), via Sothebys.com

Sotheby’s and Christie’s will both hold Impressionist and Modern sales in New York during the first week of November. Sotheby’s will offer 61 lots during the Evening Sale on November 2nd, with Christie’s Evening Sale following on the 3rd. The latter is comprised of 85 lots, and is expected to bring at least $200 million.

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Quilt by Alexandre da Cunha, and Six Billboards by Angus Fairhust, Art Basel.  Image via Art Daily, AP Photo/Keystone/Georgios Kefalas.

Yesterday marked the end of the most highly-attended Art Basel to date. The 41st annual contemporary art fair boasted 306 galleries from 36 countries, and AO was on site to peruse the work of some 2,5000 artists.  62,500 dealers, collectors, curators, high-profile shoppers, artists, and art appreciators navigated installations, browsed gallery booths, mingled, and enjoyed the city of Basel.  Artists, established and newcomers both, showcased works ranging from Polaroids to performance pieces, paintings to videos, sculptures to large-scale installations.  A social and teeming affair with an obvious commercial edge, Basel’s sales were optimistic.  Picasso, Warhol, Prince, Hirst, de Kooning, Pollock, and other similarly established artists reigned supreme as the focus of this year’s event.  Franck Giraud, a New York dealer, spoke to the New York Times about the lack of prominently featured up-and-comers: “Is it because that’s what the market wants, or is it because dealers didn’t want to take risks? I think it was a bit of both.” Nonetheless, certain galleries used Basel as a platform to introduce new artists and show off their latest signings.

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Art 41 Basel, entrance view. All images by Art Observed unless otherwise noted.

AO was on site yesterday at Art 41 Basel, Switzerland, to see the 56 installations exhibited by the eleventh Art Unlimited, a museum-like forum for sizable and high-priced pieces. Installations of established masters and up-and-comers alike are characteristically oversized this year, with six pieces taking up over 200 square meters.  Despite the diversity of work, galleries, and featured artists, a distinct tonal resonance pervades Art Unlimited.  The lustrous style favored by Art Unlimited’s formative years gives way to a bold, rustic minimalism.  Although an intellectual understatement saturates this year’s Art Basel, Art Unlimited is hardly a quaint affair.  Economists and art experts alike are predicting major acquisitions for the international art elite, with a Giacometti and a Bourgeois notably up for grabs.

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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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Nude, Green Leaves and Bust, Pablo Picasso (1881-1973)

The spring auctions in New York, which form the bellwether of the art market, get under way tonight with the Impressionist and modern art sale at Christie’s.  Over the next two weeks, Sotheby’s, Christie’s and Phillips de Pury & Co are offering up to $1.2 billion of Impressionist, modern and contemporary art – twice as much as they sold last May. During the Impressionist and modern evening sales in May 2009 only three works carried price tags of $10 million or more – this month 10 works by Edvard Munch, Alberto Giacometti, Pablo Picasso and others are priced as high. Another six works are expected to fetch at least $5 million, up from four a year ago.  Judging by these optimistic pre-sale estimates, the auction houses clearly hope that things will play out as they did three months ago in London when Sotheby’s set the record for any work of art ever sold at auction with the $104 million sale of Alberto Giacometti’s L’Homme qui marche I to Lily Safra, wife of the late Lebanese banker Edmond Safra.  Now a Pablo Picasso nude bears the largest pre-sale estimate in history ($70m to $90m) and an anonymous third-guarantor who has agreed to bid at least $70 million (that’s more than the auction house got last fall for its entire evening sale of Impressionist and modern art). Christie’s are set to dominate the fortnight because of two art-stocked estates. Tonight, paintings and sculptures owned by the late Los Angeles collector Frances Brody are expected to fetch as much as $194 million.  98 lots from the estate of the bestselling author and filmmaker, Michael Crichton, are estimated to sell for as much as $75 million and form the backbone of their Post-War and Contemporary Art Evening Sale on Tuesday, May 11.

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Auctioneer Henry Wyndam sells L’Homme qui marche I by Alberto Giacometti. Estimate: £8-12 million Price Realized: $104,327,006. Image via Associated Press

A bronze sculpture, entitled L’Homme qui marche I, by Alberto Giacometti became the most expensive work ever sold at auction this evening when it realized $104,327,006 at Sotheby’s Impressionist and Modern Art Evening Sale in London. In an interesting turn of events, Giacometti’s sculpture represents the recession from beginning to end – it was being auctioned as an asset of the failed bank Dresdner Bank and the remarkable price undoubtedly signals a resurgence in the art market. In total, the 39-lot sale realised $233,622,228.37 – the highest total ever reached for a sale in London. While 8 lots went unsold, an impressive 17 pieces sailed past the £1 million mark including three works that individually realized more than £10 million – in reflection of these enormous sales Melanie Clore, Co-Chairman, Impressionist & Modern Art, Sotheby’s Worldwide, stated: “We are thrilled to have sold these great works this evening and that they have been recognized for the masterpieces that they are.  The competition which generated these exceptional results demonstrates the continued quest for quality that compels today’s collectors.”

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L’Homme qui marche I, Alberto Giacometti. Estimate: £8-12 million Price Realized: $104,327,006 via Sotheby’s

Tonight, Alberto Giacometti’s L’homme qui marche I fetched $104,327,006 at Sotheby’s Impressionist and Modern Evening Sale in London – making it the most expensive work of art ever sold at auction. The bronze sculpture exceeded the previous record of $104.1 million that was set at Sotheby’s in May 2004 by Pablo Picasso’s Garçon à la Pipe.  10 bidders, mostly on telephone, fought a fast and furious battle over a period of eight minutes – the eventual winner was an anonymous client on the telephone with Philip Hook, Senior European Director of Impressionist & Modern Art at the auction house. Sotheby’s had expected the sculpture to bring-in between $19.2 million and $28.8 million. The work was being sold by Dresdner Bank in Germany, which acquired it in 1980.

The sale is still in progress – more details will follow shortly.

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