The Guardian traces the controversy surrounding Constantin Brancusi’s The Wisdom of the Earth, a sculpture that has long sat at the forefront of the Romanian consciousness as a national treasure, but which is currently being put up for sale by its owners.  “The truth is that it is an iconic sculpture for Romanians; it’s an iconic image that is present in all the books about our national identity. The state used it a lot in its cultural propaganda and transformed it into an icon of the Romanian soul,” says Alexandru Baldea, managing partner of auction house Artmark, which is selling the piece.   (more…)

The Rudolf Staechelin Family Trust, which owned the record-setting Paul Gauguin painting that sold last week in Switzerland, has withdrawn its collection from the Kunstmuseum Basel, and is seeking a new partner institution.  “These works, which had been integral to our exhibitions, will be sorely missed at the Kunstmuseum, and we are painfully reminded that permanent loans are still loans; the people of Basel do not own them, and they may be taken away at any moment and for whatever reason,” the museum said in a statement. (more…)

A Paul Gauguin painting from 1892 has reportedly been sold for close to $300 million, setting a new record for the most expensive work of art.  Rudolf Staechelin, a retired Sotheby’s executive, confirmed the sale with the New York Times, but the Qatari buyer’s identity has not been disclosed, nor has the official price.  “The real question is why only now?” Mr. Staechelin said of the Gauguin sale. “It’s mainly because we got a good offer. The market is very high and who knows what it will be in 10 years.” (more…)

Paul Cézanne, Vue Sur L’estaque Et Le Château D’if (circa 1881-1885), via Christie’s

The Christie’s Impressionist, Modern and Surrealist Sales have concluded in London, bringing to close the week of auctions.  In comparison with Sotheby’s record-setting auction last evening, the Christie’s sale seemed content to rely on a strong selection of curated works, putting together a 44 lot auction that ultimately brought in a final sales tally of £80,375,000.  There were few blockbuster lots in comparison with Sotheby’s and its selection of Monets, but a steady stream of sales in the auction house’s surrealism sale kept the auction houses in close competition, bringing in sales of £66,656,000 in its own right.

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A rare, vertical Cézanne landscape from the Cortauld collection is set to hit the auction block early next year at Christie’s in London, carrying a sale estimate of up to $12 million. “It’s quite rare to see Cézanne at auction and incredibly rare to have these major motif,” says Jay Vincze, head of Impressionist and Modern art at Christie’s London. (more…)

The New York Times reports that hedge fund manager Steven A. Cohen is the collector who purchased Alberto Giacometti’s Chariot last week at Sotheby’s for over $100 million.  “Steve is a very serious, very astute collector,’’ says dealer William Acquavella said. “He also has just the right instincts, ones that can’t be learned from reading art history books.’’ (more…)

Andy Warhol, Triple Elvis [Ferus Type] (1963), via Christie’s

The second week of fall auctions in New York is set to kick off this week, as a series of three sales at Sotheby’s, Christie’s and Phillips that will look to test the ongoing strength of the Contemporary and Post-War Markets.  With major works on sale at all three auction houses, the initial estimates are impressive.

Mark Rothko, No. 21 (Red, Brown, Black and Orange) (1951), via Sotheby’s (more…)

Mark Rothko, Untitled (1970), via Sotheby’s

Sotheby’s kicked off the auction week last night with its sale of works from the collection of Ms. Paul “Bunny” Mellon, a successful outing that say 100% of the works available sold, and which achieved a final sales tally of $158.7 million, a strong figure that reached $38 million above the high estimate.

Richard Diebenkorn, Ocean Park #89 (1975), via Sotheby’s (more…)

Sotheby’s Impressionist sale in New York this November is anticipating record numbers for a 1881 Claude Monet painting, already estimated to achieve $35 million on the auction block.  “It truly is the ultimate trophy painting: dappled sunshine, lovely garden and a pretty woman in a white dress, it’s got everything you would want in a Monet,” says Sotheby’s Impressionist expert Peter Hook. (more…)

Alexandrea Da Cunha at Thomas Dane, all photos via Andrea Nguyen for Art Observed unless otherwise noted

The last hours of Frieze London have come and gone, with a sizable portion of the $2.2 billion in works on sale changing hands over the course of the week, with a number of noteworthy sales, performances and events capping the fall art staple. (more…)

Jean-Michel Basquiat, Untitled (1981), via Sotheby’s

This past Friday, Sotheby’s Contemporary Evening Sale concluded the week of auctions during Frieze Week in London, with a £28,203,200 final tally.  Following the results of the previous two evenings, the sales were relatively staid affairs, with few works exceeding their original estimates.

