Global contemporary art events and news observed from New York City.
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Graffiti artist David Choe was paid in Facebook stock options for painting the walls of the first Facebook Headquarters, now estimated to be worth more than $200 million when Facebook goes public. Although the shares were less than .25 percent of the company, the payout may be more than Damien Hirst’s record-breaking $200.7 million Sotheby’s auction in 2008. [AO Newslink]
Paul Cézanne, Card Players, Qatar, via Vanity Fair
The royal family of Qatar has just publicized its $250-$300 million purchase of Card Players by Paul Cézanne. The work is one in a series of five, but until now was the only one remaining in private collection. Previous owner, Greek shipping mogul George Embiricos, became receptive to the sale just prior to his death in 2011. Vanity Fair reports that William Acquavella and Larry Gagosian were outbid for Card Players, at comparable amounts rumored up to $220 million. Even the low estimate of $250 million, factoring in exchange rate and tax fees, marks the highest sum in history ever paid for a single work of art in either auction or private sale by double.
Paul Cézanne, Card Players, Metropolitan Museum of Art, via New York Times
As the title indicates, the series depicts two low-brow card players in Aix-en-Provence. The peasants idealize an old world culture, nostalgic even to the middle-aged artist when he painted from his family’s country estate in the 1890s. At the time, Cézanne was working alone, and his isolation reflects in the sparing surfaces and minimal compositions of the varying card scenes. Only the subtlest of changes differentiate one painting from the next: most notably, the cards themselves change as the games progress, while the faces and suggestively sluggish interactions do not.
Sotheby’s Hong Kong files suit for $15 million for amounts due from auction and correspondingly publishes the names of those who have not yet paid [AO Newslink]
Artwork of Andy Warhol and Damien Hirst outperforms S&P 500 in 2011, with new sales records set by Roy Lichtenstein and Gerhard Richter among others [AO Newslink]
Gustav Klimt, Litzlberg am Attersee, 1914-15 (est. in excess of $25 million, realized $40.4 million) via Sothebys.com
The Impressionist and Modern art evening auction at Sotheby’s New York on Wednesday night realized $200 million for 57 of 70 lots sold. Business proceeded as usual within the auction house despite the deafening cacophony from protesters stationed outside the building’s main entrance (Sotheby’s has been feuding with their art handlers for months). Earlier today the auction house announced that one of the evening’s top lots – one of Matisse‘s bronze Nu De Dos sculptures estimated to bring $20-30 million- had been withdrawn from the sale after having been sold privately yesterday afternoon (along with the other three in the series, which also belonged to the Burnett Foundation, and which were slated to sell at auction over the next year). Excluding the Matisse, the sale carried estimates of $168-230 million. The $200 million total fell comfortably within expectations and bested Christie’s comparable sale on Tuesday evening. At the press conference Sotheby’s noted that last night’s results at Christie’s were “sobering” and that they did take the opportunity today to talk to consignors and in some cases lower reserves.
Edgar Degas, Petite Danseuse de Quatorze Ans, executed in wax c. 1879-1881 and cast later (est. $25-35 million), via Christies.com
The November sales will be inaugurated at Christie’s on Tuesday night with a 75-lot Impressionist & Modern auction at their Rockefeller Center location in New York. Seventy-one lots will be offered at Sotheby’s New York on Wednesday evening, and the two sales are expected to fetch close to $400 million. This round of auctions follows closely on the heels of the Frieze Art Fair and the concurrent and comparatively smaller sales of Contemporary art in mid-October. Little has changed between then and now to make buyer’s less anxious about the financial markets, but the auction houses managed to secure a handful of top-tier consignments that may bolster the results of their sales.
Chuck Close, Sam Francis Foundation, the estate of Robert Graham, and Laddie John Dill sue Sotheby’s and Christie’s over adherence to California Resale Royalties Act [AO Newslink]
Sotheby’s Take Home a Nude annual auction. All photos on site for Art Observed by Nicholas Wirth.
