AO Art Observed™

Paul Cézanne, Card Players, Qatar, via Vanity Fair

The royal family of Qatar has just publicized its $250-$300 million purchase of Card Players by Paul Cézanne. The work is one in a series of five, but until now was the only one remaining in private collection. Previous owner, Greek shipping mogul George Embiricos, became receptive to the sale just prior to his death in 2011. Vanity Fair reports that William Acquavella and Larry Gagosian were outbid for Card Players, at comparable amounts rumored up to $220 million.  Even the low estimate of $250 million, factoring in exchange rate and tax fees, marks the highest sum in history ever paid for a single work of art in either auction or private sale by double.

Paul Cézanne, Card Players, Metropolitan Museum of Art, via New York Times

As the title indicates, the series depicts two low-brow card players in Aix-en-Provence. The peasants idealize an old world culture, nostalgic even to the middle-aged artist when he painted from his family’s country estate in the 1890s. At the time, Cézanne was working alone, and his isolation reflects in the sparing surfaces and minimal compositions of the varying card scenes. Only the subtlest of changes differentiate one painting from the next: most notably, the cards themselves change as the games progress, while the faces and suggestively sluggish interactions do not.

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‪‬Christie’s International sales rise 9% in 2011 as market-weary investors turn to classic contemporary art, with biggest sellers Lichtenstein, Warhol, Rothko [AO Newslink]

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‪ Francis Bacon’s “The Portrait of Henrietta Moraes” (1963) is estimated to sell for £18m at Christie’s Postwar and Contemporary Art in London in February [AO Newslink]

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‪‬Christie’s unveils Louise Bourgeois 11-foot-tall Spider sculpture for November 8th auction with the theatrics of Spiderman [AO Newslink]

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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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‪‬Chuck Close, Sam Francis Foundation, the estate of Robert Graham, and Laddie John Dill sue Sotheby’s and Christie’s over adherence to California Resale Royalties Act [AO Newslink]

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Ai Weiwei, Moon Chest (2008). Lisson Gallery all photos by Caroline Claisse for Art Observed

The 2011 Frieze Art Fair is now complete, having drawn collectors and crowds all weekend. While the economy may be to blame for somewhat lackluster sales results, spirits remained high throughout the fair. “It’s been a good fair for us. Every day something has been happening,” said Margherita Belaief of Berlin-based gallery Peres Projects. The gallery sold American artist Alex Israel’s triptych for $50,000, among other works. “[Frieze] is not so much like Basel, where you’re looking for classic artists. You’re always on the lookout for something new.”

Artist Tracey Emin

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View of the Fair via Marquees First

The ninth annual Frieze Art Fair will be held this week with 173 exhibiting galleries from 31 countries. The event has been held in London every October since 2003, and is known for its highly innovative contemporary gallery and artist showcase. The Frieze Frame and Frieze Projects have evolved to help divide the myriad of international artists into mainstays and up-and-comers. Interactive components, including Frieze Talks, Frieze Film, and Frieze Education, further diversify the aesthetic and conceptual basis of the event. Founding Directors Amanda Sharp and Matthew Slotover created Frieze magazine in the early 1990s and continue to develop beyond the fall showcase, with plans for an Old Masters’ exhibition at next fall’s fair. A spring plan to host a Randall’s Island venue in 2012 is also in the works.

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Lucian Freud, Boy’s Head, 1952 (est. $4.6-6.2 million), via Sothebys.com

Christie’s, Sotheby’s, and Phillips de Pury are hosting Contemporary art sales this week in conjunction with the Frieze Art Fair, which officially begins on Thursday in London. Capitalizing on the flood of art afficionados in town for the fair,  the auction houses are hoping to move about $88 million worth of art during their evening sales. Dealers and buyers have been reassured of the art market’s strength following huge boom-like sums achieved during the past few auction cycles, but this round of sales comes at a moment of increased anxiety about the global economy. These sales may set the tone of the major auctions next month in New York, when Christie’s, Sotheby’s, and Phillips will offer several hundred million dollars worth of Impressionist, Modern, and Contemporary art.

