Norwegian shipping magnate Petter Olsen will open a private museum to show his collection of works next year, funded in part by the $120 million sale of Edvard Munch’s The Scream in 2013. The museum will be based on Ramme, south of Oslo. (more…)
Edvard Munch, The Scream (1893), Courtesy Munch Museet
Edvard Munch is enjoying somewhat of a timely spotlight, having just has his iconic 1895 pastel The Scream set the global auction record at almost $120 million last May, just one year short of what would be the 150th year since his birth. This correlation is not lost on the Norwegian city of Oslo, where Munch grew up, and 2013 has been dedicated to the pioneering abstractionist, with a pair of landmark shows compiling almost 300 works from Munch’s groundbreaking career in Oslo, Paris, and Berlin.
Edvard Munch, Workers on Their Way Home (1913-1914), Courtesy Munch Museet (more…)
Plans have been set in place to move Oslo’s Edvard Munch museum to the city’s waterfront, which had previously been delayed for several years to due location and funding considerations. The new, glass-lined building, titled Lambda, is projected to open in 2018, designed by Spanish firm Herreros Arquitectos. The decision “shows that even the starkest political opponents can put aside their differences for the common good”, said city commissioner for culture and industry Hallstein Bjercke. (more…)
Edvard Munch’s The Scream goes on view today at MoMA with extra security measures. Ann Temkin, the chief curator of painting and sculpture, is expecting huge crowds. “The Scream is really a household word, a household image, and from the time it was made, that was true,” Temkin said. “It’s somehow so startling and so odd that it caught people’s imagination”. Of the four versions made, two have been stolen and recovered. (more…)
MoMA to exhibit Edvard Munch‘s 1895 version of The Scream on a 6-month loan from its new owner. The painting was recently sold at auction to an anonymous buyer, achieving the highest price ever paid at auction earlier this year ($120 million). The painting is the only one of four versions of The Scream that is privately held and has never been exhibited publicly in New York. It is the most colorful one of the series and is seen as a precursor to 20th century Expressionism. Although collector Leon Black is purported to be the present owner, neither Mr. Black, Sotheby’s nor MoMA confirmed as such. It will be on view from October 24 – April 29th.
Although previously believed that Edvard Munch died childless, a possible granddaughter, Janet Weber, has now come forward, saying that she believes she is related to the famous Norwegian artist. Her grandmother, Eva Mudocci, was a violinist who Munch created a lithograph of in 1903, and, despite the fact that she was with her partner, Bella Edwards, for 50 years, she allegedly gave birth to twins in 1908 who did not know of their father.
New York financier Leon Black is the record breaking buyer of Edvard Munch‘s $120 million ‘The Scream’ at Sotheby’s last Spring.
‪‬Auctioneer Tobias Meyer details the Sotheby’s sale of Edvard Munch‘s ‘The Scream’ and his typical auction day routine, “When the atmosphere gets very tense, so to speak, I strangely have the reverse mechanism that I become very calm”
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.
‪‬Edvard Munch’s ‘The Scream’—one of four versions—is on view now in London at Sotheby’s today for one week before heading to New York for May 2 auction, expected to fetch $80m
‪‬Edvard Munch’s “The Scream” to be auctioned at Sotheby’s New York on May 2nd by Norwegian businessman, estimated at over $80 million, the only one of four versions still held privately, with scheduled public viewings in London and NYC [AO Newslink]
Tobias Meyer, International Head of Sotheby’s contemporary art department. leads the Impressionist and Modern evening sale last night.
As with Christie’s historic sale of Picasso’s Nude, Green Leaves and Bust for a record $106.5 million on Tuesday evening, Sotheby’s Impressionist and Modern evening sale last night struck another strong note for the recovering art market. The sale achieved $195,697,000, nearly reaching the high end of the pre-sale estimate ($141 – 204 million). Fifty of the 57 lots offered sold. Forty-three works achieved prices over $1 million, ten works exceeded $5 million, four works brought prices over $10 million, and two works sold for over $15 million; two artist records were broken. That compares very favorably to the 36-lot sale that generated $61,370,500 at Sotheby’s last May. Despite a packed salesroom, absent bidders on telephones dominated the evening’s sales – while a constant feature of this secretive market where anonymity is key, the many languages spoken by Sotheby’s representatives on the telephones last night acted as a strong indicator of the global demand for these top-quality works. Most notably, Asian buyers dominated the phones – pushing-up the prices of many of the night’s big sales and eventually winning four of the top ten lots.
