New Holland Island, via architettura.it

Adding to an assortment of yachts and football clubs, Roman Abramovich has purchased the entire New Holland Island in St. Petersburg. For nearly $400 million, island plans center around a museum complex – complete with hotels and shopping – to house a portion of the Russian oligarch’s extensive art collection. Among the collection are such high profile pieces as Francis Bacon‘s 1976 “Triptych” and Lucian Freud‘s 1995 “Benefits Supervisor Sleeping,” for which Abramovich paid record-setting prices at Sotheby’s New York and Christie’s, respectively, on an extravagant pair of back to back evenings in 2008.

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Andy Warhol, Coca-Cola [4] [Large Coca-Cola], 1962 (est. $20-25 million, realized $34.5 million), via Sothebys.com

Auction goers at Sotheby’s Contemporary Art Evening Sale on Tuesday night were offered glass bottles of Coca-Cola before entering the saleroom in honor of the auction’s featured lot – Andy Warhol‘s Coca-Cola [4] [Large Coca-Cola]. The painting sold for $35.4 million against a high presale estimate of $25 million and was, like the Warhol for sale at Phillips Monday night, the evening’s top lot. The Sotheby’s auction was comprised of 54 lots (not including a work by Felix Gonzales-Torres, which was withdrawn) that brought in $222.5 million against presale estimates of $151.8-214.5 million. The sale had a sell through rate of 90.7% by lot and 97.1% by value with 5 of 54 lots unsold.

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Andy Warhol, Men in Her Life, 1962 (est. $40 million), via Phillipsdepury.com

The second week of major New York auctions begins with two evening sales at Phillips de Pury on Monday, November 8th, followed by the Sotheby’s sale on Tuesday and the Christie’s sale on Wednesday. Phillips will hold two back to back sales on Monday evening that will inaugurate the house’s new headquarters at 450 Park Avenue in New York City. The evening sale is preceded by the first of a new series of auctions titled Carte Blanche, wherein a guest artist, collector, or curator organizes the auction. This week’s Carte Blanche auction is the bigger of the two sales and is curated by Philippe Ségalot. It is comprised of 33 works expected to fetch at least $80 million. The Sotheby’s sale is composed of 55 lots expected to bring upwards of $132 million, while the 76 lots at Christie’s are expected to fetch upwards of $240 million.

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Amedeo Modigliani, Nu Assis Sur un Divan (La Belle Romaine), 1917 (est. $40 million, realized $68.9 million), via Sothebys.com

The fall auction season in New York kicked off on Tuesday evening with Sotheby’s Impressionist and Modern sale. The 61-lot auction carried a presale estimate of $195-266 million and realized $227,561,000. Just four lots accounted for more than half of the evening’s earnings, while 15 lots were bought in. Amedeo Modigliani‘s Nu Assis Sur un Divan (La Belle Romaine) was the top lot, bringing in a staggering $68.9 million and setting the record for a work by the artist at auction.

Aristide Maillol, Torse de L’Action Enchainée, 1861-1944, at auction (est. $500-$700 thousand, realized 2.9 million), via Art Observed

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Amedeo Modigliani, Nu Assis Sur un Divan (La Belle Romaine), 1917 (est. $40 million), via Sothebys.com

Sotheby’s and Christie’s will both hold Impressionist and Modern sales in New York during the first week of November. Sotheby’s will offer 61 lots during the Evening Sale on November 2nd, with Christie’s Evening Sale following on the 3rd. The latter is comprised of 85 lots, and is expected to bring at least $200 million.

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NYAA’s “Take Home a Nude” benefit, hosted by Sotheby’s, October 18, 2010. All photos by Deborah Heuberger for Art Observed.

For the 19th installment of the New York Academy of Art‘s annual Take Home a Nude benefit, the organization honored Eric Fischl for his outstanding contribution to contemporary art, scholarship, and the mission of the Academy. The representational style and enduring interest in the human form which characterize Fischl’s body of work are consistent with the Academy’s reputation as “The first and most significant graduate school in the United States to focus on the human body.”

What began in 1991 as a modest fundraiser held at the Academy’s Tribeca headquarters has evolved into one the most prestigious arts events of the season. This year’s venue was generously provided by Sotheby’s, where works were installed throughout five gallery spaces, hosting cocktail hour, silent and live auctions, and a post-auction dinner.

Andres Serrano, Taylor Mead, 2010.

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Andy Warhol, Diamond Dust Shoes, 1980 (est. 1.3 -1.6 million GBP, realized 1,553,250 GBP), via Sothebys.com

Sotheby’s Contemporary Art Evening Auction in London today brought in 13.3 million GBP against a low presale estimate of just under 10 million GBP.  Of the 39 lots offered for sale, 4 were bought in, 15 lots sold above their high presale estimates, and 2 works sold for under their low presale estimates. Andy Warhol‘s Diamond Dust Shoes, never before seen at auction, realized 1,553,250 GBP against a high estimate of 1.6 million GBP and was the highest earning lot of the night.

