AO Art Observed™

“Livre, pipe et verres” (1915) by Juan Gris, Christie’s, via Artnet

CHRISTIE’S IMPRESSIONIST AND MODERN ART, New York, Thursday November 6th

Total Lots Offered: 82
Total Lots Sold: 46
Total Sales Value: $146.7 million
Total Sales Pre-Auction Estimate: $240.7 million

This is the first of five articles that will summarize in parts the auction results following AO’s last covered Wednesday November 5th Christies Auction covered by AO here. Following a day where the Dow Jones industrial average dropped over 400 points, overall, Christie’s Impressionist and Modern art auction, the second evening sale of the week, was perhaps successful versus others in the week. Though overall sales were poor, the six guaranteed works sold. In total, 44% of the lots failed to sell, or rather, of the 82 pieces offered 36 works were brought in (37% by value). Auctioneer Christopher Burge quoted to Bloomberg after the sale: “Obviously, prices have changed, we’d be foolish not to recognize that.”

The auction totaled $146.715 million against a pre-sale estimate of $240.7 million to $337.2 million. Marquee works from Juan Gris, Pablo Picasso, and Wassily Kandinsky brought high prices but works by Claude Monet and Henri Matisse met little to no interest. New world auction records were set for Cubist master Juan Gris, Henri Laurens, American artist Alice Neel and for Seurat and Magritte for works on paper. 27 of the 46 works that did sell earned in excess of $1 million. 61% of buyers were Americans, 26% Europeans and 11% (other) with 2% going to Middle Eastern buyers.

Gris Sets Record in Slow Christie’s Auction [New York Times]
World Record For Juan Gris at Christie’s New York - “20.8 Million For Livre, pipe et verre” [Art Daily]
Christie’s Impressionist Sale Falls Short; 44% Fails to Sell [Bloomberg]
Some Gloom, Some Records at Up-And-Down Night at Christie’s [ArtInfo

more detail and pictures after the jump…

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Rene Magritte's "L'Empire des lumiéres" (1947) via Christie's

On Wednesday November 5th, Christie’s conducted its sale of the estates of two separate widows (the Alice Lawrence and Hillman family collections) bearing similar works of mostly late 19th and early to mid-20th century pieces, in an auction thus titled “The Modern Age.” These auctions included works by headliners such as Pablo Picasso, Paul Cézanne, Mark Rothko, Fernand Léger, Edouard Manet, Henri de Toulouse-Lautrec, Amedeo Modigliani, Giorgio De Chirico and René Magritte. The event followed the latest Sotheby’s auction for Impressionist and Modern art on Monday (as covered by AO here) which disappointedly totaled $223.8 million against the $338 million low estimate. Additionally, the Modern Age sale corresponded to a particularly steep post-presidential race drop in the public equity markets in which the Dow plunged 486 points.

The auction results were no surprise considering the current tepid environment in the art market: The two collections listed 58 lots, of which 17 did not sell, for a total sale of $47 million, which was less than half of its $104 million low estimate. Christie’s said 51% of buyers were American and 29% European. Though Surrealist lots by Magritte (see image above) and De Chirico (see below) did well, of the lots that were brought in were the most expensive of the sale, notably, Manet’s “Fillette sur un banc/Girl on a Bench,” a 1880 portrait of a girl with a wide-brim hat estimated at $12-18 million (see image below), and Rothko’s “No. 43 (Mauve),” estimated at $20-30 million. Other works by Cézanne, Renoir, and de Kooning also failed to sell.

Bleak Night at Christie’s, in Both Sales and Prices [NY Times]
Art-Market Rout Persists: Rothko Snubbed at Auction [Bloomberg]
Buyers Cool to Private-Collection Art at Christies [Reuters]
Market Forces Bring Fire-Sale Prices for Christie’s “Modern Age” [Art Info]
The Modern Age: Property from the Hillman Family Collection [Art Daily]
Christie’s Wan and Woeful Night [CultureGrrl]
Christie’s Website

more auction results, quotes and images after the jump…

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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…

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Danseuse au Repos, the 1879 painting by Edgar Degas is a highlight of this evening’s Sotheby’s auction though it remains to be seen if it will sell for its estimated $40 million, via NY Times

After extremely high sales in May which tallied $1.56 billion, and then more recently lackluster sales in London which missed low estimates by up to $40 million, as covered by Art Observed here, the art world is up for a major test in the next two weeks as Sotheby’s and Christie’s begin tonight selling contemporary, impressionist, and modern works that add up to high estimates of $1.76 billion, including a work by the Russian Kazimir Malevich (”Suprematist Composition” 1916, a $60 million geometric work) and a $40 million self-portrait by Francis Bacon and other works from high profile financiers Kohlberg, Kravis, Roberts & Co. co-founder Henry Kravis and Lehman Brothers Chief Executive Officer Fuld.

