AO Art Observed™

Caravaggio’s “Conversion on the road to Damascus” (1601) Via FT.

Currently showing at Rome’s Galleria Borghese is an exhibition of paintings by Italian master Caravaggio and the 20th century Irish painter, Francis Bacon. The exhibition, which has already drawn over 70,000 visitors, displays 14 paintings by Caravaggio along with 17 paintings by Bacon and functions as a kind of commemoration– marking 400 years since Caravaggio’s death and 100 years since Bacon’s birth. Mixing the past and present masters together gives rise to inevitable comparison, and although it is widely acknowledged that Caravaggio had no direct influence upon Bacon, their work shares a broad range of thematic and stylistic properties– among them, a fascination with anatomy, a fixation on depicting an anguished and tormented human condition and revolutionary approaches towards depicting the human form and the expressive portrait in pursuit of realism.

Francis Bacon’s “Study of George Dyer.” (1969) Via FT. (George Dyer, Bacon’s most significant and constant companion and model, committed suicide in 1971, two days before Bacon’s major exhibit at the Grand Palais in Paris.)

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The First Annual Art Awards via Guggenheim.org

Last night, October 29, marked the inauguration of a new annual art event: Rob Pruitt presented The First Annual Art Awards at the Solomon R. Guggenheim Museum, New Yorkin association with the city’s oldest alternative art space, White Columns.

The awards were conceived by artist, Rob Pruitt, as a performance-based artwork; for the occasion he recruited the characters of Index Magazine’s wry satirical web series, Delusional Downtown Divas. The New York Times have reported that “…the Divas schemed to infiltrate the art establishment by any means possible. In one segment they pitched a tent in the Guggenheim, doing their laundry in the lobby fountain.”

Jeffrey Deitch and Kembra Pfahler at The First Annual Art Awards at the Solomon R. Guggenheim Museum via style.com

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Portrait of Geoff Dyer Talking, Francis Bacon (1966) at FIAC, Paris

If Frieze opened willing to court the unavoidable media speculation about sales or the lack of them: FIAC, and the exhibitors it houses this year, have in the early stages proved characteristically reticent. Not to mention laconic. At least on the surface. This morning there was little sign that much of Paris and beyond would descend on the Grand Palais and the Cour Carrée du Louvre at noon.

The show is comprised of works by 63 artists, with some pieces showing publicly for the first time. The sweeping comprehensiveness of the exhibition allows for a juxtaposition of artists rarely seen. Paintings by Claude Monet accompany those by Cy Twombly and Paul Signac. Cubist Georges Braque brings the cartoons of Jean Dubufett into sharper relief. Included are Paul Cézanne and Abstract Expressionists Mark Rothko and Sam Francis, in an exhibition that shows even the pop art of Andy Warhol and the Surrealist paintings of Salvador Dalí.

Ferdinand Hodler, “le Grammont,” at Fondation l’Hermitage. Image courtesy of the museum.

Yves Klein, “ANT 20,” at Fondation l’Hermitage. Image courtesy of the museum.

Initially founded in 1984 with the Bugnion Family collection, Fondation l’Hermitage now boasts over 600 works, shown in rotation along with its temporary exhibitions. The Fondation is also home to a collection of 12th-19th century Chinese porcelain, donated by the Vergottis Foundation and on permanent display in its underground space.

René Magritte, “La Ruse Symétrique,” at Fondation l’Hermitage. Image courtesy of the museum.

Paul Klee, “Felsenlandschaft,” at Fondation l’Hermitage. Image courtesy of the museum.

Edgar Degas, “Danseuses (Danseuses au repos),” at Fondation l’Hermitage. Image courtesy of the museum.

- R. Fogel

Jonathan Meese, “mutter mit roter Brille und roetlicher Perlenkette,” part of “The Figure and Dr. Freud,” a group exhibition on at Haunch of Venison New York.

Haunch of Venison’s New York branch is showing “The Figure and Dr. Freud,” a group exhibition by 31 artists from the last century.  These include past and currently producing artists, from the sculptor Alberto Giacometti to the painter Daniel Richter.  The show, which closes on August 22, focuses on the human figure as the artists have rendered it, through the lenses of the late Dr. Freud’s psychoanalytic theories.