Jeff Koons, Seal Walrus Trashcans, 2003-09 (est. $3.1-4.6 million), via Phillipsdepury.com

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Petite danseuse de quatorze ans by Edgar Degas to headline Christie’s Impressionist and Modern Art November 1st evening sale at an estimated $25-$30 million [AO Newslink]

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Auction brewings: A 1961 Roy Lichtenstein could go for $35 million at November 8th auction at Christie’s; a Picasso is estimated to sell for $25 million at Sotheby’s [AO Newslinks]

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Raymond Pettibon, No Title (From life to…), 2011 (est. $200,000-300,000, realized $760,000), via Christies.com

On the impact China has on art sales globally: “Chinese auction houses are now selling works at a pace formerly associated with those in London and New York” with “[Chinese collectors responsible for] some $8.3 billion in sales, which would make them the world leader.” [AO Newslink]

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Christie’s first-half sales make record-breaking £2 billion ($3.2 billion), 15% increase due to growing international market [AO Newslink]

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Francis Bacon, Study for a Portrait, 1953 (est. unpublished, realized $28.6 million), via Christies.com

Christie’s sale of Contemporary art on Tuesday night realized $127 million for 53 lots sold. The total, which fell just above the high estimate of $125 million once fees were added, is the highest for any sale at Christie’s in Europe since the boom of June 2008. The top lot was a Francis Bacon self portrait that shows a man sitting in a throne-like chair wearing a suit and glasses. The painting sold for $28.6 million against an unpublished estimate rumored to be about $17 million. A self portrait by the artist sold for $25 million at Christie’s spring sale in New York .

Andy Warhol, Mao, 1973 (est. $9.6-12.8 million, realized $11.1 million), via Christies.com

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Jean-Michel Basquiat, Self-Portrait, 1985 (est. $3.2-4.8 million), via Phillipsdepury.com

The summer sales continue in London this week as the major auction houses host their Contemporary art auctions. Phillips will offer 32-lots on Monday evening, followed by Christie’s 67-lot sale on Tuesday and capped with an 88-lot sale at Sotheby’s on Wednesday. The Phillips sale will take place at the company’s new exhibition space at Claridge’s London. Like the auction house’s move uptown to 450 Park Ave in New York last year, the new London location is closer than their Howick Place headquarters to competitors Sotheby’s and Christie’s. The night’s 32 lots are expected to fetch $16-23 million and are headlined by a Basquiat self portrait that is estimated to bring as much as $4.8 million.

Damien Hirst, Confession, 2008 (est. $958,000-1.3 million), via Phillipsdepury.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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Annette Schonholzer and Marc Spiegler, co-directors Art Basel 2011. All pictures by Caroline Claisse for Art Observed.

This year’s Art Basel has been a profitable one, and indicates the stability of the current market. With approximately $1.75 billion worth of artwork to buy, million dollar works sold fast this year. Yet while money is liberally dispensed, it is conservatively directed, suggestive of a post-Recession desire to spend without erring.  The high market is specified, but sale and aesthetic trends stay consistently upbeat.

Meyer Riegger Karlsruhe, Berlin

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Andy Warhol, Self-Portrait, 1963-64 (est. $20-30 million, realized $38.4 million). All images via Christies.com.

Christie’s nearly white-glove sale of of Post-War and Contemporary art on Wednesday night brought in more than twice as the equivalent sale at Sotheby’s on Tuesday evening. Sixty-three of sixty-five lots sold for a whopping $301.7 million, giving the sale a sell through rate of 95% by lot and 99% by value. The total beat the high presale estimate of $299 million despite the fact that a Rauschenberg combine estimated to fetch between $12-18 million was withdrawn from the sale. Wednesday night’s results were the best the auction house has seen for a Contemporary evening auction since May 2008 (that sale realized $331 million). Bidding went on for about two hours, approximately fifteen minutes of which was spent on a single lot. Two telephone bidders chased Andy Warhol‘s blue self-portrait, one on the phone with Brett Gorvy of Christie’s and the other with Philippe Segalot, formerly of Christie’s. The audience laughed as bidding escalated in $100,000 increments and cheered each time one contender took a bigger leap ahead. In the end Gorvy’s buyer was triumphant and paid $38.4 million for the four-part piece, which was estimated to fetch between $20-30 million. The sale was a record for a Warhol portrait (self or otherwise) at auction.