Despite Pablo Picasso’s 1909 painting ‘Arlequin’ (which was estimated at $30 million) being pulled before the Sotheby’s auction recently, this evening’s Sotheby’s impressionist and modern art sale is slated to tally about $320 million and includes 71 lots including “Danseuse au repos” by French Impressionist Edgard Degas which is expected to go for $40 million (pictured above).

This auction will be followed by Christie’s $153 million high estimate November 5th sale which includes works from the estates of the widows, Rita Hillman and Alice Lawrence, and then a November 6th sale, comprised of art from various owners, estimated to total up to $344 million. Sotheby’s November 11th sale of contemporary art could total up to $281.6 million and features works by John Currin, Richard Prince, and Yves Klein. Following that is Christie’s November 12th sale with a high estimate of $321.7 million, featuring Metallica drummer Lars Ulrich’s Jean-Michel Basquiat painting of a boxer at an estimate of $12 million.

On Auctions Overall:
Big Prices, Big Risks at Fall Art Auctions [NY Times]
NY art auctions under microscope amid financial crisis [AFP]
Art world dreading declines at upcoming key NY sales [Reuters]
Kravis, Fuld Brace for N.Y. Auctions as Collectors Lower Prices [Bloomberg]
Falling under the hammer [Financial Times]
It’s not a pretty picture Christie’s, Sotheby’s may be on the hook [New York Post]
Art sales face acid test in midst of credit crunch [Financial Times]
Exceptional Work by Francis Bacon Leads Christie’s New York Post-War & Contemporary Art Sale [ArtDaily]
Things Are Cold, Clammy at City Auction Houses [NYObserver]

From ArtObserved:
Metallica’s drummer to sell Basquiat painting at Christie’s New York, November 12th auction; ‘Boxer’ to be displayed during Frieze Art Fair in London [ArtObserved]
Sotheby’s hopes to smash Russian art at auction record with $60 million sale of Malevich painting in New York on November 3rd [ArtObserved]

On withdrawn Picasso:
Picasso work withdrawn from Sotheby’s sale [Reuters]
Picasso painting pulled from sale [BBC News]
Picasso Work Is Withdrawn From Sotheby’s Sale [NY Times]
Sotheby’s Withdraws Picasso’s Arlequin From Impressionist and Modern Art Sale [Art Daily]
Picasso Withdrawn From Sotheby’s Imp-Mod Sale [Artinfo]
Picasso painting withdrawn from Sotheby’s auction [Associated Press]

Auction Information:
Impressionist & Modern Art Evening Sale - Sotheby’s November 3 [Sotheby's]
Christie’s Impressionist/Modern Evening Sale November 5th [Christie's]

more pictures from the Sotheby’s Sale and other auctions after the jump…

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George Michael via TelegraphUK

At Frieze, George Michael and partner annouce plans for 10,000 sf Dallas space for $200 million in British contemporary art [FirstPost]
Emily Rauh Pulitzer gives $45 million for Harvard’s collection, as well as 31 works, incuding Picasso, Modigliani, and Giacometti valued at an additional $200 million [Boston Globe]
Jackie Wullschlager summarizes 20 years following Damien Hirst’s curated “Freeze” show of YBA ’s [FinancialTimes]
Two new London outposts for existing galleries: Yvon Lambert across from White Cube and Pilar Corrias in Rem Koolhaas-designed space in Fitzorivia [ArtReview.com]
A Fernando Botero video interview on his Circus series, and part two here [Vernissage]
In new Moscow Museum of Modern Art branch, Sotheby’s previews 50 20th-century works, including Bacon, Warhol and Picasso to be sold for estimated $200 to $300 million in New York in November [The Moscow Times] more on that, and Christie’s Moscow previews, here [NYTimes]

A London building-side JR via Woostercollective

Some large works mark JR’s return to London from NYC (previously covered by AO here) for a solo show at Lazarides [Woostercollective]
The Tate will brand a cruise ship line focused on art [GuardianUK]
Jackie Wullschlager’s biography of Marc Chagall reviewed [The Economist]
Focusing on the sculptures of Pablo Picasso [Wall Street Journal]
Due to gambling regulatory concerns, Lazarides cancels ‘art raffle’ meant to coincide with Frieze [ArtInfo]
Tar magazine (anagram of art) debuts with a cover by Julian Schnabel [Mediabisto]
The Chapman Brothers produce a fuzzy backdrop for Stella McCartney’s spring/summer show in Paris [Independent]

Le Rêve, Pablo Picasso (1932) via Ocasionalidades

The $139 million Picasso painting, Le Rêve, that was damaged in 2006 by billionaire Stephen Wynn will be publicly shown for the first time since the accident at Acquavella Galleries in New York City.  Stephen Wynn, the operator of a Las Vegas casino and one of the most significant art collectors in the world, damaged the Picasso painting when he accidentally bumped it with his elbow back in 2006, only hours after agreeing to sell it to Steven Cohen for $139 million.  The sale was canceled due to the damage of the painting.  Since then, the painting has been repaired and will be included in the upcoming Picasso exhibit opening October 15 at Acquavella Galleries. The exhibit will include an estimated $500 million worth of artwork, much of which is not for sale.