Related links:
Haunch of Venison
Sigmund Freud [freudfile]

David Salle, “With All Due Respect Sir, We Need Modesty Blaise,” at Haunch of Venison.

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Jenny Saville’s Hyphen, 1999, part of Paint Made Flesh at The Phillips Collection.

“Paint Made Flesh,” a series of 43 oil paintings that focus on the human body, is showing at The Phillips Collection through September 13.  Featured artists incude Pablo Picasso, Leon Golub, Ivan Albright, Cecily Brown, David Park, Philip Guston, and more.  ”At times when figure painting was considered outdated,” comments Assistant Curator Renee Maurer, these and other artists included in the show “continue to explore the expressive potential of the painted human body.”

Related links:
Current Exhibitions at the Phillips Gallery
Paint Made Flesh [video]
“Paint Made Flesh” Survey opens at The Phillips Collection in Washington, DC [Art Knowledge News]
“Paint Made Flesh” Is More Than Skin-Deep [Washington Post]
“Paint Made Flesh” : Modern Bodies, Naked Eyes [NPR]

John Currin, Hobo (1999), via NPR.

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Peter Doig’s ‘Night Playground’ sold for £3 million, beating estimates of £1.5-2 million, via Artinfo

Rounding out the summer auctions, Christie’s Post-War and Contemporary Evening Sale took in £19.1 million, coming in around the lower end of estimates of £17.4-24 million.  35 out of 40 lots sold, with rates of 88% by lot and 86% by value.  The top selling lot was a large Peter Doig painting, ‘Night Painting,’ which sold for £3 million, quite above estimates of £1.5-2 million. According to the NY Times, collector François Pinault was overheard calling the sale “solid” and “serious.” Though the total value realized represents a 78% drop from last year, the high sell-through rate, consistent among the fine art auctions this season, shows that the market has settled enough for the auction houses to accurately gauge what buyers want.

Post-War and Contemporary Art Evening Auction [Christie's]
Bidding Is Thin at Christie’s in London [NY Times]
Doig, Richter Sell as Christie’s London Auction Total Drops 78% [Bloomberg]
Market Motors Along at Christie’s Contemporary Sale [Artinfo]
Lot by Lot: Christie’s London Cont. Evening Sale [Art Market Monitor]
Lots of Profit at the Top [Artinfo] (more…)

Francis Bacon, "Head I," 1947-1948 (The Metropolitan Museum of Art)

Francis Bacon: A Centenary Retrospective, the first comprehensive exhibition to feature the artist’s works in New York in 20 years opened to the public  May 20 at The Metropolitan Museum of Art, to run through August 16, 2009. The retrospective, marking the 100th anniversary of Bacon’s birth, has brought together a highly impressive international curatorial team, including Gary Tinterow of the Met, Matthew Gale of Tate Modern and Chris Stephens of Tate Britain. The exhibition showcases some 65 paintings, amongst them a handful of never-before-seen gems from private collections, along with important archival materials, photographs and 65 personal items from Bacon’s London studio and estate, which served as the artist’s inspiration for some of the works in the show.

Francis Bacon: A Centenary Retrospective [The Metropolitan Museum of Art]
Francis Bacon’s Provocative Works Featured in Major Retrospective Opening May 20 at Metropolitan Museum [Met Press Release]
Francis Bacon at Tate Britain – Sept. 4th 2008-Jan. 4 2009 [Tate]
Tragic Hero: A Majestic Francis Bacon Show [Time]
Francis Bacon’s Provocative Works Featured in Exhibition at Metropolitan Museum of Art [ArtDaily]
If Paintings Had Voices, Francis Bacon’s Would Shriek [NYTimes]
Sacred Monster [NYMagazine - Jerry Saltz]
Francis Bacon’s Horror Show [Economist - More Intelligent Life]
Francis Bacon (Hardcover) 2009, Matthew Gale, Chris Stephens [Amazon]