Bouquet de fleurs pour le Quatorze Juillet, Henri Matisse Estimate: $18 – 25 million. Price Realized: $28,642,500.
More images, related links and a full report after the jump….
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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.
More images, a detailed report and related links after the jump….
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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.
More images, text and related links after the jump…. (more…)
The Royal College of Art Secret Postcard fundraiser via The Guardian
-The Royal College of Art’s Secret 2009 event has 2,500 postcards for sale for £40, made by artists including Anish Kapoor, Grayson Perry and Yoko Ono. Though buyers don’t know who the artist is until after they buy. [Times UK]
-Penelope Curtis has been appointed director of Tate Britain, the first woman to hold a directorship at Tate. [Guardian]
-Tracey Emin opens a new exhibition in New York, that, while popular, comes nowhere near the levels of sales or attendance she normal receives in Britain. [NY Times]
An artist’s rendering of Olafur Eliasson’s ‘Cirkelbroen’ bridge to be built in Copenhagen via Artinfo
-Olafur Eliasson has designed a bridge to be completed by 2012 in Copenhagen’s harbor. Called ‘Brikelbroen,’ the bridge is comprised of five circles that take pedestrians on a winding path rather than straight across. [Artinfo]
To stay apprised of most of the relevant art news for this past week… (more…)
Kirsten Dunst on the set of a production by Takashi Murakami in collaboration with McG via aarting
Tate Modern’s “Pop Life: Art in a Material World,” features a video that is a collaboration between McG – famous Hollywood director, and Murakami – Japan’s king of pop art: starring actress Kirsten Dunst on the streets of Akihabara in Tokyo for “Turning Japanese” by rock band The Vapors [The Wall Street Journal]
A 1984 work by Chinese artist Li Keran sold for $940,000, the most for a print at a Hong Kong auction, where bidding led by mainland buyers has taken many prices several times above estimates [Bloomberg]
Sotheby’s Asia sales in Hong Kong revealed that demand for Chinese paintings, while firm, is mixed; as the market is still vulnerable, less pricey, quality pieces were the ones to realize numbers higher than their estimates [Reuters]
Works including those by Renoir, Pollock, Degas and Rembrandt stolen from the home of a retired Harvard Medical School professor and collector, and his business partner; only authentic pieces were taken, leaving behind impeccable reproductions [Boston Globe via Art Market Monitor] in related Uncooperative and unable to produce evidence that the stolen art existed, Angelo Amadio and Dr. Ralph Kennaugh, become suspects of the theft to which allegedly they are victims [ArtDaily]
Tracey Emin via Guardian UK
Discouraged by British government’s top rate tax, Tracey Emin threatens to abandon England for France where she claims the politicians understand the importance of supporting culture and art [Guardian UK] in related At the London’s Frieze Art Fair, in the booth of New York’s Lehmann Maupin Gallery, Tracey Emin, known for her confessional artwork, is offering to make customized artworks based on answers to fifteen personal questions [Artinfo]
Fanjul paintings nationalized by Cuba in an exhibit in Museo del Prado in Madrid involve legal consequences as the Museum is being investigated by the US department of state for illegal trafficking of a work of art owned by US citizen confiscated by Cuban government [The Art Newspaper]
Turner Prize exhibit at Tate Britain in London this time startles the viewers with the lack of now expected blood, outrage and other shock factors [Bloomberg]
The Bloomberg administration makes an announcement of its plan to give nonprofit cultural groups access to gallery and theater space in city owned properties and help artists develop business plans [Crain’s Business]
Donald Judd concrete constructions in Marfa Texas via Hip-Ster-Krit
6 of 15 concrete constructions built by Donald Judd in Marfa Texas required repair and conservation work, October 10th the works will once again be open to the public [Artinfo]
A look at the Chinese Gao brothers who are shocking their country with brave, politically challenging art works, such as a life-size sculpture of Mao whose body is only reunited with his head on ‘special occasions’ [The New York Times]
When most artists’ prices are decreasing in a recession, a few go up: Italian Maurizio Cattelan is one of those who thrive in the tough economic times, an analysis of his work reveals some truths on the variables of the art market [The Economist]