Monday night on the seventh floor of Sotheby’s, art enthusiasts took in a variety of works—many of them nudes or variations thereof—at the 20th annual Take Home a Nude benefit by the New York Academy of Art. A 6 o’clock cocktail hour loosened up bidders for the concurrent silent auction, closing at 8:30 with a live auction, followed by dinner downstairs at 9:00. The night honored artist Jenny Saville and critic John Richardson, with artists Jeff Koons (in attendance further down town at the National Arts Awards) and Nan Goldin up for bid at the live auction, while artist Dustin Yellin—whose work caught the eye of Mary-Kate Olsen—fetched the highest bid at the silent auction at $9,500. However, Alyssa Monk’s Soft went to live auction after fierce bidding during the silent auction, fetching a final $12,000, and the evening’s overall highest piece was Joseph Kosuth‘s ‘Texts (Waiting for-) for Nothing’, Samuel Beckett, in play, 2011 at $37,500.
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Ai Weiwei, Moon Chest (2008). Lisson Gallery all photos by Caroline Claisse for Art Observed
The 2011 Frieze Art Fair is now complete, having drawn collectors and crowds all weekend. While the economy may be to blame for somewhat lackluster sales results, spirits remained high throughout the fair. “It’s been a good fair for us. Every day something has been happening,” said Margherita Belaief of Berlin-based gallery Peres Projects. The gallery sold American artist Alex Israel’s triptych for $50,000, among other works. “[Frieze] is not so much like Basel, where you’re looking for classic artists. You’re always on the lookout for something new.”
Artist Tracey Emin
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Alberto Burri, Combustione Legno, 1957 (est. $1.2-1.9 million, realized $5 million), via Sothebys.com
Sotheby’s London hosted a pair of auctions on Thursday evening that raised a combined total of $62 million. The 20th Century Italian Art sale, comprised of 58 lots, was followed by a 47-lot Contemporary Art sale. The $34 million achieved for the Italian auction was the highest total for an auction in this category, while the Contemporary sale fell just short of its $30 million low estimate. The mixed results suggest that there is money to be spent on the most desirable lots and that buyers are not willing to shell out for anything less. The sales progressed amid demonstrations outside the auction house by protestors of the company’s months-long battle with their art handlers in New York.
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
Auction brewings: A 1961 Roy Lichtenstein could go for $35 million at November 8th auction at Christie’s; a Picasso is estimated to sell for $25 million at Sotheby’s [AO Newslinks]
As the first set of auctions following Lucian Freud’s death approaches, Sotheby’s to sell the painter’s 1952 work, Boy’s Head, for an estimated £4m [AO Newslink]
Recovery from art market recession substantiated by Sotheby’s selling $3.4 billion in first half of 2011 [AO Newslink]
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
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
Egon Schiele, Hauser Mit Bunter Wasche (Vorstatd II), 1914 (est. $35.7-48.7 million, realized $40 million), via Sothebys.com
Sotheby’s 35-lot sale of Impressionist and Modern art in London on Wednesday night realized $157 million for 32 lots sold against estimates of $124-178 million. The evening’s top lot was a rare Schiele cityscape that brought in $40 million (or $35.5 million without fees) and set a record for the artist at auction. The painting was sold by the Leopold Museum in Vienna to raise the $19 million necessary to settle the restitution case of another Schiele in their collection. The previous artist record was set at Christie’s in 2006 with the sale of a cityscape for $22 million.
Alberto Giacometti, Trois Hommes Qui Marchent II, 1948 (est. $16.2-24.3 million, realized $17.3 million), via Sothebys.com
Claude Monet, Nymphéas, c. 1914-1917 (est. $27.4-39.7 million), via Christies.com
If collectors failed to find anything that struck their fancy at Art Basel they’ll have more opportunities to buy during the summer lineup of sales at the three big auction houses in London over the next two weeks. On Tuesday Christie’s will inaugurate with an immense 92-lot auction of Impressionist & Modern Art, followed by Sotheby’s comparatively petit 35-lot sale on Wednesday evening. Next week Sotheby’s, Christie’s, and Phillips de Pury will hold Contemporary Art sales.
