Sotheby’s has announced that its London Impressionist and Modern Evening Sale, scheduled for June 24th, will lead with Edgar Degas’ iconic sculpture Petite danseuse de quatorze ans, estimated at £10-£15 million.  “The artist’s ambitious and highly innovative work marks the pinnacle of his achievements as a sculptor, and its forthcoming sale represents a rare opportunity to acquire an icon of Impressionist art,” says Helena Newman, Sotheby’s Co-Head of Impressionist & Modern Art Worldwide. (more…)

Established artists and classic masterworks are increasingly finding themselves in the crosshairs of eager art flippers, Bloomberg reports, pointing in particular to a Francis Picabia that saw a massive 220% gain in price in less than six months.  “Because art is seen as an asset class, the more rapid turnover is considered encouraging. There’s a whole new generation of collectors who are playing the art market,” says Frances Beatty, VP at Richard L. Feigen & Co. (more…)

Andy Warhol, Triple Elvis [Ferus Type] (1963), via Christie’s

The second week of fall auctions in New York is set to kick off this week, as a series of three sales at Sotheby’s, Christie’s and Phillips that will look to test the ongoing strength of the Contemporary and Post-War Markets.  With major works on sale at all three auction houses, the initial estimates are impressive.

Mark Rothko, No. 21 (Red, Brown, Black and Orange) (1951), via Sotheby’s (more…)

A coalition of UK-based artists is leading a legal push against dealers who have refused to pay the resale royalties on artworks sold at auction since the British Government passed legislation mandating the payouts in 2006.“The honeymoon period is now over,” says artist Maggi Hambling, who is leading the charge against dealers. “The law changed in 2006 and there are people who are still trying to get away without paying. I’m not saying all dealers are crooks. But it’s high time that everyone was doing the right thing.” (more…)

The Wall Street Journal takes a look at a set of works by Cy Twombly and Martin Kippenberger on sale next month at Christie’s in New York, which are already commanding impressive estimates.  Twombly’s untitled 1970 canvas of white looping scrawls is estimated to potentially sell for up to $50 million, while Kippenberger’s self-portrait will look to achieve $15 million and $20 million. (more…)

Amedeo Modigliani’s seminal sculpture Tête will be offered at Sotheby’s New York this November, a rare work in stone from the Italian Modernist, that is expected to achieve up to $45 million during the sale.  ‘‘Modigliani’s Têtes rank among the most revered sculptures of the 20th century,” says Simon Shaw, Co-Head of Sotheby’s Worldwide Impressionist & Modern Art Department. “Working alongside Constantin Brancusi, he believed that direct carving and staying true to materials were critical if sculpture was to be reborn for the Modern age. The present Tête has a truly mesmerizing aura, and is recognized to be the greatest Modigliani sculpture in private hands.’’  (more…)

Claude Monet, Nymphéas (1907), via Christie’s

As the art world turns its attention to New York this week during the hustle and bustle of Frieze Week, Sotheby’s and Christie’s will hold their annual spring auctions of Impressionist and Modern Art, boasting an impressive collection of works that speaks to the current strength of the auction market, and the enthusiasm of its buyers.  The competition between the two auction houses has remained fierce over the past year, even while Sotheby’s has fought off advances from Daniel Loeb and his Third Point team.  Now, with an agreement between the parties reached just this morning, the auction house will turn its full attention to its upcoming sales, and the feverish sales estimates some are predicting for the pair of auctions early this week.

Pablo Picasso, Portrait de femme (Dora Maar) (1942), via Christie’s

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El Greco, The Annunciation, via Sotheby’s

The past week of Old Masters auctions in New York has concluded with a series of successful auctions at both Sotheby’s and Christie’s this week, bringing respectable sums that set the stage for the next two weeks of Modern and Contemporary Works at both houses.  Notably more subdued than last year’s competitive sales, a number of works still managed to drive the auctions beyond their anticipated figures.  Sotheby’s capped a series of well-attended auctions that brought in a total sum of $71 million, while Christie’s closed a series of auctions bringing in just over $65 million. (more…)

A federal bankruptcy court judge has ruled that the Detroit Institute of Arts cannot be forced to undergo a full valuation of its collection, following pressure from city creditors for a second estimate.  The collection, valued between $452 million and $866 million, seems to have some space to maneuver moving forward, especially given judge Steven W. Rhodes’s statement that he took quite seriously the opinion of Michigan Attorney General Bill Schuette’s when he said that the “art collection of the Detroit Institute of Arts is held by the City of Detroit in charitable trust for the people of Michigan, and no piece in the collection may thus be sold, conveyed, or transferred to satisfy city debts or obligations.”

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The recent Sotheby’s auction of jewels designed by sculptor Alexander Calder broke all estimates at auction last week, selling for the total of $8 million, far beyond the works’ estimated $1.5 million price tag.  “This is a major development in the market for artists’ jewellery,” says specialist dealer Louisa Guinness. (more…)

Glenn Brown, Ornamental Despair (painting For Ian Curtis) Copied From ‘the Stars Like Dust’, 1986 By Chris Foss (1994), via Sotheby’s

Another session of competitive auctions wrapped up this evening in London, with Sotheby’s Contemporary Art sale providing an uneven, yet overall successful auction of contemporary works during the ongoing events of Frieze week, bringing forth a total sale amount of £21,459,000, with 7 of the 49 works remaining unsold. (more…)