Watch Those Elbows: Wynn’s $139 Million Picasso Joins N.Y. Show [Bloomberg]
Acquavella To Show Wynn’s Damaged Picasso [NYSun]
Steve Wynn’s Repaired Picasso Joins New York Show [Artinfo]
The $40-Million Elbow [New Yorker]

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Guernica, Pablo Picasso (1937) via BBC

Picasso’s famous Guernica in ’stable but serious’ condition and deemed ‘too fragile to move,’ more here [Daily Telegraph] [The Guardian]
Bravo picked up Sarah Jessica Parker’s art reality show, covered in March by AO here [Gawker]
The Sun on Twombly’s first retrospective in 15 years, showing at the Tate Modern [NYSun]
Review of Richard Prince at Serpentine: ‘the coolest artist alive’ [Telegraph]
The Economist begins a summer series on collectors, starting with a historical view [The Economist]
Russian billionaire Roman Abramovich finances Russia’s first retrospective by postwar artists in a 150 work show at his girlfriend ‘Dasha’ Zhukova’s galllery [Bloomberg]

A Christie’s worker takes a closer look at Monet’s Le basin aux nymphaes via yahoo

At Christie’s auction yesterday Monet’s water-lily painting, Le basin aux nymphaes, sold to an anonymous collector for $80.5 million, well over the estimated $35 to $47 million. This is a record breaking sale for the artist, and a tell tale sign that there is some life in many sectors of the art market. The other big sale of the evening was Degas’, Danseuses a la barre, which sold for $26.5 million.

A Monet Sets a Record: $80.4 Million [NYTimes]
Monet fetches record $80.5m [FinancialTimes]
Christie’s in London Sells Monet Masterpiece for $ 80.5 Million A Record for the Artist [artdaily]
Monet record smashed as art market boom goes on [Forbes]
$80M A Whole Lot of Monet [NYPost]
A lot of Monet as Christie’s sells waterlilies for record £41 million [Times Online UK]
Monet record smashed as art market boom goes on [Guardian UK]
In London, Will Moderns Move? [NYSun]
AO Preview: Christie’s London Impressionist and Modern Art [ArtObserved]

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Le bassin aux nympheas, Claude Monet (1919) via Christie’s

Christie’s London will conduct its Impressionist & Modern Art Evening Sale this Tuesday, June 24.  The sale will feature work from artists such headliners as Monet, Degas, Giacometti, Goncharova, Bonnard, Picasso, as well as many other notables. Viewing of the works on the block will continue until the day of the show.

Christie’s Impressionist and Modern Art Evening Sale [Christie's]

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Amy Winehouse via musikxtrema

Roman Abramovich pays Amy Winehouse $2 million to open girlfriend Daria Zhukova’s 8,000 square meter Moscow gallery [Ria Novosti]
Tom Sachs Interview[artinfo] and double show review [NYTimes]
Two Picasso prints ($612K) stolen from Brazil museum by force [Int. Herald Tribune]
Sotheby’s floating $300 million of convertible notes [Bloomberg]
1.27 Million pound record for indian art sale[Bloomberg]
London new mayor keeping art on fourth plinth[artinfo]

Anselm Keifer, Secret Life of Plants(2008) via Bloomberg

From April 15 to June 29, the Victoria & Albert Museum in London is presenting a unique exhibition on the subject of books in art or of books as art. “Blood on Paper” is an exploration of how artists have interpreted and utilized the book medium. The works range from the conventional book format to large-scale installations and sculptures, such as Anselm Keifer’s enormous book made of lead (pictured).

“Blood on Paper” [Victoria & Albert Museum]
“Bacon’s Trash, Hirst’s Furniture Become Books: Martin Gayford” [Bloomberg]
“The Writing on the Wall“ [Financial Times]
“Works That Speak Volumes” [Financial Times]
“Blood on Paper: the Art of the Book” [The Independent] (more…)

US Attorney announcing charges via Chicago Sun-Times

Buyers of ‘limited edition’ signed fine art prints take note– the Feds have indicted an international ring of several dealers making, forging signatures, and selling fake prints by Chagall, Picasso, Calder, Warhol and other big name artists. Utilizing Ebay, galleries and art fairs to sell the works, the fakes were made by reproducing from original artworks and by creating prints in the ’style’ of a particular artist.

