Sotheby's hopes to smash Russian art at auction record with $60 million sale of Malevich painting in New York on November 3rd

October 11th, 2008


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Suprematist Composition (1916) by Kazimir Malevich, via Art Daily

Despite the ongoing deterioration of global stock markets, including, at the time of this article, a 61% decline in the Russian Stock Market since May, Sotheby’s is confident that it will break the $20.9 million record set for  the sale of Russian art at auction by Kandinsky set in 1990.  ‘Suprematist Composition,’ composed by Kazimir Malevich in 1916, is widely considered a masterpiece of early 20th century avant garde art–Sotheby’s calls it “one of the greatest modern paintings ever offered for sale.” It is expected to fetch $60 million dollars when it goes on sale at the Impressionist and Modern Art auction on November 3rd.  The piece goes on sale after Malevich’s heirs recouped it from the Stedelijk Museum in Amsterdam.

Sotheby’s optimism in the face of recent subpar auction performances [AO] is due to what they say is the unprecedented quality of the work and the historical importance of the artist, who has recently risen in profile to the ranks shared by Picasso, Pollock, Chagall and other marquee 20th century artists.  Sotheby’s is also counting on the interest of Russia’s billionaire art collectors, who have had a major impact on art markets this decade, paying record prices and avidly acquiring trophy works by the likes of Damien Hirst as well as Russian artists. The results of Sotheby’s prediction remains to be seen and some of the factors that will affect the outcome certainly have developed for the worse, as Bloomberg estimates that Russia’s billionaires have lost close to $230 billion of their net worth in the recent Russian stock market’s decline.

Sotheby’s: Suprematist Composition (1916), Lot #6, Impressionist and Modern Art Fall Sale [Sotheby’s]
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“Suprematism” by Kazimir Malevich, plus selection of artwork [Artchive]
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Sotheby’s expect Malevich to smash Russian record [Reuters]
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Heirs to Auction Russian Painter’s Work [New York Times]
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Malevich Painting May Fetch More Than $60 Million [Bloomberg]
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Restituted Malevich to Be Sold at Sotheby’s [ArtInfo]
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Sotheby’s To Auction One of the Greatest Modern Paintings Ever Offered for Sale [ArtDaily]
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Sotheby’s predicts Russian Malevich masterpiece to fetch a record-smashing £33million [Daily Mail]
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Abramovich, Deripaska, Oligarchs Lose $230 Billion [Bloomberg]

a history of the current painting and how it came to auction after the jump…


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Suprematist Composition (1916) by Kazimir Malevich, via The Daily Mail

The composition, along with dozens of other works, was left in Berlin when Stalin abruptly banned overseas travel for Soviet citizens in 1927, just as Malevich was preparing an exhibition. Malevich was forced to return to the Soviet Union.  He was unable to bring the works back to the USSR after the exhibition wrapped up, as they were considered by the government to be bourgeois and unrepresentative of the Soviet common man, and therefore subversive. It was subsequently sold to the Stedelijk Museum in Amsterdam, which was its home for more than 50 years. Relatives of Malevich, encouraged by German art critic Clemens Toussaint, began to sue for ownership of the paintings left behind in Germany, all of which were seminal Suprematist pieces. They won several, one of which they sold in 2000 for $17.9 million, a record for the artist.


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Supremus 58 (1916) by Malevich, via Artchive


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Suprematism (1916) by Malevich, via Artchive

Suprematist Composition (1916) is a seminal  painting in that it was among the first to go a step beyond the abstraction that was already a prominent feature of Cubism and Futurism, by removing the (albeit distorted) vestiges of forms from nature and everyday reality and replacing them with pure geometric shapes and color. With this radical departure from artistic convention, Malevich hoped to create a new form of art that would appeal to an aesthetic beyond West and East. His work has proven exceptionally influential, inspiring Mark Rothko, Josef Albers, Ellsworth Kelly and Donald Judd and a cadre of other artists who helped give Malevich’s aesthetic a more pervasive presence in the artistic world.


