AO Art Observed™

Andy Warhol & Jean-Michel Basquiat, Thin Lips, 1984-85 (est. $1.1-1.6 million, bought in), via Phillipsdepury.com

The week’s Contemporary art sales in London got off to a lukewarm start on Wednesday at Phillips de Pury. The evening sale realized $12.9 million against estimates of $15.6-22.7 million, and 12 of the 35 lots offered failed to find buyers. The auction’s featured lot – Jeff Koons‘s rendition of stacked trash cans punctuated by inflatable toys – sold for $3.3 million against a low estimate of $3.1 million (prices realized include the buyer’s premium, estimates do not). A collaborative work by Andy Warhol and Jean-Michel Basquiat that was expected to fetch at least $1.1 million was bought in, as were works by George Condo, Lucio Fontana, Cindy Sherman, and Paula Rego.

(more…)

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

(more…)

‪

‬
‪

A door at a Williamsburg bodega (a drug front) may be last work of Jean-Michel Basquiat [AO Newslink]

‬
‪

(more…)

Accused Picasso thief kept “small museum” of stolen art at home, with more Picassos, a Léger, Basquiat Photo [AO Newslink]

(more…)

Sigmar Polke, Dschungel (Jungle), 1967 (est. $5-6.5 million, realized $9.2 million), via Sothebys.com

Sotheby’s evening sale of Contemporary art on Wednesday night brought this round of summer sales to a close and removed any lingering doubt about the art market’s recovery. Eighty-one of 88 lots offered brought in $174 million against a high estimate of $168.5 million and set a record for any auction the company has staged in London. The results were boosted by the inclusion of thirty-four works belonging to Count Christian Duerckheim, a German industrialist who collected German art religiously and often befriended artists he patronized. The Duerckheim lots, which had the benefit not just of quality and freshness but also storied provenance, were all sold during the first portion of the auction and fetched $97 million against a high estimate of $74 million. Leading the collection was Sigmar Polke‘s dotted Dschungel of 1967 which sold for $9.2 million and set the artist’s auction record.

Francis Bacon, Crouching Nude, 1961 (est.$11-14 million, realized $13.7 million), via Sothebys.com

(more…)

Beatriz Milhazes, O Moderno, 2002 (est. $1-1.3 million, realized $1.1 million), via Phillipsdepury.com

Phillips de Pury’s Contemporary art evening sale on Monday night at their new space in the Claridge’s Hotel, London realized $17 million for 27 of 31 lots sold. The sum (which includes fees) fell within presale estimates of $16.4-27.3 million despite the withdrawal of a high priced Cindy Sherman, reportedly because another version of the work sold at Art Basel earlier this month. The equivalent sale last year at Phillips realized just $6 million and nearly half the lots offered went unsold.

(more…)

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

(more…)

Installation view of Rene Ricard’s “Sonnets from the Portuguese”. All images Ian Hassett for Art Observed.

AO was on-site for the opening of Rene Ricard‘s “Sonnets from the Portuguese,” presented by Vito Schnabel at the former Heidi Cho Gallery in Chelsea.  This is the artist’s first solo painting show in over twenty years, and features paintings overlaid with sharp, evocative poems written by Ricard. The show is entitled “Sonnets from the Portuguese” after a book by Elizabeth Barrett Browning, and is meant to “show [his] affection for the city of Lisbon.” It features sixteen canvases painted in basic “poison” green with short poems, and larger works featuring images based on those culled from family photo albums of Ricard’s friends, similarly painted over with text.

More text and images after the jump… (more…)

Andy Warhol, Liz #5, 1963 (est. unpublished, realized $26.9 million). All images via Phillipsdepury.com.

The week’s Contemporary art sales ended Thursday night with a fifty lot auction at Phillips de Pury & Co. The sale just missed its low presale estimate of $84.5 million before fees were added. Thirty-eight lots sold for a total of $82.7 million, or $94.8 million with fees. For the third time this week a Warhol canvas was the top lot. Liz #5, rumored to be sold by hedge-fund manager Steven Cohen, sold for $26.9 million against an unpublished presale estimate of $20-30 million. Unlike Warhol’s photo-booth self portrait on offer Wednesday night at Christie’s, Liz #5‘s trip to the auction block was brief. Bidding opened at $18 million and rose to $24 million before contenders called it quits.

