AO Art Observed™

Study for Head of George Dyer, Francis Bacon (1967) via NYTimes

Sotheby’s Contemporary Art Sale in London took place yesterday on July 1st and brought in an encouraging total of $188.8 million.  Francis Bacon’s painting of the profile of his lover and companion, George Dyer, was a highlight of the auction. This intimate portrait based on a photograph by John Deakin, was originally predicted to collect $15.5 million, but sold at a much higher $27.4 million to an anonymous collector. Although the sellers of the Bacon painting were kept anonymous, the New York Tims reported that experts speculate that it was sold by Ian and Mercedes Stouker, London Philanthropists.  Other impressive results of the sale achieved records for 11 different artists, and included the high profile sale of a Basquiat painting from seller U2, and an Andy Warhol from seller John McEnroe. The sold-out collection from the German industrialist, Walther Lauffs, which included work from Yves Klein, was another highlight of the show.

Sotheby’s July 2008 Contemporary Art Evening Sale Triumphs [Artdaily]
U2’s Jean-Michel Basquiat work on Sotheby’s block for $17.7M [Art Observed]
Bacon Stars, 10 Records Set at Sotheby’s; U2 Sell Art [Bloomberg]
Anish Kapoor sculpture attracts $3.87 mn at Sotheby’s sale [Economic Times]
Ten Works Set Records at Sotheby’s Contemporary Auctions [NYSun]
Sotheby’s contemporary art sale reaches £94.7 million [International Herald Tribune]
Contemporary Art Evening Auction Results [Sotheby's]
Bacon Is Again a Top Draw at Auction [NYTimes]

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Chant 2, Bridget Riley (1967) via Sotheby’s

Sotheby’s is holding its Contemporary Art Evening Auction on Tuesday, July 1st at its New Bond St. location in London. The sale’s highlights include works from Francis Bacon, Jean-Michel Basquiat, Antony Gormley, Damien Hirst, Anish Kapoor, Jeff Koons, Takashi Murakami, Richard Prince, Gerhard Richter, Bridget Riley, Andy Warhol and a number of other notable contemporary artists. The complete body of works for this sale will be on view at Sotheby’s New Bond St. galleries Monday, June 30 from 9am-7pm and Tuesday, July 1 from 9am-12noon.

Bridget Riley’s piece, Chant 2, a unique color painting which will be in the sale, was part of a show which won the artist the esteemed International Prize for Painting at the 34th Venice Biennale in 1968 .

Estimate: $4,000,000 - $6,000,000 (Pictured above)

London Contemporary Art Evening Auction [Sotheby's]

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Starry Night, Vincent Van Gogh (1889) via Artdaily

Van Gogh’s Cypresses and The Starry Night exhibited now at Yale [artdaily]
Haunch of Venison, a Christie’s-owned-gallery, causes some rebuke in the system [NY Mag]
Update: The Sun Reviews Byrne ‘playing the building’ and Burden at Rockefeller Center [NYSun]
A Summer gallery line-up for Paris [Bloomberg]
Time lapse video from Cans Street Art Festival in London, covered by AO here [Wooster Collective via WorldsBestEver]
Sotheby’s selling (post-cubism) Italian Futurism as the next big trend? [Economist]

Le bassin aux nympheas by Monet via BBC News

Rarely seen Monet is up for auction at Christie’s [BBC]
Berlin as a new artistic and cultural capital of Europe? [NYTimes]
Jeff Koons joins Gucci jury for Venice film festival in September [Variety]
The ‘Artek Pavilion,’ sold as an art piece by Sotheby’s, can be used as display space for collectors[NYSun]
“Louise Bourgeois: the Spider, the Mistress and the Tangerine” showing at New York’s Film Forum [Film Forum]
16 Young British Artists reunite in London for “Freeze 20”[ArtInfo]

Marlene Dumas fromThe New York Times

Marlene Dumas, most expensive living woman artist at auction (until recently exceeded by Bourgeois) coming to MOMA in December [NYTimes Mag]
How the proliferation of private museums affects the buyer/dealer system [The Independent]
A reduced-size Antony Gormley ‘Angel of the North’ a Bacon, a Basquiat, a Richter coming on the block at Sotheby’s [Artinfo]
Profile of Lauren Cornell, director of New Museum website: Rhizome [TimeoutNY]
Herzog & de Meuron to design new museum of modern art in Calcutta [The Arts Newspaper]
The art works Jeff Koons collects [NYTimes]
Update: New York Mag covers the Shafrazi show,[NYMag] covered by AO here [AO]
FT’s Jackie Wullschlager reviews Royal Academy Exhibition in London [Financial Times]

Damien Hirst, The Golden Calf via artdaily

Sotheby’s in London has recently announced that Damien Hirst will be auctioning off a number of newly created works at the sale: ‘Beautiful Inside My Head Forever’ on September 15 and 16. The highlight of the sale is Hirst’s Golden Calf, which is an 18-carat gold encrusted bull submerged in a tank of formadehyde, is expected to sell for $16 to $24 million. This Sotheby’s sale is comprised exclusively of works made by Damien Hirst during the past two years.