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Marc Drier

Marc Dreier, the powerful attorney indicted on fraud charges totaling nearly $700 million, revealed as a substantial client of Larry Gagosian [ArtLovesMoney]
and in related: Chris Burden on his exhibition at Gagosian Los Angeles that became entangled in the Allen Stanford fraud case [New Yorker]
Spurred by a spate of deaccessionings, New York State looks at a bill aimed at limiting museums’ art sales [NY Times]
Yvon Lambert closes fledgling London branch [Bloomberg]
in in other recession-related: facing a shrunken endowment, Getty cuts its budget by a quarter [LA Times]

via Traileraddict.com

Steve McQueen’s first feature film, ‘Hunger,’ opens in New York at the IFC Film Center [IFC film Center]
London sees a number of Russian women as a force in the contemporary art scene [Financial Times]

Curators of ‘New Deal’ at the Art Production Fund gallery, Matthew Moravec, left, and Kyle Thurman via NY Times

In their early 20s, two curators present an exhibition of artists 19 to 26 years old for Yvonne Force Villareal’s Art Production Fund [NY Times]

Christian Holstad’s installation at X Initiative via NY Magazine

Jerry Saltz reviews two new energetic galleries: The Boiler in Williamsburg and X Iniatiative in the old Dia space [NY Magazine]
The European Fine Art Fair in Maastricht displays trust in Old Masters [The Art Newspaper]
Hirst, Serra, Koons and others bring in exceed estimates and bring in $6 million at Paris charity auction [Bloomberg]
Asian Art Week actions sell robustly at both Christie’s and Sotheby’s [Crain's]
Artprice publishes its top 10 ranking of artists based on auction revenue in 2008 [ArtPrice]

A portrait of Yves Saint Laurent by Andy Warhol via artnet

Pierre Bergé withdraws four portraits of his partner, the late Yves Saint Laurent, from an Andy Warhol exhibition in Paris four days the opening [Artinfo]
Fashion designer contextualized art is again resilient: Sotheby’s Gianni Versace sale greatly exceeds its estimates [Artdaily]

Vincent van Gogh, The Night Cafe, 1888, Via ARTstor Collections

Yale University files suit to claim ownership of Van Gogh, after self-proclaimed descendent of previous owner lay claim to the work [Associated Press]
Director of SFMoMA sets example on how to tackle economic difficulty [NY Times]
Jackie Wullschlager looks at three new books that explore Darwin’s influence on Modern art [Financial Times]
Beacon in upstate New York is an art destination [NYTimes]

Levi’s collaborates with Stefan Sagmeister on art series featuring its iconic 501 [PaperMag]
and in related Lucien Pellat-Finet and Marc Quinn collaborate [Vogue]
The Chapman Brothers direct new video for PJ Harvey and John Parish [NME]

Michael Visocchi's proposal for Yield, Via Artdaily

Michael Visocchi has won the 2009 Jerwood Sculpture Park Prize [BBC]
and in related, Pipilotti Rist has been awarded the 2009 Joan Miro Prize [Artdaily]

Francis Bacon, Study for a Self-Portrait, 1964, Via Rawartint

A Florida art collector is suing Christie’s New York, after his Self-Portrait by Francis Bacon failed to sell at auction in November 2008.  Christie’s had offered collector George Weiss a minimum guarantee, but allegedly refused to follow through after Weiss consigned the work.  The auction house alludes to the collapse of the art market in its defense.

RELATED LINKS
Christie’s Is Sued After Francis Bacon Painting Fails to Sell [New York Times]
Christie’s Sued For $40M Over Francis Bacon Painting [Wall Street Journal]
Christie’s Auction House Sued Over Francis Bacon Guarantee [Bloomberg]
Art Law Blog on the legal battle [Art Law Blog]

Damien Hirst’s skateboard decks for Supreme, via The Hundreds

Damien Hirst launches a new line of skate decks for Supreme [Hypebeast] plus a Glenn Brown interview with Supreme [Interview]
Turner prize winning British artist Steve McQueen debuts Hunger. [W Magazine via C-Monster]

John Baldessari at Mies van der Rohe’s Haus Lange of 1928, in Krefeld, Germany, via Edward Lifson

John Baldessari transforms a Mies van der Rohe house [Edward Lifson]
Metropolitan Opera puts up two Chagalls as collateral for loan in the face of a shrunken endowment [Crain's]
Art In America launches its new website [Art Fag City]