Andy Warhol and Jean Michel Basquiat, Third Eye, 1985 (est. $2-3 million, realized $7 million)

More text and images after the jump…

(more…)

Gerhard Richter, Abstraktes Bild, 1990 (est. £5-7 million), via Sothebys.com

The February auctions continue this week in London with Contemporary Art sales at Sotheby’s, Christie’s, and Phillips de Pury. The day after Valentine’s Day buyers can cozy up to sixty lots at the Sotheby’s Contemporary art evening sale that are estimated to bring upwards of £30 million. The following night Christie’s will offer sixty-four lots that are expected to fetch £36-52 million. Phillips de Pury closes the week’s auctions with a twenty-nine lot sale that carries an estimate of £5.8-8.5 million. Christie’s is the only house to have officially released their 2010 global sales figures, and the numbers are impressive. The company sold £3.3 billion (or $5 billion) worth of art last year, more than any previous year in their 245-year history. Cheyenne Westphal, Sotheby’s Chairman of Contemporary Art London, revealed that the firm sold $845 million worth of Contemporary art in 2010 and that this is the third-highest total at the company in the field. At November’s Contemporary art auctions Phillips de Pury debuted a sparkling new gallery space on Park Avenue in New York and had the biggest sale of the week when Andy Warhol’s Men in Her Life sold for $63.4 million. It was a good year for Contemporary art, and the results of this week’s sales are expected to indicate whether the market will continue to recover in 2011 as it did in 2010.

Andy Warhol, Nine Multicoloured Marilyns (Reversal Series), 1979-1986 (est. £2-3 million), via Sothebys.com

more text and images after the jump…

(more…)

RETNA “The Hallelujah World Tour” (2011). All photos by Art Observed

In the 1980′s Jean-Michel Basquiat became one of the most significant artists of that decade and those that followed in part through his art being recontextualized by his travels from the gritty world of the street into the paths of the wealthy, famous and fashionable.  Many years later, the fashion and media elite diligently cultivate a similar paradigm, and in a scale that is immediately as grand a display as it ever was in the time of Basquiat.  What is notable here perhaps however, in RETNA’s recent exhibition, is that rather than the artist being serendipitously integrated with the scene, the scene is now constructed in formidable scope and scale and seems to plug the artist in.  The result is something that, if not significant for the art itself, is considerable as a reflection of how art can be marketed.

The New York debut of LA – based street artist and muralist RETNA’s exhibition “The Hallelujah World Tour” in the West Village on Thursday night, opened to a spectacle worthy of its positioning during fashion week, drawing a packed and trendy crowd to the warehouse space located almost at the water’s edge. Returning from a sold-out show in Art Basel Miami Beach (also likely the world nexus of art merging with fashion and commerce), RETNA’s work was here received by a diverse mob of invited New York insiders who were able to be granted access by the best in class, and no doubt expensive, PR teams checking in attendees at the door.

more images and story after the jump…

(more…)

Slave Auction (1982) by Jean-Michel Basquiat, via Musee d’Art Moderne

Currently on view at the Musee d’Art Modern in Paris is a retrospective of the work American artist Jean-Michel Basquiat.  Featuring a hundred major pieces including paintings, drawings and objects from numerous collections and museums in the United States and Europe, the show marks the fiftieth anniversary of Basquiat’s death and is the first exhibition of such a scale of the artist’s work ever to be held in France. The exhibition offers the viewer a chronological view of the artist’s career and his influence on post-1980s art history.

Untitled (Fallen Angel) (1981) by Jean-Michel Basquiat, via Musee d’Art Moderne

More text and images after the jump…
(more…)

Felix Gonzales-Torres, Untitled (Portrait of Marcel Brient), 1992 (est. $4-6 million, realized $4.5 million), via Phillipsdepury.com

Phillips de Pury conducted its first auctions at 450 Park Avenue on Monday night to a packed house, kicking off a week of Contemporary Art sales in New York. The Carte Blanche auction, curated by Philippe Ségalot, was immediately followed by the Contemporary Art Evening Sale. The Carte Blanche auction carried a presale estimate of $77.5-104.8 million and realized $117 million, while the Contemporary Evening Sale brought in $20 million against a high presale estimate of $34.4 million.