Hirst’s Golden Calf Is Pricey Per Pound [NYTimes]
The Golden Calf by Damien Hirst Headlines Groundbreaking Auction of Work by Artist [artdaily]
Damien Hirst to Auction Own Works at Sotheby’s [artinfo]
Damien Hirst to sell £12 million ‘Golden Calf’ artwork at auction [TIMESOnline UK]
Dropping the Other Calf [TIME]
Hirst to Offer `Golden Calf’ for 12 Million Pounds at Sotheby’s [Bloomberg]

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Dakis Joannou’s Jeff Koons-designed yacht ‘Guilty’ via Artforum

Art luminaries gather on collector Dakis Joannou’s Jeff Koons-designed yacht in Greece [artforum]
Study: number of US artists tripled since 70’s to 2 million with $34,800 average income [artinfo]
A profile of contemporary German collector Falckenberg and his 2,000 works [Bloomberg]
Early Hirst painting disgarded to thrift shop by mistake [The Independent]
The NYTimes reviews Lichtenstein at Gagosian uptown NY [NYTimes]
New Museum announces 1st US Elizabeth Peyton survey show [New Museum]
Market uncertainty, Christie’s competition cited in 12% quarterly profit drop for Sotheby’s [the Art Newspaper]

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]

Untitled (Pecho/Oreja), Jean-Michel Basquiat, 1983 via artdaily

The band U2 is projected to receive up to 6 million pounds ($17.7 million) for the sale of a painting done by Jean-Michel Basquiat. The painting, Untitled (Pecho/Oreja), was acquired by U2 at the Robert Miller Gallery in New York in 1989, and has been hanging up in their Dublin studio for almost 20 years. The painting goes up for sale at Sotheby’s on July 1st.

U2’s Basquiat Painting May Fetch 6 Million Pounds at Sotheby’s [Bloomberg]
U2 selling Basquiat masterpiece [BBC]
Sotheby’s to Offer Untitled (Pecho/Oreja) by Jean-Michel Basquiat on Behalf of the Members of U2 [artdaily]

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Olafur Eliassion courtesy of NY Mag

The technics of Olafur Eliasson’s upcoming falls project [NY Mag]
Christie’s, Sothebys assert no collusion in recently dual increase in premiums [ArtInfo]
Toxic leak risk leads to armed guards of Hirst’s lamb at LACMA [LA Times]
Banksy contemporary Nick Walker sells $1.5M of street Art in London [Bloomberg]
Clemente works at the Gallery Met at Lincoln Center [New York Times]
$21M record sale of Latin American art at Sotheby’s [ArtDaily]

Image via World’s Best Ever

today:
First look street art exhibit at the Tate [World's Best Ever]
Studio visit interview with Ernesto Neto [ArtInfo via C-Monster]
Former Met Director de Montebello as NYU Professor [NY Times]
Art charity raises to buy Rubens for Tate where British state failed [Bloomberg]
French billionaires battle at Sotheby’s last week [Art Info]

“Study for Head of George Dyer” by Francis Bacon via Bloomberg

Sotheby’s to sell $15.6M Bacon portrait of suicidal boyfriend [Bloomberg]
IMPei’s new Museum of Islamic Art in Qatar [Financial Times]
Turner Prize announces 2008 Short List [Artforum]
Was Spring NY auction bidding “eerily thin?” [Wall Street Journal]
Update: Tate Street art exhibition includes only non-British [Financial Times]

Russian Billionaire Roman Abramovich via impactlab

Last week’s contemporary auctions in New York were anchored by two record-setting painting sales.  Lucian Freud’s Benefits Supervisor Sleeping sold at Christie’s for $33.6 million and Francis Bacon’s Triptych sold at Sotheby’s for $86 million.  It has just been reported that billionaire Roman Abramovich was the buyer behind both deals.

Roman Abramovich [Forbes]
Abramovich Brings Home the Bacon (and Freud) [Art Newspaper]
Abramovich Sets Record Art Transfer [Times UK]
Abramovich spends $120 Million [Bloomberg]
Dasha Zhukova to open Russian Gallery [Art Newspaper]
Abramovich Revealed as Freud and Bacon Buyer [Telegraph]
Bacon Tops Biggest Sales at Sotheby’s [ArtObserved]
Freud Sets Records at Christie’s [ArtObserved]
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Millionaire Nurse, Richard Prince via Artnet

The record-setting Francis Bacon triptych wasn’t the only artwork purchased for large sums at Sotheby’s the other night. The evening sale, which amassed a total of $386 Million and came on the heels of a successful night at Christie’s was filled with powerhouse artwork and collectors –indicating that maybe not all Americans bearish on art.