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Next month, Christie’s New York will place a landmark set of 21 “Film Stills” by Cindy Sherman on sale, a set of works from early in the artist’s career that carries an estimate of $6 million – $8 million.  The stills were originally collected by curator by Ydessa Hendeles, who sold them in turn to industrialist Mitchell P. Rales, who noted his intent to keep the works together as a set.  “We are deep into Cindy’s work and will continue to collect it,” he says. “Ydessa did a fabulous job putting it together, and it would be almost impossible to replicate it today.” (more…)

Christie’s auction of works from the Essl Collection launched Frieze week last night in London, with the 44-lot sale attracting £46.9 million in sales, within the estimate for the evening.  The exhibition cover lot, Gerhard Richter’s Netz, failed to sell at auction, but ultimately sold privately after the auction for £5.5 million.  “Through the proceeds of this sale, the long-term future of the Essl Museum is now secured,” Karlheinz Essl said in a statement. (more…)

Christopher Wool, Untitled (1990), via Phillips

Last night, Phillips wrapped its Contemporary Evening Sale in London, corresponding with the opening days of Frieze London, and setting the stage for the fall season of auctions in both the British capital and New York. Phillips kicked the week off with a moderate sale, featuring a few impressive achievers alongside a number of more subdued sales marks, achieving a final sales total of £14.9 million for the 47 lot sale. (more…)

Christie’s has announced that it will be offering a series of three classic Magritte canvases at its New York Impressionist and Modern Art sale next month, including Mesdemoiselles de l’Isle Adam, 1942 (estimated at $5-$7m).  Magritte has been a strong seller in recent years, with a sizable percentage of his top sales occurring in the past five years. (more…)

Carsten Höller, Dice (2014), via Gagosian

After a summer pause, the major art fair circuit will look to get back up and running this fall, as collectors, dealers and artists flock to Regent’s Park in London for the 2014 edition of the Frieze Art Fair. (more…)

Bloomberg looks at the movement of Christopher Wool’s Apocalypse Now over the past years, tracing a history of owners that include François Pinault before selling last year for an astounding $26.4 million to a still unknown buyer.  The story is an interesting look at the art market’s occasionally rapid escalations in price due to sudden demand, and the behind the scenes gossip that often accompanies the auction sale of iconic works. (more…)

Steven Cohen is placing King Oliver, a $30 Million painting by Franz Kline, up for sale this November at Christie’s in New York, Bloomberg reports.  “It’s got scale and bravado,” said Brett Gorvy, Christie’s chairman and international head of postwar and contemporary art. “In today’s masterpiece-driven market, this is exactly the type of language that speaks to our global buyers.” (more…)

The Guardian visits Tracey Emin in her Spitalfields studio this week, as the artist prepares for an exhibition of new work next month at White Cube.  “Work is good,” she says.  “If I don’t make things, I become ill and depressed. Painting makes me feel like a better human being. It’s what I’m supposed to be doing.”  (more…)

The ADAA Art Show has announced the 72-gallery list for the 2015 edition of its fair, the longest running in the United States, running March 4 through March 8, 2015.  Exhibitions include a special booth dedicated to Nam June Paik at Carl Solway, and one for Wade Guyton at Petzel.  “The ADAA broke new ground when it created The Art Show in New York City 27 years ago,” adds Chairman, Adam Sheffer.  “Visitors from around the world are able to connect with our esteemed members, view extraordinary presentations and acquire exceptional works of art.” (more…)

Sotheby’s has unveiled a new plan to appeal to collectors and institutions on the West Coast, announcing a new plan that will bring $200 million worth of art on a tour of California, Oregon and Washington.  The tour of events will include an exhibition of Jasper Johns’s 1983 work Flag, which is a highlight of the auction house’s November sale in New York, estimated to sell for $15 to $20 million.  “Our focus is on the next generation of collectors, the new buyers who will become futures sellers,” says Sotheby’s West Coast head Andrea Fiuczynski. (more…)

Just as Sotheby’s is preparing its first pop-up sale in Silicon Valley, rival Christie’s has also entered the fray, announcing a similar event in California focused on works by Roy Lichtenstein, Jasper Johns, and more, alongside works by young artists including Korakrit Arunanondchai. “While it is well known that the Bay Area is home to some of the most impressive collections in private hands, it has recently become evident that it is also one of the most robust emerging markets for art collecting with a growing group of young and new collectors,” says Christie’s Post-War specialist Charlie Adamski. (more…)

Bloomberg looks into the ambitious effort behind the sale of the Bunny Mellon art collection, which will include a private sale of works through Sotheby’s, among them a pair of Mark Rothko works valued at over $250 million together.  Of particular note is No. 20 (Yellow Expanse), a striking 1953 work.  “Unquestionably, it is the jewel in the crown,” said David Anfam, author of “Mark Rothko: The Works on Canvas,” the artist’s catalogue raisonne,. “Unlike its companion at the Guggenheim in Bilbao, it’s not labored. In terms of its size there is nothing to compare it with since this is the only ‘classic’ Rothko, as opposed to the Seagram and Harvard murals, of such epic dimensions.” (more…)

A collection of photographs formerly owned by the late Howard Stein will head to auction later this year at Sotheby’s New York, in what may be one of the largest sales in the medium ever.  The presale estimates range from $13 million to $20 million for a group of works that include prints from Alfred Stieglitz, Man Ray and Irving Penn.  (more…)