More after the jump…

(more…)

Damien Hirst, I am Become Death, Shatterer of Worlds, 2006 (est. 2.5-3.5 million GBP, realized 2.2 million GBP), via Christies.com

Thursday’s Post-War and Contemporary Art Evening auction brought in a total of 19,585,400 GBP, within the presale estimate of 15.9-22.7 million GBP. The auction had a sell through rate of 86% by lot and 92% by value, with 7 of the 51 lots bought in. While 40% of the lots exceeded their high presale estimates, the featured lot did not reach its low presale estimate. Damien Hirst‘s I am Become Death, Shatterer of Worlds carried a presale estimate of 2.5-3.5 million GBP and sold for 2.2 million GBP.  All sale totals stated in this article include buyer’s premiums and come directly from Christie’s official website or courtesy of The Baer Faxt.

more results and images after the jump…

(more…)

Damien Hirst, I am Become Death, Shatterer of Worlds, 2006 (est. 2.5-3.5 million GBP), via Christies.com

The Frieze Art Fair begins this week in London and is accompanied by Contemporary Art sales at the three major auction houses. This year, Phillips de Pury will kick things off with a 56 lot evening sale on October 13th, followed by a 51 lot sale at Christie’s on the 14th and a 40 lot sale at Sotheby’s on the 15th. After the dismal results of last year’s equivalent sales and the lackluster results of the summer sales, the art world is hoping that these auctions will give a stronger indication that the market for contemporary Western art is in fact recovering.

Read more…

(more…)

Cover of the catalog for last night’s Contemporary Art auction at Phillips de Pury & Co showing Thomas Schutte’s Doppelkopf (1994), via Phillipsdepury.com

Last night’s Contemporary Art auction at Phillips de Pury & Co reinforced uncertainties regarding the present state of the Contemporary Art market, as the sale earned just £3,963,450 against the pre-sale estimate of £6,075,000-8,575,000 (totals realized include buyer’s premium, estimates do not). Of 45 lots offered only 24 found buyers, leaving 47% of the lots unsold. For comparison, last year’s Contemporary Art Auction at Phillips earned £5.1 million.

More text and images after the jump…

(more…)

Andy Warhol (American, 1928-1987) Oxidation Painting (in 12 parts), 1978. Acrylic and urine in linen, 48 x 49 in. (121.9 x 124.5 cm) All images courtesy of: © 2010 The Andy Warhol Foundation for the Visual Arts/Artists Rights Society (ARS), New York.

Currently on view at the Brooklyn Museum is ‘Andy Warhol: The Last Decade’, a survey of the artist’s works from the late 1970s until his death in 1987. The exhibition was organized by the Milwaukee Art Museum and its tour schedule includes the Museum of Modern Art, Fort Worth and the Baltimore Museum of Art. Although Warhol is best known for his works from the 60s – soup cans, Marilyn Monroe portraits, and other iconic images that have become symbols of pop culture as a whole – but Warhol’s final decade was his most prolific. The 50 some works included in this show give a broad overview of the variety and scope of these late years. By the end of his career  the art community perceived Warhol as an overly eccentric washed-up artist. Over 20 years later, and with the benefit of hindsight, ‘The Last Decade’ proves that these final years gave rise to works worthy of both appreciation and admiration.

Andy Warhol Self-Portrait (Strangulation), 1978. Acrylic and silkscreen ink on canvas, ten parts, 16 x 13 in. (40.6 x 33 cm) each.

More text and images after the jump…

(more…)

Sotheby’s Evening Contemporary Art Auction in Progress, via Sothebys.com

With the audience being described as “dazed” and “fatigued,” excitement was sparse at yesterday evening’s Contemporary Art auction at Sotheby’s in London. The sale realized a total of £41,091,800, well within the £32-52 million estimate (total realized includes buyer’s premium, estimates do not).  The sale had a sell-through rate of 83% by lot and 87.3% by value, while 45.4% of lots sold above their high estimates.

Yves Klein, MG 42, 1960 (estimate £200,000-300,000, realized £481,250), via Sothebys.com

The headlining work, Yves Klein’s RE 49, sold for just over £6 million (estimate £4.5-6.5 million) after three minutes of bidding from four interested buyers.  The other Klein canvas for sale yesterday evening, MG 42, realized a price of £481,250, above its pre-sale estimate of £200,000-300,000. Though the works performed reasonably well, there is still concern that the market might be tiring of them. “There are too many Kleins and Fontanas in these auctions,” Dusseldorf-based art adviser Jorg-Michael Bertz said, in conversation with Bloomberg reporter Scott Reyburn. “We need a rest from them.”

More text and images after the jump…

(more…)

Yves Klein, Re 49, 1961 via Sothebys.com

Expectations are high for this week’s Contemporary Art auctions at Sotheby’s and Christie’s in London.  The auctions, which will take place between June 28^th and July 1st, will feature sought after works by several important artists, including Yves Klein, Gerhard Richter, Andy Warhol, Jeff Koons, Richard Prince, Lucio Fontana, and Jean-Michel Basquiat.  The strength of the works being sold is the result of buoyed seller confidence following a recent series of record-breaking auction results, such as the sale of a Picasso for $106.5 million in May at Christie’s in New York and 43.2 million euros for a Modigliani sculpture this month at Christie’s in Paris.  Sotheby’s evening auction carries a low estimate of £38.3 million for 53 works, while the Christie’s Post War and Contemporary evening sale carries a low estimate of £40.9 million for 63 lots.  Last summer’s Contemporary Art sale at Sotheby’s, which was expected to bring between £19.8-27.4 million, brought in £25.5 million for 40 lots. The comparable Christie’s auction last year brought just over £19 million for 40 lots with a low estimate of £17.4 million.