Mark Rothko, Untitled No. 17, 1961 (est. $18-22 million, realized $33.7 million)

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Jeff Koons, Pink Panther, 1988 (est. $20-30 million), via Sothebys.com

This week Sotheby’s, Christie’s, and Phillips de Pury will hold Contemporary art auctions in New York. After an anemic week of Impressionist and Modern art sales, the auction houses hope to broker nearly half a billion dollars of Contemporary art. On Monday Sotheby’s will offer forty-three lots during two parts of a three part sale of the collection of Allan Stone (consisting mostly of works by Wayne Thiebaud and Willem de Kooning), followed by their fifty-nine lot Contemporary art evening sale on Tuesday. The next night Christie’s will offer sixty-six works expected to fetch at least $230 million. The week ends with Phillips de Pury’s fifty-one lot sale that carries an estimate of $85-120 million.

Andy Warhol, Sixteen Jackies, 1964 (est. $20-30 million), via Sothebys.com

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Maurice de Vlaminck, Paysage de Banlieue, 1905 (est. $18-25 million, realized $22.5 million). All images via Christies.com.

The second and final Impressionist and Modern art evening sale in New York this spring was held Wednesday night at Christie’s. The auction realized $156 million, just below the low presale estimate of $162.3 million. Ten of the fifty-seven lots offered failed to find buyers, giving the sale a sell through rate of 82% by lot and 81% by value. The evening progressed much like the Sotheby’s sale last night. There was frenzied interest in a few lots, but otherwise buyers seemed unimpressed by the offerings and hence hesitant to bid. First place was shared by two works – Maurice de Vlaminck‘s Paysage de Banlieue and Monet‘s Les Peupliers both sold for $22.5 million. The Vlaminck was sold by billionaire collector Steven Cohen and just about doubled the artist’s previous auction record set in 1990 for $10.8 million.

Claude Monet, Les Peupliers, 1891 (est. $20-30 million, realized $22.5 million)

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Pablo Picasso, Femmes Lisant (Deux Personnages), 1934 (est. $25-35 million), via Sothebys.com

The New York spring sales begin this week as Sotheby’s and Christie’s hold their Impressionist & Modern evening auctions on May 3rd and 4th, respectively. Sotheby’s 59-lot sale is estimated to fetch $158.9-227.9 million, while Christie’s 55-lot sale is expected to bring in at least $160 million. Five works to hit the auction block (one at Sotheby’s and four at Christie’s) carry estimates of $20 million or more. The headlining work at Sotheby’s is a 1932 portrait by Picasso of his mistress, Marie-Thérèse Walter. The painting is similar to the portrait of Walter that led the February Impressionist and Modern sale at Sotheby’s London and sold for £25.4 million (about $42.4 million) against a high estimate of £18 million ($30 million). Femmes Lisant (Deux Personnages) last changed hands in 1981 and is expected to fetch between $25-35 million.

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Urs Fischer, Untitled (Lamp/Bear), 2005/2006, via Wall Street Journal

Untitled (Lamp/Bear), a 23-foot, 16-ton sculpture of bright yellow teddy bear slumped beneath a Bakelite lamp, will be on display at the Seagram Building (375 Park Avenue, at 53rd St) through September 2011. The piece, by Swiss sculptor Urs Fischer, is a highlight of Christie’s Post-War and Contemporary Art auction, and began its life as a 1-foot teddy bear, which was then scanned three-dimensionally with lasers in Switzerland and cast in bronze in Shanghai. Christie’s will be auctioning the installation on May 11th.

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