Market Exuberance Surprises [International Herald Tribune]
Sotheby’s Stock Rises After Strong Contemporary Sales [Forbes]
Francis Bacon Triptych Tops Sales [Art Observed]
Sotheby’s begs the question - what recession? [New York Times]
$86 Million Corpse at Sotheby’s [Bloomberg]
The Scene at Sotheby’s [Wall Street Journal]
Bringing Home the Bacon [Artforum]

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image via Bloomberg

Francis Bacon’s Triptych, 1976, sold for an impressive $86 million dollars last night, crushing the contemporary art auction record and posing a serious counter-arguement to those who believe the recession has worked itself into the art market. The image depicts a headless Promethean being devoured by vultures; a reflection of Greek Mythology. Bacon’s painting was offered by the Moeuix family, producers of Château Petrus wines. The $86 million sale contributed to Sotheby’s triumph over Christie’s total this year. Last night, the Triptych became the most expensive piece of contemporary art ever auctioned.

Bacon’s Headless Corpse Tops Sales at Sotheby’s [Bloomberg]
Record Sale, $86 Million [NYT]
Bacon Sets New Record [BBC]
Triptych Leads Record Sales at Sotheby’s [International Herald Tribune]
Bidding Strong at Christie’s Postwar and Contemporary Art Sale [NYT]   

Zaha Hadid and Karl Lagerfeld, image via Vanity Fair

Karl Lagerfeld and Zaha Hadid’s roving Chanel art space [Vanity Fair]
Art as an opaque, high risk/return asset class [FTimes]
Sotheby’s posts quarterly loss on lower commission margins [WSJ]
DiCaprio, his bike and his mom show up at Bonham’s NY debut [NYPost]
Alanna Heiss is PS1 [NY Mag]
A 5-part video series on Francis Bacon [Ubuweb via C-Monster]

Claude Monet, Le Pont du Chemin de fer a Argenteuil, (1873) via Bloomberg

A series of spring auctions in New York have proven to be successful despite some recent speculation about the market’s weakness due to setbacks in the financial and real estate markets. Bloomberg reported that Sotheby’s lost half of its value in the past year, but the company, at their Impressionist & Modern Art Evening Sale on May 7^th, sold a total of $235.3 million in their 52-lot auction, hovering right in the middle of their anticipated $203.9 million to $280.1 million range.

In the 58-lot auction at Christie’s on the previous evening, the sales totaled $277.3 million, just under their $287 million to $405 million estimate for the evening’s sales. This was the first time in four years that Christie’s sold beneath the total estimate. The Christie’s auction was dominated by European buyers, while, at Sotheby’s, Americans bought 67 percent of the sales. More details of each each auction after the jump.

Art: Auction Jitters [WSJ]
Putting a Price on Mao’s Head [WSJ]
Record Leger, Munch Sales Lead Slim Sotheby’s Auction [Bloomberg]
Sotheby’s Posts Loss on Lower Sales, Higher Salaries [Bloomberg]
Collectors Shrug Off Market Woes [Financial Times]
Americans Heaviest Bidders [NY Times]
Monet and Rodin Set Price Records at Christie’s [NY Times]
Auction houses put faith in $1.8bn art sales [Financial Times]
Art market shows strength at Christie’s sale of Impressionist and Modern Art [Herald Tribune]
Record Monet Fails to Stem Dip in Christie’s Impressionist Sale [Bloomberg]
Sotheby’s Sale of Impressionist and Modern Art Sets Record for Fernand Leger [Art Daily]
Monet and Rodin Set Price Records at Christie’s [NY Times]

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Lowman and Colen’s, Wet Pain, at Maccarone via NY mag

A critique of Dan Colen and Nate Lowman at Maccarone [NY mag]
Supreme launches Marilyn Minter skate decks [Supertouch]
Collector/Art in America owner Peter Brant’s supermodel wife editor of Warhol’s Interview [Sassybella]
Antwerp’s low profile art gallery gems [NY Times]
Sotheby’s Previews $30 million of contemporary art in an upscale Russian mall [Bloomberg]
Update: Murakami as a capitalist in Brooklyn [The Economist]

A Fabergé silver via Sotheby’s

Sotheby’s two-day sale of Russian Art from the 19th and 20th century in New York totaled $46,449,401. The two-day auction (April 15 & 16) had very good indicators for a big sucess. The positive result demonstrates that rich Russians and Ukrainians are willing to pay top dollar for artworks of their country. About 69% of the 191 pre-World War II lots were sold and six paintings fetched more than $1 million each. Most buyers were Russian, Ukrainians, as well as U.S.

Russian Art via Sotheby’s [Rian]
Auctions at Sotheby’s [Bloomberg]
Sotheby’s [Sotheby's]
Auction’s record at Sotheby’s [Rian]

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Sotheby’s chart via Yahoo finance

A possible harbinger of art market weakness, Sotheby’s stock has dropped in the past six months with relative consistency, and at this point the stock is down over 50%.
Sotheby’s stock [Yahoo Finance]
Sotheby’s affected by the economic crisis [Wall Street Journal]