Pablo Picasso, Jeune Fille Endormie, 1935 (est. $14.5-19.3 million), via Christies.com
Van Ruisdael, A Ruined Castle Gateway, all photos courtesy of Sotheby’s
Though not offered as much of a media spotlight as May’s auspicious and highly publicized Contemporary Art Auctions, today’s Old Masters at Sotheby’s was not entirely bereft of the spring auctions’ over-the-top price tags and bidding wars.
The belle of the ball came early in the sale when Lot 5, a landscape painting by Jacob Isaacksz Van Ruisdael with an estimate of $100,000- 150,000, sold at the Hammer Price of $725,000. Sandwiched between several unsold lots, this work was an unpredictable success, garnering a sales price well beyond the scope of its estimate. Van Ruisdael’s auction record price was set in 2005, with a work that sold for $4.5 million; this anomaly aside, his work generally ranges from the $100,000-$400,000 range. A Ruined Castle Gateway measures only 10 7/8 by 14 3/4 inches, but in spite of the work’s need for restoration and its small size, the painting is a beautiful example of Arcadian landscape portraiture. The painting’s ruined walls harken back to the Roman Empire and ideals of classicism, and are a hallmark trait of Van Ruisdael’s work.
Qi Baishi, A Long Life, A Peaceful World (1946). Via China.org.cn
On Sunday night, Chinese artist Qi Baishi maintained an international auction record with the ink-wash painting “A Long Life, A Peaceful World,” when it sold for 425 million yuan, or 65.4 million American dollars at the Guardian Spring Auction at the Beijing International Hotel Convention center which brought in 1 billion yuan or 649 million American dollars. With this sale, Qi Bashi became the third bestselling artist at auction behind Pablo Picasso and Andy Warhol. “A Long Life, A Peaceful World,” was purchased at the Guardian Spring Auction at the Beijing International Hotel Convention center, an event with overall sales totaling 1 billion yuan — 649 million American dollars in full.
Portrait of the artist via Chinapage.com
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Felix Gonzales-Torres, Untitled (Aparición), 1991 (est. $600,000-800,000, realized $1.65 million). All images via Sothebys.com.
Tuesday evening’s auction of Contemporary Art at Sotheby’s New York brought in $128 million for forty-nine of fifty-eight lots sold. The sale’s estimate of $120.8-171.4 million included two lots that were withdrawn from the sale. Inclusive of the buyer’s premium, the night’s earnings barely passed the low presale estimate (prices realized include the buyer’s premium, estimates do not), and the results stood in stark contrast to Monday night’s sale at Sotheby’s of works from the collection of Allan Stone, which realized $54.8 million against a high estimate of $46.8 million. At the press conference auctioneer Tobias Meyer explained that estimates were “possibly aggressive” and that Sotheby’s had worked with sellers in reevaluating their expectations in response to the market, which in some cases meant lowering the reserve price. The sale’s top two lots – Sixteen Jackies by Andy Warhol and Jeff Koons‘ Pink Panther – both fetched respectable prices despite the fact that they fell short of presale estimates.
Andy Warhol, Sixteen Jackies, 1964 (est. $20-30 million, realized $20.2 million)
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Jeff Koons, Pink Panther, 1988 (est. $20-30 million), via Sothebys.com
This week Sotheby’s, Christie’s, and Phillips de Pury will hold Contemporary art auctions in New York. After an anemic week of Impressionist and Modern art sales, the auction houses hope to broker nearly half a billion dollars of Contemporary art. On Monday Sotheby’s will offer forty-three lots during two parts of a three part sale of the collection of Allan Stone (consisting mostly of works by Wayne Thiebaud and Willem de Kooning), followed by their fifty-nine lot Contemporary art evening sale on Tuesday. The next night Christie’s will offer sixty-six works expected to fetch at least $230 million. The week ends with Phillips de Pury’s fifty-one lot sale that carries an estimate of $85-120 million.
Andy Warhol, Sixteen Jackies, 1964 (est. $20-30 million), via Sothebys.com
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