Damien Hirst posing in front of his work via ARTblog +
A portrait of Damien Hirst built through an interview: his influences, unusual artistic paths (such as painting) and mediums to come, and a subjective depiction of the artist’s personality [Times Online] in related Hirst tells BBC that he will not be producing large scale installations and will rather concentrate solely on painting by applying oil to the canvas with his hands, something he has been secretly doing these recent years [BBC] and in related the FT reports that Hirst lays off much of his staff, closes two studios and is actually making paintings himself; while the galleries give no comments on the unsold works worth millions [Financial Times]
As art fairs struggle to retain exhibitors, a new modern and contemporary fair in Abu Dhabi signs up forty-eight names, including PaceWildenstein, Gagosian, Acquavella and White Cube [Lindsay Pollock] related 50 paintings from the New York Guggenheim Museum to be shown in Abu Dhabi [Arts Abu Dhabi]
‘Fuego Flores’ by Jean Michel Basquiat via Auction Publicity
Sotheby’s October Contemporary Art Auction, estimated to realize in excess of £9 million, will include works by leading artists, such as Jean-Michel Basquiat, Anish Kapoor, Andy Warhol, Chris Ofili, Damien Hirst, Gerhard Richter, Antony Gormley and Yan Pei-Ming [Auction Publicity]
Following in the footsteps of Anselm Kiefer and Toni Morrison, Umberto Eco has been named the next guest curator at the Louvre; the show “Vertige de la Liste” (Vertigo of Lists) will revolve around his chosen theme “the list” [Artinfo] in related news, talks are underway to open a McDonald’s restaurant and a McCafé at the Louvre next month [Telegraph]
An art dealer from Stockholm, Sweden has been accused of faking works by heavyweight modernists including Georges Braque, Alberto Giacometti, Edvard Munch, and Egon Schiele [Artnet]
Child of lonely – performance by Terence Koh October 6 at Thaddaeus Ropac Gallery, Photo Olivier Zahm via purple DIARY
Terence Koh prepared his first solo show at the Parisian gallery Thaddaeus Ropac, which takes a form of an imaginary opera in eight acts, the first act taking place October 6, 2009 [The Art Newspaper]
The four artists shortlisted for Turner Prize 2009 are: Enrico David, Roger Hiorns, Lucy Skaer and Richard Wright; the winner is to be announced December 7th [Turner Prize 2009]
Jerry Saltz writes about new galleries emerging despite the economic crises, provides a list of new galleries to see and comments on the effects of the recession on the female artists [New York mag]
The current state of the building to house Sperone Westwater and the computer rendering of it via Lindsay Pollock
A concrete foundation is rising at the site of the future Sperone Westwater gallery designed by the British architect Sir Norman Foster on the Bowery; the 10 story building will rise only one block away from New Museum [Lindsay Pollock]
As opposed to expanding outside their home in LA, Tim Blum and Jeff Poe open a new 21,000 square foot space conveniently located in front of their existing gallery on South La Cienga Boulevard, Los Angeles [Los Angeles Times]
Jacket designed by JR via The World’s Best Ever
A jacket from JR’s Face2Face Project comes in a limited edition of only 100 [The World’s Best Ever] in related A video interview with JR in Paris about his project Women are Heroes, which allows the viewers to call a number and hear an interview with one of the chosen women for the project [Vernissage TV]
An interview with Dasha Zhukova that notes her easy acceptance in the art world [Guardian UK]
28 as opposed to 40 exhibitors had pulled out of the Frieze Art Fair, yet despite the equally disappointing numbers, many lesser known, but in no way inferior galleries, will get a shot at the famous art fair [Telegraph]
Miranda July via Vice
Miranda July creates a series of photographs to imitate and bring attention to the extras in iconic movies [Vice]
An Italian professor, Dr Seracini, has been working on technology that can enable the search for the largest painting Leonardo da Vinci ever painted – The Battle of Anghiari, a work he believes to be hidden underneath the frescoes in Florence’s Palazzo Vecchio [The New York Times]
MoMA received an unexpected gift this month – an estate, estimated to be worth more than $10 million, belonging to the late Michael H. Dunn, a bachelor from Derby, Vermont [The New Yorker]
Eli Broad via Los Angeles Times
Billionaire philanthropist Eli Broad for a while unwilling to shed details on his plan of building a new museum, speaks about its possible location in Beverly Hills and progress [Los Angeles Times]