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Suprematism (Self Portrait) by Malevich, via Artchive


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Suprematist (1917) by Malevich, via Artchive


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Supremus 56 by Malevich, via Artchive


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Suprematist Composition, White on White by Malevich, via Artchive
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VIRGIN GROUP FOUNDER BRANSON AND BROADCAST JOURNALIST O’BRIEN INTERVIEW TO BENEFIT UNIVERSITY OF TEXAS SYSTEM OF MD ANDERSON CANCER CENTER

US Fed News Service, Including US State News December 22, 2011 HOUSTON, Dec. 19 — The University of Texas System of MD Anderson Cancer Center issued the following news release:

Jan. 4 A Conversation With a Living Legend(R) in Dallas Supports Cancer Research, Patient Care The 22nd annual A Conversation With a Living Legend(R) , in Dallas, benefiting The University of Texas MD Anderson Cancer Center, showcases Sir Richard Branson, founder of Virgin Group, in an interview with broadcast journalist Miles O’Brien. Supported by Dallas-Fort Worth area business and community leaders, the luncheon, 11:45 a.m.-1:30 p.m. Jan. 4 at the Hilton Anatole, benefits research and patient care initiatives at The University of Texas MD Anderson Cancer Center.

Andrews Distributing Company and AT&T are this year’s event underwriters. Co-chairs are Stephanie and Hunter Hunt. Ana and Don Carty are honorary chairs.

One of the world’s most recognized and respected brands, Virgin encompasses air and rail travel, leisure and hospitality, telecommunications, media, health and wellness, space tourism and clean energy through more than 400 branded companies in 29 countries with branded revenues of $21 billion. The Virgin family of airlines includes Virgin America, Virgin Atlantic, Virgin Australia and Virgin Blue. web site md anderson cancer center

Branson founded Virgin at age 20 as a mail order record retailer and later expanded it into a record shop and recording studio. Virgin Music became one of the top six record companies in the world.

In 1986, Branson crossed the Atlantic Ocean in a boat in the fastest recorded time ever. The next year his Virgin Atlantic Flyer was the first hot air balloon to cross the Atlantic Ocean.

Branson realized his dream of opening the world’s first commercial space tourism business with the launch of Virgin Galactic, designed to take passengers to suborbital space. web site md anderson cancer center

In 1999, Branson was knighted for “services to entrepreneurship.” In 2004, he launched Virgin Unite to tackle tough challenges facing the world. In 2007, he joined Nelson Mandela, Graca Machel and Desmond Tutu to form The Elders, a group that seeks sustainable solutions to global humanitarian issues. In 2010, he launched the Carbon War Room to advance climate change efforts. He recently formed Ocean Elders with Ted Turner and others to promote ocean conservation, protect the ocean’s habitat and wildlife and preserve its ecosystems and species biodiversity.

Branson is the author of “Losing My Virginity: How I’ve Survived, Had Fun and Made a Fortune Doing Business My Way,” (Crown Business, 1998) “Screw It, Let’s Do It: Lessons in Life” (Virgin Books, 2006) and “Business Stripped Bare: Adventures of a Global Entrepreneur” (Virgin Books, 2008). His latest book is “Screw Business as Usual” (Portfolio/Penguin Group USA, December 2011).

Miles O’Brien is a 30-year broadcast news veteran whose career reflects a lifelong passion for aviation, space, science and technology. Based in Washington, D.

C., O’Brien is science correspondent for “PBS NewsHour.” He has produced several documentaries for PBS programs “Frontline” and “Blueprint America.” He is chief correspondent for the National Science Foundation series “Science Nation” and the Discovery Science Channel series “Innovation Nation.” O’Brien also is managing editor and a founder of a series of shuttle launch webcasts hosted at www.

SpaceflightNow.com.

He worked as a CNN correspondent, anchor and producer based in Atlanta and New York for more than 16 years. In February 2003, he led the network’s coverage of the Space Shuttle Columbia loss.

A third generation general aviation pilot, O’Brien is the owner of a small single-engine airplane and frequently flies himself to and from assignments.

Since its inception in 1990, A Conversation With a Living Legend in Dallas has raised more than $10.5 million. With every $1 million the event raises,

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