A model of Jeff Koons’s ‘Train’ to be built at Los Angeles County Museum of Art, via LACMA

LACMA moves forward with record $25 million sculpture by Jeff Koons [The Art Newspaper]
Gold Bars for a Chris Burden show at Gagosian held up in Stanford fraud case [Culture Monster]
A negative forecast for the recession’s impact on art [NewYorkMagazine]

Banksy in London, via Wooster Collective

New Banksy works appear in London [Wooster Collective]
A profile of the Guggenheim’s Richard Armstrong, a modest museum head compared to his controversial predecessor [Wall Street Journal]

KAWS’s cover for the current issue of New York, via SuperTouch

KAWS designs New York Magazine’s cover for their ‘Best of New York 2009′ issue [SuperTouch]
Jackie Wullschlager looks at the exhibitions that have come about after Anthony d’Offay’s gift of his collection to Britain [Financial Times]

Gang Gang Dance, via The Social Registry

Armory Show preview and party at MoMA featuring a performance by Gang Gang Dance [MoMA]
A profile of art collecting Mugrabi family [NY Times]
Second ever newspaper interview of Charles Saatchi [London Times]

Jake and Dinos Chapman’s remade ‘Hell’ via The Guardian

Jonathan Jones on why the Chapman Brothers’ Hell deserves to be shown at the National Gallery [Guardian]
Munich gallery Andreas Grimm shutters NY location [Hintmag]
SANAA, architects of the New Museum, to design Serpentine Pavilion [Icon]

A rug made by Francis Bacon, via London Times

Rediscovered Francis Bacon rugs are up for auction at a relative pittance versus his canvases [London Times]
Alex Katz models for J. Crew [MediaBistro]
A trend of wealthy collectors building museums to open their collections to the public [Fortune]

Richard Serra’s Equal Parallel: Guernica-Bengasi, 1986, returned to El Museo Nacional Centro de Art Reina Sofia, Madrid via Art Daily

Missing Sculptures by Richard Serra are replaced at El Museo Nacional Centro de Arte Reina Sofia [ArtDaily]
How Art Capital Group is providing liquidity backed by significant fine art [The New York Times]
A new book on the world’s largest unsolved art theft, the Gardner Museum Heist [Wall Street Journal]
A new Julian Schnabel-designed steak house back room? [NYMag]
The Moscow Art Fair has been postponed [Bloomberg]

A still from the Marcel Dzama video via Pitchfork

Animated Marcel Dzama for NASA’s video [TheWorldsBestEver]
The Prado’s conclusion that Colossus is not a Goya is brought into question [Wall Street Journal]
How the Brooklyn Museum’s Shelly Bernstein expands the institutions presence via internet outreach [New York Observer]
Francis Bacon, and a new exhbition in the unlikely city of his death [New York Times]
An agreement reached with further clarifies the collection boundaries between the UK’s National Gallery and the Tate [Guardian UK]

Assume Vivid Astro focus via the TheMoment

Assume Vivid Astro focus collaborates with the New York Times [TheMoment]
The last days of Soho’s Guild and Greyshkul gallery [New York Times]
A detailed new report on the growing impact of China, Russia, India and the Middle East in the global art market [ArtDaily]
How the fall of the art boom is useful to trim the movement of blockbuster art to the only fleetingly interested masses [Newsweek]
Mega dealer David Nahmad on the market’s rise and fall: “It’s almost a fraud. I would never advise my clients to buy contemporary art.” [IndependentUK]

Lucian Freud has painted a wine label for Chateau Mouton Rothschild 2006 [Forbes]
Sotheby’s reports $2.8 billion in sales in 2008 [ArtDaily]
UK Government cuts VAT taxes after court rules that video and light art is sculpture in a case involving Dan Flavin and Bill Viola works imported by Haunch of Venison [The Art Newspaper]
How the Whitney recently benefited from the weakness of the corporate system [NYTimes]
The Times UK and Saatchi Gallery begin a top 200 artist survey with results to be announced in May [TimesUK]

Monkeys (Ladder) (2003) by Jeff Koons. Sold for £1.38 million ($2 million) against estimates of £1.4 million to £2 million.

