Head of a Muse, Raphael via Guardian UK

-Offered for the first time at public auction as part of Christie’s Old Masters sale, Raphael’s drawing “Head of a Muse”- a study for a figure in one of his Vatican frescoes, if it achieves its estimate £12-16million, will break the auction record for an old master drawing currently held by Michelangelo’s and Leonardo da Vinci’s works [Guardian UK]

-As art collectors become more cautious with their purchases, dealers at Frieze and FIAC fairs put works on reserve, among them $40 million Mondrian allegedly put on hold for Bernard Arnault [Bloomberg]

-Ms. Temkin, the chief curator of painting and sculpture at The Museum of Modern Art in New York, introduces unexpected changes, unframing certain paintings and subjecting the almost sacralized permanent collection to frequent renewal [The New York Times]

“Your Mercury Ocean” Skateboard by Olafur Eliasson via aarting

-Another collaboration between Mekanism and Olafur Eliasson results in a 13-ply deck 3d patterned skateboard with a mirror coating [aarting]
-In related, Olafur Eliasson commissions by the mayor of Copenhagen to design a bridge for the Danish capital; the artist shares his plans for a transparent bridge in a close vicinity to the water [The Art Newspaper]

– The survey carried out by the Art Fund, the UK’s independent art charity, shows that despite the substantial drop in public funding and investment income, a figure that proves to grow in the context of economic fall is the number of visits to museums [Art Knowledge News]

-In the midst of economic uncertainty, gallery Matthew Marks, which represents artists such as Jasper Johns, and Peter Fischli and David Weiss, plans on expansion with a new space on the West Coast [The New York Times]

To stay apprised of most of the relevant art news for this past week… (more…)

The show is comprised of works by 63 artists, with some pieces showing publicly for the first time. The sweeping comprehensiveness of the exhibition allows for a juxtaposition of artists rarely seen. Paintings by Claude Monet accompany those by Cy Twombly and Paul Signac. Cubist Georges Braque brings the cartoons of Jean Dubufett into sharper relief. Included are Paul Cézanne and Abstract Expressionists Mark Rothko and Sam Francis, in an exhibition that shows even the pop art of Andy Warhol and the Surrealist paintings of Salvador Dalí.

Ferdinand Hodler, “le Grammont,” at Fondation l’Hermitage. Image courtesy of the museum.

Yves Klein, “ANT 20,” at Fondation l’Hermitage. Image courtesy of the museum.

Initially founded in 1984 with the Bugnion Family collection, Fondation l’Hermitage now boasts over 600 works, shown in rotation along with its temporary exhibitions. The Fondation is also home to a collection of 12th-19th century Chinese porcelain, donated by the Vergottis Foundation and on permanent display in its underground space.

René Magritte, “La Ruse Symétrique,” at Fondation l’Hermitage. Image courtesy of the museum.

Paul Klee, “Felsenlandschaft,” at Fondation l’Hermitage. Image courtesy of the museum.

Edgar Degas, “Danseuses (Danseuses au repos),” at Fondation l’Hermitage. Image courtesy of the museum.

– R. Fogel

Pablo Picasso’s ‘Homme à l’épée’ sold for £7 million, falling squarely within estimates of £6-8 million, via Sotheby’s

Sotheby’s Impressionist and Modern Art Evening Sale last night in London yielded fairly strong results, due mainly to a slimmed down offering of high quality works. The 27 lot sale realized £33.5 million, towards the higher end of estimates of  £26.8-37.3 million, with only 4 lots going unsold and a sold-by-lot rate of 85.2% and a sold-by-value rate of 90.8%. Despite trouble finding sellers, choosing lots carefully paid off for Sotheby’s with spirited bidding throughout the auction. The sale’s big star, Picasso’s ‘Homme à l’épée,’ sold for £7 million against estimates of £6-8 million. Another late Picasso painting, ‘Nu debout,’ was the second-highest lot, selling for £4.3 million, above estimates of £3-4 million.