Lucio Fontana, Concetto Spaziale, Attese, 1965 (est. 1.5-2 million GBP, realized 2,281,250 GBP), via Sothebys.com

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Damien Hirst, I am Become Death, Shatterer of Worlds, 2006 (est. 2.5-3.5 million GBP), via Christies.com

The Frieze Art Fair begins this week in London and is accompanied by Contemporary Art sales at the three major auction houses. This year, Phillips de Pury will kick things off with a 56 lot evening sale on October 13th, followed by a 51 lot sale at Christie’s on the 14th and a 40 lot sale at Sotheby’s on the 15th. After the dismal results of last year’s equivalent sales and the lackluster results of the summer sales, the art world is hoping that these auctions will give a stronger indication that the market for contemporary Western art is in fact recovering.

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Zhang Xiaogang, Chapter of a New Century – Birth of the People’s Republic of China II, 1992 (est. 21—23 million HKD, realized 52,180,000 HKD), via Sothebys.com

This week’s auctions at Sotheby’s Hong Kong indicated that the Chinese art market continues to show signs of growth, as both Contemporary Art sales easily passed the earnings of the equivalent sales in 2008 and 2009. Monday featured back to back auctions. First, the 20th Century Chinese Art sale realized 137,313,750HKD (est. 130 million HKD) with 29 of 38 lots sold. The afternoon Contemporary Asian sale realized 205,896,250  HKD, well above the presale estimate of 150 million HKD.

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Manolo Valdés, Butterflies, via Sothebys.com

From September 13 to October 31, 2010, Sotheby’s London will exhibit 24 works of sculpture at Chatsworth House, Derbyshire. Each of the pieces is offered for sale in the auction house’s fifth Selling Exhibition of Modern and Contemporary Sculpture, titled Beyond Limits. Among the artists featured are Lynn Chadwick, Yue Minjun, Arnaldo Pomodoro, Damien Hirst, Marc Quinn, Subodh Gupta, Ju Ming, Eduardo Chillida, Germaine Richer and Barry Flanagan.

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Lucian Freud, Eight Months Gone, 199700–>

Jerry Hall, the American model and ex-wife of legendary rocker Mick Jagger, will send 14 works from her collection to auction next month at Sotheby’s Contemporary Art Sale in London. Hall’s lots are estimated to fetch at least £1.5 million, and include works by Lucian Freud, Andy Warhol, Damian Hirst, Robert Graham, Ed Ruscha, Francesco Clemente, R.B. Kitaj, and Frank Auerbach.

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Julie Mehretu, Untitled 1, 2001 (est. $600-800,000), via Sothebys.com

Almost two years to the day after Lehman Brothers filed the largest bankruptcy in U.S. history, the bank will auction off hundreds of artworks worth some $16 million in hopes of raising funds for its creditors. There will be an auction at Sotheby’s New York on September 25 followed by an auction at Christie’s London on September 29. The smallest of the three auctions will be held at Freeman’s in Philadelphia on November 7 and will focus on the Lehman’s Contemporary Art holdings.

Damien Hirst, We’ve Got Style (The Vessel Collection Blue/Green), 1993 (est. $800,000-1,200,000) via Sothebys.com

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J. M. W. Turner, Modern Rome – Campo Vaccino, 1839 (estimate £12-18 million, realized £29,721,250), via Sothebys.com

Master Paintings Week continues in London after a boost from the Christie’s and Sotheby’s Old Master auctions that took place on July 6th and 7th. The Sotheby’s auction earned £53,484,350 against a high estimate of £50.8 million, while the Christie’s sale realized £42.3 million against a pre-sale estimate of £36.9–55.3 million (totals realized include buyer’s premium, estimates do not). More than half of the Sotheby’s earnings came from the sale of a single canvas by J. M. W. Turner, which sold to the J. Paul Getty Museum in Los Angeles for a staggering £29,721,250. The painting, showing a view of the Italian capital from the Capitoline Hill, has a sterling provenance and equally impressive exhibition history. The sale established a new record for the artist at auction.

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Sotheby’s Evening Contemporary Art Auction in Progress, via Sothebys.com

With the audience being described as “dazed” and “fatigued,” excitement was sparse at yesterday evening’s Contemporary Art auction at Sotheby’s in London. The sale realized a total of £41,091,800, well within the £32-52 million estimate (total realized includes buyer’s premium, estimates do not).  The sale had a sell-through rate of 83% by lot and 87.3% by value, while 45.4% of lots sold above their high estimates.