Official FBI Press Release[FBI]
7 dealers from US and Europe indicted [Chicago Tribune]
Same dealer was imprisoned for fraud in the 90s [Chicago Sun-Times]

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The Apotheosis of King James I via the Times U.K

Tate seeking £6 million to keep “country’s most significant” Rubens[Times UK]
Monet, Rodin, 30 other works stolen from ‘priceless’ French collection [Bloomberg]
As Indian art gains value, is it a good time buy? [NY Sun]
Chanel commissions Sophie Calle, others for bag inspired installation [The Age Australia]
Fake Picasso prints sold over eBay, arrests made in the U.S. [New York Post]
Update: Is the Whitney Biennial too smart for its own good? [NYMag]
Sischy, Brant formerly of Brant Publications (Art in America), are new editors of European Vanity Fair [Mediaweek]

Gustav Klimnt, Beethoven Frieze via secession.at

Klimpt’s historic ‘Beethoven Frieze’ to be reconstructed at Tate Liverpool [NY Times]
Old master stolen by Stasi (East German secret police) valued at $2 million [Bloomberg]
The architectural intelligence of the New Museum [Financial Times]
Update: Goat farm video, other favorites, at Whitney Biennial [Bloomberg]
Brooklyn and Manhattan street art gains fans, collectors [NY Times]
A case against art for Trafalgar Square’s Fourth Plinth [Financial Times]
Gagosian’s Uptown Gallery Expands, with a new director (former Picasso biographer) [Art Info]

The “most valuable missing painting,” Picasso’s “Maya with her Doll” - courtesy art.com

In the past few months there have been a series of Art Thefts worldwide, in Brazil, Zurich, and Zurich again. These thefts have prompted a series of different discussions and articles regarding the current frequency and history of Art Theft in general. Below is a brief list of different outlets take on the recent epidemic.

• If You Only Steal One Masterpiece per Year [Guardian UK] - Top 10 Stolen Pieces by price
• Where are you going with that Monet? [NY Times] - Inherent Flaws in Art Theft
• Opportunity Makes a Thief [Wall Street Journal] - Justifying Art Theft and its Economics
• Reward beats Risk for Art Thieves [CNN] - How stolen art makes its way to respectable retailers
• The World’s Most Famous Art Heists [Forbes] - Top Historical Art Heists
• The Art of Stealing [The Independent] - Overview of Art Theft Economy ($3bn/yr)
• List of Notable Art Robberies [International Herald Tribune via CultureGrrl] - Timeline of Art Thefts
• How to Steal a European Painting [Slate via C-Monster] - Analysis of Repeated Art Theft in EU

“The Tete de cheva” (Horse Head) Picasso via Daily Mail

Two Pablo Picasso paintings were stolen from an exhibition on Wednesday in a Zurich Museum. Police say that the burglars may have locked themselves into the building before the museum had closed for the night. The culprits broke into the Seedamm-Kulturzentrum cultural center and are thought to have escaped in the middle of the night. In a press conference on Thursday morning, the lead detective announced the case was still under investigation.

Two Picasso Paintings Stolen From Swiss Lakeside Museum [Bloomberg]
Two Picasso paintings stolen from Swiss exhibition, police say [Herald Tribune]

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Pablo Picasso’s Tete de Femme via Bloomberg

Last night, Sotheby’s Modern and Impressionist auction brought in $230 million selling roughly 88% of lots offered. Christie’s Modern and Impressionist auction, which took place this past Monday, did not fair as well.

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Damien Hirst “All You Need is Love” via Sotheby’s

Sotheby’s Lowers Estimate for (RED) Auction by 28% [Bloomberg]
Damage to Antiquities Caused by Tax Scheme Accounts for Art Raids [New York Times]
Ryan McGinley to Shoot Ads for Converse by John Varvatos [GQ Magazine]
Picasso Exceeds Auction Estimate at Christie’s London [Bloomberg]
Met Hires Headhunter to Find New Director [Wall Street Journal]
Guy Cogeval Appointed Director of Musée d’Orsay [Art Info]
Saatchi buys Contemporary Heinrich Himler portrait [UK News]
Richard Prince and Terry Richardson create artwork for controversial James Frey novel [New York Post]
Gerhard Richter at Serpentine Gallery in September [Guardian UK]

Former Dia Building via The Observer

Former Chelsea Dia Art Foundation building slated for apartment rentals and gallery space [The Observer]
How to preserve Paul McCarthy’s chocolate Santa [C-Monster]
Hudson Morgan covers Gagosian’s gallery festivities in Rome [Men's Vogue]
Parisian home of Pierre-Auguste Renoir is for sale [The Wall Street Journal]
The Times UK arts critic interviews Zhang Xiaogang [Times UK Online]
Guardian Unlimited UK interviews Peter Doig [Guardian Unlimited]
Suspect reports Saudi collector possibly behind Sao Paulo Picasso Theft [Art Forum]