A portrait and history of art–hotels, some of which today offer accommodations with works by artists such as Damien Hirst or Cy Twombly [Guardian]
Neo Rauch via Incident
Neo Rauch resigns as professor of painting at Leipzig School and is having is first solo show in London as part of “Leipzig week” [Art Review]
“Art in Empty Spaces” a program funded by Arts Council England’s grants, believes art can play a role in economic regeneration, hence helps artists transform vacant spaces into artistic ones [Art Daily]
Highly curated Hong Kong Sotheby’s sales will include works from Contemporary Chinese art, modern Chinese ink paintings and others and are estimated at $100 million [Auction Publicity]
Miuccia Prada and Germano Celant- an Italian curator and the director of her art initiatives via Photobucket
On Miuccia Prada’s significant art patronage, with her Milan Gallery exhibiting works of internationally acclaimed artists and discovering the unknown ones [This is London via Art Market Monitor]
Elizabeth Andrews- a Tate employee has lost her legal battle after having claimed her health has been made poor by the temperature in the gallery [BBC]
Computer rendering of new plan by for Parrish Art Museum via New York Times
In deference to today’s economy, the Parrish Art Museum’s upcoming Southampton home is to be a cheaper architectural alternative [New York Times]
Whitney is the latest major museum affected by recession to lay off staff members [Crain’s New York]
An insight into loaning artwork for exhibitions: the bureaucracy, negotiation and trust that go into the process of enabling art travel [Guardian]
Los Angeles Times publishes an open letter from Martin Scorsese addressing LACMA and their decision to stop the weekend film program- a tradition that goes back 40 years [Los Angeles Times]
Pablo Picasso, Les Deux Femmes Nues via Auction Publicity
A detailed review of Christie’s bi-annual sale to be held in September, including works by Ernst, Picasso, Warhol among others [Auction Publicity]
12 artists’ plans from a pool of over 2,000 proposals will have a chance to be realized in London, the competition is currently down to 59 [Art Daily]
Works by Kandinsky- inspired Rafael Lozano-Hemmer and The Blue Rider in Performance are commissioned by Guggenheim to show during the Vasily Kandinsky exhibit [Guggenheim]
A phone camera photo of Ai Weiwei posted on Twitter of police in his hotel’s hallways via Trunc
Ai Weiwei among those experiencing problems with the Chinese authorities for attempting to testify on a trial against a civil rights advocate [The New York Times]
The Independent attributes the recent higher sales of works by Old Masters versus contemporary artists in Christie’s and Sotheby’s to the recession [Independent]
Michael Jackson by Andy Warhol via BBC
Andy Warhol Painting of Michael Jackson commissioned by Times magazine dates back to 1984 and is being auctioned at a starting bid of $800,000 in Vered Gallery in LA [Los Angeles Times]
Mysterious art dealer receives $26.5 million for enabling the transaction of Rothko sale for a self-proclaimed victim of Bernard Madoff’s scheme [Bloomberg]
Yet another Gagosian Gallery will open, this time in Greece, 3 Merlin Street in Athens will now house the gallery with its inaugural show titled “Leaving Paphos Ringed With Waves” [Lindsay Pollock via Culture Monster]
Food Fight staged by Duke Riley on the reflecting pool in Queens on Thursday via The New York Times
“Those About to Die Salute You” an unscripted art event organized by Duke Riley took place in Queens on Thursday night [The New York Times] more here [New York Magazine]
Antony Gormley’s fourth plinth art project had a nude man as a participant, but he was asked to cover up in order to avoid arrest [Guardian]
Géricault’s “The Raft of the Medusa” examined in its sculptural, architectural and historical influences by Spiegelman [The Wall Street Journal]
25 Year old Kate Levant’s art is shown at Zach Feuer Gallery in New York, after Yale dean refuses to showcase her idea of Red cross conducting a Blood Drive inside the gallery space [New York Magazine]
Currently on view at Sotheby’s New York for the first time and for a short time only is a selection of works from the collection of Steven and Alexandra Cohen. The exhibition consists of twenty pieces by masters of the modern period, such as Picasso, de Kooning and Warhol, and leading contemporary artists, dealing with women as subject matter. Other artists represented in Women are: Edvard Munch, Paul Cézanne, Henri Matisse, Amedeo Modigliani. Robert Rauschenberg and Susan Weil, Yves Klein, Gerhard Richter, Cindy Sherman, Lucian Freud, Richard Prince, Marlene Dumas and Lisa Yuskavage.