At Sotheby’s, all eyes will be on an Yves Klein sponge painting from 1961 titled Re 49 and dedicated to the artist Charles Wilp.  This large-scale work comes from the collection of the Munich-based HypoVereinsbank and is estimated to bring £4.5-6.5 million.

More text and images after the jump…

(more…)

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.

More text, images and related links after the jump…
(more…)

Untitled (Skull) (1982) by Jean-Michel Basquiat, via Fondation Beyeler.

Currently on view at the Fondation Beyeler is a large retrospective devoted to the work of Jean Michel Basquiat (1960-1988)  in celebration of the museum’s fiftieth anniversary. The exhibition bring together over 100 paintings, works on paper, and pieces from renowned museums and collections throughout the world. Basquiat’s works are colorful, playful, incorporating a range of everyday objects, and poetic slogans commenting on contemporary society and social injustice.

More text and related links after the jump….

(more…)

Field, Ai Weiwei.  Ming Dynasty-patterned Chinese ceramic structure in front Art 41 Basel’s entrance, with White Cube‘s Jay Jopling in the background, sitting at the fountain.

Art 41 Basel begins this week in Switzerland.  The international art show, featuring approximately 300 galleries and 2,500 artists, coming from 30 countries and every continent, will take place from June 16 to June 20.  Media include painting, drawing, sculpture, installation, photography, video, and editioned works.  Over 60,000 gallerists, art collectors, art dealers, artists, curators, and reporters will flock to the banks of the Rhine, at the border between Switzerland, France, and Germany, to view the works of established masters and up-and-coming talents alike.

More images and text after the jump… (more…)

Richard Prince, Nurse in Hollywood #4 (2004)

Fueled by 22 choice works from the collection of the embattled CNET founder Halsey Minor, which sold for $21.1 million, Phillips de Pury & Company’s evening sale last night wrapped-up a hugely successful week of contemporary art auctions in New York. Overall, the boutique-sized auction house sold 58 of the 74 lots on offer for a grand total of $37.9 million. Unlike its uptown rivals, Phillips saw no lots make over $5 million with only seven exceeding the $1 million mark. Nevertheless, the result is superior to the auction house’s last Contemporary evening sale in New York in November 2009, when they managed to bring in only $7,099,250. While a few familiar faces featured in the crowd, including Miami collector Donald Rubell and the fashion mogul Marc Jacobs, most of the action was dominated by anonymous telephone bidders – with the majority of winning bids being taken by Michaela de Pury and Michael McGinnis, head of Phillips’s contemporary art department worldwide.

In March this year Halsey Minor was instructed by a court order to give up dozens of artworks to satisfy a $21.6 million delinquent loan to ML Private Finance L.L.C., an affiliate of Bank of America’s Merrill Lynch. While last night’s sales may cover the majority of this payment, Minor is also under a court order to pay Sotheby’s a further $6.64 million in a dispute over three artworks he had purchased at auction and later refused to pay for. Meanwhile, in the state of California, a trial is underway on issues between him and Christie’s auction house. More works from Minor’s collection are coming on the block at Phillips today and on June 9.

More images, related links and a full round-up of the sale after the jump….
(more…)

Untitled, Maurizio Cattelan (2001) Estimate: $3–4 million Price Realized: $7.9 million

Last night, Sotheby’s confirmed the art market’s return to form as 50 of the 53 lots on offer sold at its Contemporary art sale.  Tallying $189,969,000 in sales, well over the house’s $162 million pre-sale estimate, 39 works fetched more than one million dollars, with two selling for more than $30 million, and seven making more than $5 million. Further to this, the sale achieved the two top lots achieved so far at New York’s Contemporary sales week, surpassing Christie’s sale of Jasper Johns Flag for $29 million on Tuesday night  – Andy Warhol’s Self-Portrait more than doubled its high estimate to sell for $32,562,500, and an Untitled Mark Rothko painting from 1961 soared over the high estimate to sell for $31,442,500.

Self Portrait, Andy Warhol (1986). Estimate: $10-15 million. Price Realized: $32,562,500

More images, text and related links after the jump….
(more…)