Following last week’s encouraging results, Christie’s post-war and contemporary auctions could only be described as lacklustre, while not entirely disheartening.

The auction realized a total of £8,392,750, or $12,085,560, with 79% of lots being sold. While still somewhat robust, it pales in comparison to last week’s figures which tended to be in the 90% range. 48% of the 29 lots were sold above their estimates, with one work of auctioned for over £1 million. European buyers put in a strong showing, comprising 66% of auction participants, with the remainder breaking down as follows: 4% UK, 27% Americas and 4% Asia.

Jeff Koons’ playful Monkeys (Ladder) was the highest priced lot, pulling in £1.38 million ($2 million) against estimates of  £1.4 million to  £2 million–just barely falling short of the lower estimate.  The oil on canvas piece forms a part of the artist’s Popeye series, and was offered for auction for the first time during the evening sale.

Two of the highest profile lots on auction failed to sell. A lot by Francis Bacon, Man in Blue IV, went unsold–considered by the auction house and several dealers who were present as “perhaps too academic.” The sitter is an unknown man who Bacon is thought to have had an affair with at the Imperial Hotel in Henley-upon-Thames, where the painter resided for some time.  His features are obscured and more attention is given to his clothing, posture and form. The  lot was expected to sell for between £4 million and £6 million, which would have made it the priciest lot on sale.

Mark Rothko’s lot also went unsold. Green, Blue, Green on Blue, from 1968, was expected to bring in between £2.5 million and £3.5 million, and would have been the second highest priced lot after Bacon’s.

Christie’s Sale Total Halves; $12.2 Million Rothko, Bacon Fail [Bloomberg]
Francis Bacon portrait fails to sell at auction [Telegraph UK]
Christie’s Auction of Post-War and Contemporary Art Realises $12.1 Million [ArtDaily]
The Golden Rain Dries Up at Christie’s [ArtInfo]

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Francis Bacon – Man in Blue VI via TimesUK

Francis Bacon’s ‘Man in Blue VI’ highlights Christie’s February 11th sale [BBC]
Museums cut budgets as endowments shrink [Art Newspaper]

Art Dealer and White Cube Gallery owner Jay Jopling and Artist Sam Taylor-Wood via the DailyMail

On the fractious Jay Jopling and Sam Taylor-Wood “£100m divorce” and a brief history of the couple [DailyMail]
Art galleries Guild & Greyshkul, Cohan and Leslie, and Roebling Hall are the latest to close [Artnet]
The Guggenheim museum sets record attendance [Cranes] as does The Louvre [ArtInfo]
Fashion brand Lucien Pellat-Finet to collaborate with artist Marc Quinn [Vogue]

Lucio Fontana – Concetto spaziale, 1961 via ArtDaily

Sotheby’s February 5 London Contemporary Art Evening auction to sell
Lucio Fontana’s rediscovered Concetto spaziale (1961) at at estimate of £5-7 million [Reuters]
The total value of London’s art auctions in February are a mere 23% of 2008 levels [Bloomberg]
Scores of artists settle in Sunset Park, Brooklyn’s “Industry City” [NYMag]
Art colleges as hype machines? [GuardianUK]

Hiroshi Sugimoto’s cover for U2 via Blitz.pt

Hiroshi Sugimoto is the cover art for U2 new album [Rolling Stone]
Edward Winkleman offers tactics for art galleries to weather a recession [ArtworldSalon]

Marlene Dumas: Measuring Your Own Grave captures three decades of the South African artist’s expressionistic paintings and drawings at her first ever retrospective in the United States at the Museum of Modern Art. Featuring around 70 paintings and 35 drawings, the artist merges painterly aesthetics with political and social themes telling of the complexities of human existence. With often jarringly morbid colors, stained brush stroked canvases, Marlene Dumas depicts lurid yet melancholic scenes of pregnant women, murdered children, and victims of suicide and executions often with personal references.