Sotheby’s New York
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Women: A Loan Exhibition from the Collection of Steven and Alexandra Cohen
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1334 York Ave, New York,
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10th floor
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April 2 – April 14, 2009
RELATED LINKS
Exhibition Page and Press Release [Sotheby’s]
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NY Times Carol Vogel Previews the Exhibition [New York Times]
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Steven Cohen’s Rise as a Collector [The Independent]
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MAO Critiquing Cohen’s Motives [MAO]
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NY Mag Examines Cohen’s Motives [New York Magazine]
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The Exhibition in the Light of the Art Market [Wealth Bulletin]
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Speculations on the Exhibition [ArtForum]
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Speculations on the Exhibition II [ArtInfo]
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Speculations on Cohen’s Motives [Bloomberg]
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Exploring Cohen’s Motives [Luxist]
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Preview of the Exhibition [Bloomberg]
Le Repos (1932) by Pablo Picasso, via Artnet
Steven Cohen, founder of prominent hedge fund SAC Capital, and his wife Alexandra have lent Sotheby’s 20 artworks valued at $450 million worth of art from their very substantial collection. The works will be displayed from April 2nd to April 14th at Sotheby’s New York headquarters, and will revolve around the female form and its portrayal from 1890 to the present. The exhibition is not tied to a sale, and is entitled Women.
Women III by Willem de Kooning, Turquoise Marilyn by Andy Warhol, Madonna by Edvard Munch, and Le Repos by Pablo Picasso will be amongst the pieces on display, alongside paintings by more contemporary artists such as Lisa Yuskavage and Marlene Dumas. Cohen bought the de Kooning from David Geffen for $137 million, spent $80 million to acquire Turquoise Marilyn from Stefan Edlis, and acquired the Picasso at auction for $34.7 million.
Cohen and his wife are avid collectors, and have accumulated one of the most significant collections of 20th century art in the world, according to Tobias Meyer, Sotheby’s head of contemporary art. Cohen is known for owning a formaldehyde-enclosed shark by Damien Hirst, currently on loan to the Metropolitan Museum in New York, and has been steadily expanding his collection over the last ten years, buying works by major artists.
In a statement released through Sotheby’s, Mr Cohen remarked: “Our collection has not been curated before. It will be an exciting experience for us.”
SAC Capital has also become one of the larger shareholders of Sotheby’s, accumulating a 5.9% stake after its share price has collapsed over the past 6 months due to lackluster results.
SAC Capital’s Steve Cohen Lends Sotheby’s 20 Artworks [Bloomberg]
Sotheby’s investor to show collection [Financial Times]
Hedge fund manager Steve Cohen puts £320m art collection on show [Telegraph UK]
The tycoon who loved women so much he spent $700m on them[Independent UK]
Why’s Steve Cohen Showing Sotheby’s So Much Love? [New York Magazine]
Sotheby’s to Show Works From Cohen Collection [ArtInfo]
“Study for self portrait” (1964) by Francis Bacon was valued at $40 million but was a no sale at Christie’s last Wednesday, via Artnet
The New York Times called it: “easily the worst two weeks of high-end Impressionist, modern and contemporary art auctions in more than a decade” and though gravity of this statement belies some successful sales in the November auctions, in the end there seems to be little question that the art auction landscape has shifted to become a buyer’s market.
The November auctions from Sotheby’s, Christie’s and Phillips lasted roughly two weeks with approximately a 2/3 sell rate and 143 of the 399 offerings failing to sell. The sales would total under $1 billion, well below their combined minimum estimate for the sales of $1.7 billion. Sotheby’s and Christie’s brought in roughly $728.9 million for the Impressionist, modern and contemporary art primary sales which is down $1.6 billion from November, 2007 and $1.3 billion from November, 2006.