Sotheby’s Impressionist and Modern Art Evening Sale Results [Sotheby’s]
Sotheby’s Lean Strategy Pays Off [NY Times]
Sotheby’s London auction hits target at $55 million [Reuters]
Picasso’s $11.5 Million Musketeer Tops Sale as Bargains Hunted [Bloomberg]
Homme a l’epee Sells for 7 Million and Leads Sotheby’s Sale of Impressionist & Modern Art [Artdaily]
Lot by Lot: Sotheby’s I/M London Evening Sale [Art Market Monitor]
Picasso Musketeer Tops Sale by Sotheby’s [NY Times]
En Garde! Sotheby’s Sells Picasso Musketeeer Painting for $11.5 Million [WallStreetJournal]
Picasso musketeers duel at London auction houses [The Art Newspaper]
Sotheby’s Imp/Mod Sale Small but Solid [Artinfo]
Summing Up Sotheby’s I/M Evening Sale in London [Art Market Monitor]
Homme a l’epee Leads Sotheby’s Sale of Impressionist & Modern Art [Auction Publicity]

AO coverage of Christie’s Impressionist and Modern Art Evening Sale on Tuesday

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Claude Monet’s ‘Au Parc Monceau’ sold for £6.3 million, well above its high estimate of £4.5 million, via Christie’s

Yesterday’s Impressionist and Modern Art Evening Sale at Christie’s in London realized £37.2 million, falling shy of estimates of £37.8-51.7 million, including buyer’s premium. 30 of the 44 lots offered sold, with a rate of 68% sold by lot and 84% by value. The highlight of the sale was Monet’s ‘Au Parc Monceau,’ which sold for £6.3 million, far above its high estimate of £4.5 million. Joan Miró’s ‘Peinture (Femme se poudrant)’ also attracted spirited bidding, selling for just under £4 million, against estimates of £2.2-2.8 million. The star lot, a Picasso Musketeer painting, ‘Man with sword,’ sold for £5.8 million, in the lower end of estimates of £5-7 million. Sotheby’s Impressionist and Modern Art Evening Sale takes places tonight in London.

Christie’s Impressionist/Modern Evening Sale Results [Christie’s]
Only a Few Hills in the Valley of Christie’s Season-Opening Art Auction [NY Times]
£1.5m Pissarro painting looted by Nazis withdrawn from auction [Telegraph]
Christie’s London sale falls short of low estimate [Reuters]
Buyers Focus on Works Worth the Fight [NY Times]
Monet, Picasso Fetch $20 Million; Auction Shrinks 74% [Bloomberg]
Christie’s Auction of Impressionist and Modern Art in London Realises $60.4 Million [Artdaily]
Christie’s misfires on £37m Impressionist and Modern art sale [Wealth Bulletin]
Christie’s Kicks Off London Season With Modest Imp/Mod Sale [Artinfo]
Family wrangle halts sale of £1.5m Pissarro stolen by the Gestapo [TimesUK]
Family Dispute Halts Sale of Pissarro Stolen by Nazis [Artinfo]
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Petite Danseuse de Quatorze Ans (1879-1881) by Edgar Degas, sold for £13,257,250, ($18,993,194) above the high end of its range (£12,000,000 / $18,129,626). Image via Sotheby’s.

Following mixed results at last week’s Old Masters auctions, the art market was looking closely at Sotheby’s Impressionist and Modern Art evening sale for further clues on how the rest of the year might unfold.  The auction generated £32,564,300, selling 22 of 29 lots or 75.9% of what was offered.  Several records were set, and 40% of the lots exceeded the high end of expectations.  While there were some very notable successes, 67.7% of lots were sold by value, with the final result well below the pre-sale estimate range of £40,620,000-£55,680,000

The star of the night was indisputably the Petite Danseuse de Quatorze Ans, a sculpture by Edgar Degas previously owned by Sir John Madejski, a British sports entrepreneur and philanthropist,  news of its sale previously covered by Art Observed here. The sculpture was sold to an unnamed Asian collector for £13.25 million or almost $19 million. The final price was above the £12 million high end of its estimate range, setting a record for a Degas sculpture and ultimately becoming the top price of the night. Petite Danseuse, one of a series of 28 bronze and fabric sculptures made several years after the artist’s death in 1917, made a tidy profit for Madejski, who bought it for £5 million for it in 2004. “Petite danseuse de quatorze ans is the most important sculpture by Edgar Degas and it is undoubtedly one of the most iconic sculptures of the Impressionist period,” commented Helena Newman, Vice Chairman, Impressionist & Modern Art, Sotheby’s Worldwide. “The recordbreaking price achieved for this exceptional sculpture tonight is a testament to the strength of the market for rare works of exceptional quality.”

Another high value lot that sold above its expectations was Joan Miro’s Femmes et Oiseaux dans la Nuit, which sold for £2 million ($3 million). Bought by David Nahmad on behalf an anonymous telephone bidder, the painting sold for two times the high end of its range.