Marlene Dumas: Measuring Your Own Grave
The Museum of Modern Art
December 14, 2008- February 16, 2003

Museum Website: The Museum of Modern Art
Exhibition Page: Marlene Dumas: Measuring Your Own GraveThe Body Politic: Gorgeous and Grotesque [New York Times]
Unpretty Pictures [New Yorker]
Opening: Marlene Dumas Measuring Your Grave [The Art Newspaper]
Mid-career Survey of Painter Marlene Dumas is the first to be Presented in the United States [Artdaily]

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“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

AO November Auction Roundup 3 of 5: Christie’s Post-War and Contemporary Art, New York, Wednesday, November 12th: Basquiat’s “Boxer” sells while the Bacon does not, “The market is adjusting down”

AO November Auction Roundup 2 of 5 (AO On-Site): Sotheby’s Contemporary Art Evening Sale, New York, Tuesday, November 11th: Sotheby’s crushed by guarantees, Eli Broad: “It’s a half-price sale”

AO November Auction Roundup 1 of 5: Christie’s Impressionist and Modern Art, New York, Thursday November 6th: “Obviously, prices have changed”

AO Auction Results: Christie’s “The Modern Age,” the Alice Lawrence and Hillman family collections sell for less than 50% of estimate as Rothko and Manet headliners are pulled

AO Auction Results: Sotheby’s New York Impressionist and Modern Art, despite select notable sales, overall results were poor

more images after the jump…

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“Untitled, boxer” (1982) by Jean-Michel Basquiat, sold by Metallica band member Lars Ulrich for $13.5 million via Artnet

CHRISTIE’S POST-WAR AND CONTEMPORARY ART, New York, Wednesday, November 12th

Total Lots Offered: 75
Total Lots Sold: 51
Total Sales Value: $113.62 million
Total Sales Pre-Auction Estimate: $227 million

Christie’s New York sale of contemporary art, held on the evening of Nov. 12, 2008, was dominated by American buyers and totaled $98,480,000 ($113,627,500 with premium) or about half of the low value of its estimate of $227,150,000 to $321,350,000. 51 of 75 lots sold, or 68%, with nearly a third failing to sell. Two lots sold for over $10 million, and 32 lots sold for over 1 million dollars. Buyers were 60% American, 18% European and Russian, 0% Asian and 24% “other.” Notable attendees were tennis legend John McEnroe and billionaire Eli Broad.

Like Sotheby’s evening sale a day before, Christie’s was also damaged by its guarantees of 39 lots when 12 were brought in with a combined low estimate of $48 million, (typically a price near where an auction house will guarantee). The total guaranteed low estimate was $90 million. Overall, 24 of the 75 lots failed to find buyers which indicates a buy-in rate of 32% by lot and 55% by value. The total for this sale does not compare well to Christie’s fall contemporary sale in 2007 which totaled $325 million. Christie’s reportedly reduced their reserves and as such 52% of the lots sold below the low estimate.

Several new auction records were set, including those by Paul McCarthy and Robert Irwin, however, prices were generally below pre-sale low estimates. Some positives came from the sale including a $15 million Richter and a $13.5 million Basquiat as well as new auction records for Joseph Cornell and Yayoi Kusama. The headliner lot Francis Bacon’s Study for Self-Portrait was unsold against a low estimate $40 million or more, but no bid approached even $30 million. Many other major lots went unsold, including five sequential lots including three Warhols and a Richter valued at up to $10.0 million to $15 million.

Credit crunch hits the art market [Guardian]
Mixed Results for Contemporary Art Sale at Christie’s [NY Times]
Christie’s New York Auction Sells 68% of Contemporary Artworks [Bloomberg]
Lehman’s Fuld and Wife Sell Drawings Below Estimate [Bloomberg]
Francis Bacon portrait pulled from sale after failing to attract bids [Telegraph UK]
Art market in shock as Christie’s calls halt to Francis Bacon sale [TimesUK]
Art Market Watch – $113.6 million at Christie’s Contemporary [ArtNet]
Crappy Art Market Fails to Take Revenge on Richard Fuld [NYMag]
No Bailout at Christie’s [Artinfo]
The art of avoiding the credit crunch [GuardianUK]
Credit crunch hits the art market [GuardianUK]

more with pictures after the jump…

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