The summary points seem to be, in part, that there were some indisputable failures of the unsold works such as Roy Lichtenstein’s Half Face With Collar, seen below, from Sotheby’s Tuesday evening auction (estimated at $15 million to $20 million) and the Bacon self-portrait, seen above, at Christie’s on Wednesday (estimated at $40 million). The Bacon failing to sell was for many a symbol of the current market situation in that it stood in sharp contrast to the Sotheby’s May sale of the Francis Bacon triptych for $86.2 million to Russian Billionaire Roman Abramovich (when it thus became the most expensive contemporary artwork sold at auction).
However, there were still some records and strong showings with works such as the Malevich, seen below, at $60 million (at estimate), which was a record for a Russian painting, and Munch’s Love and Pain aka “Vampire,” seen below, for $38.1 million above its $30 million estimate (both on Monday the 3rd at Sotheby’s) and a Juan Gris, seen below, at an artist record of $20.8 million, also above its estimate of $12 million to $18 million, at Christie’s auction on Thursday the 6th. Nonetheless, most works sold in the low range, or below estimate, or not at all with works by artists that show up infrequently performing generally better and works that show up more often at auctions, such as the Warhols and Hirsts, faring poorly.
Also of note in summarizing the November auctions was the Monday the 3rd Sotheby’s success of the big name financiers Henry Kravis of KKR who sold Edgar Degas’s “Dancer in Repose” for $33 million and former Lehman Brothers CEO Dick Fuld selling 16 Modern and Impressionist drawings for $13.5 million against estimates of $15 million to $20 million, but clearing a reported $20 million guarantee nonetheless from the house.
All this leads to the final recurring news point of the auctions: the painful result of over-market guarantees by the major houses. The applicable guarantees were set in pre-bust summer headier times, but when in place during the November sales they would cost the auction companies losses in the many tens of millions. In two weeks of sales the auction houses guaranteed 80 artworks worth $405.8 million but sold only 60, for a combined total of $342.3 million and an estimated loss of $63.6 million (according to the Wall Street Journal’s calculations). Sotheby’s publicly reported that guarantees were responsible for a $28.2 million loss at its contemporary art auctions last week which adds up to total losses from Sotheby’s from guarantees of roughly $52 million this fall. Bill Ruprecht of Sotheby’s said of the guarantee drubbing: “We’re preparing for a different market. We are out of the guarantee business at least for a while.”
Sotheby’s Says It Lost $10.6 Million More From Art Guarantees [Bloomberg]
In Faltering Economy, Auction Houses Crash Back to Earth [NYTimes]
Making Sales Look Stronger [Wall Street Journal]
Call This One ‘Crisis With a Pipe’ [Wall Street Journal]
Art boom over as auctions fail to bring home Bacon [TimesUK]
Art makes loss but Fuld is still an old master [TimesUK]
Art sales: The week that brought the boom to an end [GuardianUK]
Unsuccessful Auctions OK With Shafrazi [NY Mag]
Previously by ArtObserved:
AO November Auction Roundup 4 of 5: Phillips de Pury’s Contemporary Art Sale, New York, Thursday, November 13th, Results “brutal” but Phillip’s clear due to lack of Guarantees
more images after the jump…
Kazimir Malevich’s 1916 painting Suprematist Composition sold for $60 million via International Herald Tribune.
The results of the Sotheby’s New York Impressionist and Modern Art auction Monday night were overall dissapointing, despite some noteworthy lot results of works by Malevich, Degas and Munch. Fears of an art-market meltdown have been fueled by recent lukewarm results at London’s Frieze art fair and the abrupt pulling from the auction of the 1909 Picasso that was expected to sell for over $30 million. While the Sotheby’s evening total on Monday stood at 45 works sold for $223.8 million, it was well below its initial estimates of $337 million to $476 million, which were set over the summer before the financial crisis. The sale was the lowest for an Impressionist evening sale at Sotheby’s since May 2001. David Norman, an executive vice-president at Sotheby’s was quoted by the Guardian as saying “Anyone would expect people to be more circumspect in this environment. We’re selling in a very uncertain world.”