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Yves Klein, MG 42, 1960 (estimate £200,000-300,000, realized £481,250), via Sothebys.com

The headlining work, Yves Klein’s RE 49, sold for just over £6 million (estimate £4.5-6.5 million) after three minutes of bidding from four interested buyers.  The other Klein canvas for sale yesterday evening, MG 42, realized a price of £481,250, above its pre-sale estimate of £200,000-300,000. Though the works performed reasonably well, there is still concern that the market might be tiring of them. “There are too many Kleins and Fontanas in these auctions,” Dusseldorf-based art adviser Jorg-Michael Bertz said, in conversation with Bloomberg reporter Scott Reyburn. “We need a rest from them.”

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Yves Klein, Re 49, 1961 via Sothebys.com

Expectations are high for this week’s Contemporary Art auctions at Sotheby’s and Christie’s in London.  The auctions, which will take place between June 28^th and July 1st, will feature sought after works by several important artists, including Yves Klein, Gerhard Richter, Andy Warhol, Jeff Koons, Richard Prince, Lucio Fontana, and Jean-Michel Basquiat.  The strength of the works being sold is the result of buoyed seller confidence following a recent series of record-breaking auction results, such as the sale of a Picasso for $106.5 million in May at Christie’s in New York and 43.2 million euros for a Modigliani sculpture this month at Christie’s in Paris.  Sotheby’s evening auction carries a low estimate of £38.3 million for 53 works, while the Christie’s Post War and Contemporary evening sale carries a low estimate of £40.9 million for 63 lots.  Last summer’s Contemporary Art sale at Sotheby’s, which was expected to bring between £19.8-27.4 million, brought in £25.5 million for 40 lots. The comparable Christie’s auction last year brought just over £19 million for 40 lots with a low estimate of £17.4 million.

At Sotheby’s, all eyes will be on an Yves Klein sponge painting from 1961 titled Re 49 and dedicated to the artist Charles Wilp.  This large-scale work comes from the collection of the Munich-based HypoVereinsbank and is estimated to bring £4.5-6.5 million.

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Picasso’s Portrait d’Angel Fernandez de Soto sold to an anonymous telephone bidder for £34,761,250 – the 2nd highest price for a work of art sold by Christie’s in London (est. £30-40million)

Last night Christie’s held London’s biggest ever art auction when 46 Impressionist and Modern works racked up £153 million ($227 million), but the total was off from the pre-sale estimate of £164-231 million. While nearly quadrupling the anemic $60.4 million brought in by Christie’s at the same sale last June, tonight’s results suggest that while the art market may have recovered, pricing points are still a moving target. The sale was dominated by UK and European bidding – that includes Russia and former Eastern Bloc countries – which bought 55 percent of the lots sold, the U.S. accounted for 40 percent, and Asia for the remaining five percent. The sale saw only 46 of the 62 lots on offer sell, for a buy-in rate of 25 percent by lot and just 26 percent by value. Eight lots sold for over five million pounds and 31 broke the million-pound mark (37 works sold over $ 1million).

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Self-Portrait with a Palette, Edouard Manet sold for a record £22,441,250 (est. £20-30 million) Image via Sotheby’s

Sotheby’s Impressionist & Modern sale last night marked a sluggish start to the summer auction season in London as sixteen of the 51 lots offered failed to find buyers. In percentage terms, 31 percent went unsold by lot and 16 percent by value. The sale totaled £112,101,350 ($165,282,230) – surpassing the low end of the pre-sale estimate of £101 million ($150 million), but far off the £148 million ($220 million) high estimate. The total is the third-highest ever achieved for an Impressionist and Modern evening sale at Sotheby’s in London and stands in stark contrast to the £33.5 million realized in June 2009. In another encouraging sign of a surging market, nineteen lots fetched over a million pounds, and of those, three made over ten million pounds. In all, four artist records were set. The sale was topped by the cover-lot Edouard Manet‘s Self-Portrait with a Palette, which reportedly sold to the New York based dealer Frank Giraud for a record £22,441,250 ($33,087,379). The previous Manet record was set at Christie’s when La Rue Mosnier Aux Drapeaux sold for $26.4 million in 1989. The work, consigned by hedge-fund billionaire Steven A Cohen, had been estimated to fetch between £20 million and £30 million.

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Nymphéas, Claude Monet (est. £30 – 40million)

The June sales in London are packed with potentially record-breaking Impressionist and modern works that are expected to fetch a combined total of £300-450 million. If the pre-sale estimates are realized, these the most lucrative series of auctions ever held in London, easily surpassing the £298 million realized in June 2008 before the global economic meltdown during which the June sales achieved just £96 million. Giovanna Bertazzoni, Director and Head of Impressionist and Modern art at Christie’s, London has noted the recent confidence renewed in vendors in light of the the strong results witnessed at auction over the last year, “we are witnessing a great willingness from clients to consign works of art of the highest quality. There is a fierce international demand in the art market, particularly for the rarest and the best, and the market itself is now truly global as illustrated at our auction in New York in May where we saw bidding from Russia, China and the Middle East, as well as from Europe and the Americas.”