Auction results: Sotheby’s
Auction results: Artnet
Auction Record Price For Edgar Degas Sculpture Headlines Sotheby’s Sale Of Impressionist Art [ArtDaily]
Degas Sculpture Makes Record in First Art-Market Test of 2009 [Bloomberg]
Sotheby’s Sale Shows Reassuring Signs of Market Life [ArtInfo]

Previously on ArtObserved:
DEGAS’S ‘LITTLE DANCER’ STEPS OUT INTO THE MARKET [Jan 12]

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Zhan Wang – Ornamental Rock No. 71, on view at Saatchi Gallery, London – The Revolution Continues: New Chinese Art via Saatchi Gallery

When the new Saatchi Gallery’s inaugural show closes it will have drawn over half a million visitors [GuardianUK]
How artists are replacing some aspects of the role of dealers [TheArtNewspaper]
Christie’s lowers estimates  by more than 10% also stating “It’s not our intention to offer any guarantees until we have a better idea of where the markets are” [ArtInfo]
MOCA agrees to Eli Broad’s $15 million match contribution [LATimes]

‘the Farm’ by Joan Miró (1893-1983) via the Wall Street Journal

A detailed look into Joan Miró’s ‘the Farm” [WallStreetJournal]
Boston Lawyer hiding stolen art including a $26 million Cezanne sentenced to 7 years [ArtDaily]
Top ten outstanding moments in the art market for 2008 [TelegraphUK]

The Museo Universitario de Arte Contemporáneo in Mexico City via panoramio.com

Mexico City opens a new 3,300 sq. m, $20 million contemporary art museum [TheArtNewspaper]
Sculptor Richard Serra awarded the Order of Arts and Letters of Spain [ArtDaily]
A Sotheby’s video offers refreshing transparency into its process in the current environment [Sotheby’s]
In more video, Takashi Murakami on money and art, New York vs. Tokyo and more [TMagazine – The Moment]
And finally, video of Damien Hirst on his Statuephilia installation in London [Aarting]

Tom Sachs opens his online store [tomsachs.org via supertouch]
Gallerist/web presence Edward Winkleman announces his book ‘How to Start and Run a Commercial Art Gallery’ [edwardwinkleman]
The Louvre finds 3 possible Leonardo Da Vinci drawings on the back of his painting [Bloomberg]

Gallerist Mellissa Bent, artist Hope Atherton and artist Georgia Sagri make the scene at Rivington Arms via ArtForum

On the closing of Lower East Side Gallery Rivington Arms [ArtForum] more on this here [NYObserver]
Similarly, the International Asian Art Fair is canceled [ArtInfo] Galerie Emmanuel Perrotin Miami, opened in 2005, will also close [ArtLurker]

The installation entitled ‘Moscow on the Move’ via the Guardian

Dasha Zhukova and the Moscow Garage organize a 17-artist public video installation which includes work by Doug Aitken, Fischli and Weiss and Pippilotti Rist [GuardianUK]

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Still Life With Old Shoe (1937), Joan Miró via NYTimes

Joan Miró: Painting and Anti-Painting 1927–1937 at MoMA is the first major museum exhibition to display the chronological process of Miró’s practices and ideologies used to attack conventions and disrupt market values in this vital decade. The exhibition uses Miró’s 1927 claim of “wanting to assassinate painting” as its launch point to explore his lineage in 12 groups, which includes 90 paintings, collages, objects, and drawings. The exhibition takes a step-by-step perspective of the reinvigoration and radicalization of Miró’s sustained series. Additionally the exhibition is symptomatic of the European reaction to the end of the roaring twenties and insemination of political tensions that would culminate in 1939. The exhibition begins with a group of works composed on unprimed canvas and concludes with a single painting from 1937: Still Life with Old Shoe and is culmination of works created in Paris, Montroig (a rural village on the coast of Catalonia), and Barcelona. The exhibition is organized by Anne Umland the Curator or the Department of Painting and Sculpture at the The Museum of Modern Art. It will be on view in The Joan and Preston Robert Tisch Gallery, sixth floor, from November 2, 2008, through January 12, 2009.

MoMA Opens Exhibition Focusing on the Transofrmative Dcade of Joan Miró’s Work [ArtDaily]
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Joan Miró: Painting and Anti-Painting, 1927-1937 [TheArtNewspaper]
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Angry Young Man [TheNewYorker]
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Miró, Serial Murderer of Artistic Convensions [NYTimes]
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Joan Miró: Painting and Anti-Painting 1927-1937 [Museum of Modern Art]
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Miró, Miró on the Wall [ArtNet]

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