Auction Season Opens With Little Enthusiasm [NY Times]
Art Market `Corrects’ as Lots Go Unsold at Sotheby’s [Bloomberg]
Three Big Lots Pace Respectable Showing at Sotheby’s [ArtInfo]
New York sales hit record highs amid signs that the art market is dropping [Guardian UK]
Work by Kazimir Malevich sold for record $60 million [International Herald Tribune]
Kazimir Malevich’s Suprematist Composition Sets Record at Sotheby’s Sale [Art Daily]
Opening of Fall Art-Auction Season Marked by Crappy Sales, Great Deals [NYMag]
Flat result at NY season’s first art auction [Reuters]
Munch artwork fetches record $38m [BBC]
more results and pictures after the jump…
Love and Pain by Edvard Munch via Art Market Monitor.
Edvard Munch’s 1894 painting Love and Pain, known as Vampire, will be auctioned at Sotheby’s New York November 3, 2008. The piece has been in private hands for the past 70 years and will be the feature work during Sotheby’s evening sale of Impressionist and Modern Art. It is estimated that the painting will sell for $35 million surpassing the existing Munch record of $30.8 set this past May for Girls on a Bridge. The painting which is said to represent love, sex, and death shows a woman and man in embrace. It is one of four paintings by Munch that explores the same theme, the other three works are housed in institutions in Oslo and Gothenburg. Curiously, the work was painted within years of Bram Stoker publishing the hugely popular ‘Dracula’ which may have caused the painting to be effectively renamed in popular culture. [Coxsoft] Prior to its sale the work will be displayed at Sotheby’s London from October 3-7, and in Moscow from October 16-19.
Iconic Masterwork by Edvard Munch to be Sold by Sotheby’s New York on November 3, 2008 [Sotheby’s Press Release]
Munch’s Vampire to be auctioned [BBC News]
Munch’s Vampire Comes to Market [Art Market Monitor]
Munch’s Vampire Goes Up for Sale With $35 Million Estimate [Art Info]
Iconic Masterwork by Edvard Munch to be Sold by Sotheby’s New York in November [Art Daily]
Jeff Koons at the Met via Artfagcity
NYMag explores how the art of Jeff Koons somehow stands above the other “razzmatazz” [NYMag]
Profile of collector Eli Broad and his “oversize ego and unstoppable ambition” [Metropolis]
The art services market grows in lockstep with art prices [NYTimes]
Edvard Munch prices seem to be rising in direct correlation to recent art thefts of his work [The Art Newspaper]
Bloomberg posits that Banksy’s possible middle class private school background may affect his notoriety [Bloomberg]
Claude Monet, Le Pont du Chemin de fer a Argenteuil, (1873) via Bloomberg
A series of spring auctions in New York have proven to be successful despite some recent speculation about the market’s weakness due to setbacks in the financial and real estate markets. Bloomberg reported that Sotheby’s lost half of its value in the past year, but the company, at their Impressionist & Modern Art Evening Sale on May 7th, sold a total of $235.3 million in their 52-lot auction, hovering right in the middle of their anticipated $203.9 million to $280.1 million range.
In the 58-lot auction at Christie’s on the previous evening, the sales totaled $277.3 million, just under their $287 million to $405 million estimate for the evening’s sales. This was the first time in four years that Christie’s sold beneath the total estimate. The Christie’s auction was dominated by European buyers, while, at Sotheby’s, Americans bought 67 percent of the sales. More details of each each auction after the jump.
Art: Auction Jitters [WSJ]
Putting a Price on Mao’s Head [WSJ]
Record Leger, Munch Sales Lead Slim Sotheby’s Auction [Bloomberg]
Sotheby’s Posts Loss on Lower Sales, Higher Salaries [Bloomberg]
Collectors Shrug Off Market Woes [Financial Times]
Americans Heaviest Bidders [NY Times]
Monet and Rodin Set Price Records at Christie’s [NY Times]
Auction houses put faith in $1.8bn art sales [Financial Times]
Art market shows strength at Christie’s sale of Impressionist and Modern Art [Herald Tribune]
Record Monet Fails to Stem Dip in Christie’s Impressionist Sale [Bloomberg]
Sotheby’s Sale of Impressionist and Modern Art Sets Record for Fernand Leger [Art Daily]
Monet and Rodin Set Price Records at Christie’s [NY Times]