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Portrait of Ángel Fernández de Soto, Pablo Picasso (est. £30-40million)

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Quilt by Alexandre da Cunha, and Six Billboards by Angus Fairhust, Art Basel.  Image via Art Daily, AP Photo/Keystone/Georgios Kefalas.

Yesterday marked the end of the most highly-attended Art Basel to date. The 41st annual contemporary art fair boasted 306 galleries from 36 countries, and AO was on site to peruse the work of some 2,5000 artists.  62,500 dealers, collectors, curators, high-profile shoppers, artists, and art appreciators navigated installations, browsed gallery booths, mingled, and enjoyed the city of Basel.  Artists, established and newcomers both, showcased works ranging from Polaroids to performance pieces, paintings to videos, sculptures to large-scale installations.  A social and teeming affair with an obvious commercial edge, Basel’s sales were optimistic.  Picasso, Warhol, Prince, Hirst, de Kooning, Pollock, and other similarly established artists reigned supreme as the focus of this year’s event.  Franck Giraud, a New York dealer, spoke to the New York Times about the lack of prominently featured up-and-comers: “Is it because that’s what the market wants, or is it because dealers didn’t want to take risks? I think it was a bit of both.” Nonetheless, certain galleries used Basel as a platform to introduce new artists and show off their latest signings.

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Important Russian Art at Sotheby’s via Artdaily

On June 9, at 7 p.m. the inaugural sale of Important Russian Art at Sotheby’s, London kicked off a much anticipated series of Russian- themed sales taking place at Christie’s, Bonhams and MacDougall Auction House – a unique enterprise specializing in Russian art exclusively.  The sale at Sotheby’s brought in £10.4 million ($15 million) , nearly meeting its £11.3 million ($16.3 million) high estimate.

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Richard Prince, Nurse in Hollywood #4 (2004)

Fueled by 22 choice works from the collection of the embattled CNET founder Halsey Minor, which sold for $21.1 million, Phillips de Pury & Company’s evening sale last night wrapped-up a hugely successful week of contemporary art auctions in New York. Overall, the boutique-sized auction house sold 58 of the 74 lots on offer for a grand total of $37.9 million. Unlike its uptown rivals, Phillips saw no lots make over $5 million with only seven exceeding the $1 million mark. Nevertheless, the result is superior to the auction house’s last Contemporary evening sale in New York in November 2009, when they managed to bring in only $7,099,250. While a few familiar faces featured in the crowd, including Miami collector Donald Rubell and the fashion mogul Marc Jacobs, most of the action was dominated by anonymous telephone bidders – with the majority of winning bids being taken by Michaela de Pury and Michael McGinnis, head of Phillips’s contemporary art department worldwide.

In March this year Halsey Minor was instructed by a court order to give up dozens of artworks to satisfy a $21.6 million delinquent loan to ML Private Finance L.L.C., an affiliate of Bank of America’s Merrill Lynch. While last night’s sales may cover the majority of this payment, Minor is also under a court order to pay Sotheby’s a further $6.64 million in a dispute over three artworks he had purchased at auction and later refused to pay for. Meanwhile, in the state of California, a trial is underway on issues between him and Christie’s auction house. More works from Minor’s collection are coming on the block at Phillips today and on June 9.

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Untitled, Maurizio Cattelan (2001) Estimate: $3–4 million Price Realized: $7.9 million

Last night, Sotheby’s confirmed the art market’s return to form as 50 of the 53 lots on offer sold at its Contemporary art sale.  Tallying $189,969,000 in sales, well over the house’s $162 million pre-sale estimate, 39 works fetched more than one million dollars, with two selling for more than $30 million, and seven making more than $5 million. Further to this, the sale achieved the two top lots achieved so far at New York’s Contemporary sales week, surpassing Christie’s sale of Jasper Johns Flag for $29 million on Tuesday night  – Andy Warhol’s Self-Portrait more than doubled its high estimate to sell for $32,562,500, and an Untitled Mark Rothko painting from 1961 soared over the high estimate to sell for $31,442,500.

Self Portrait, Andy Warhol (1986). Estimate: $10-15 million. Price Realized: $32,562,500

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Jasper Johns’ Flag from the estate of author Michael Crichton fetched a record $28.6 million

Last night Christie’s delivered a top result of $231,907,000 in its New York contemporary-art evening sale, easily hurdling the pre-sale estimate of $142.9 – 207.4 million and making it Christie’s biggest New York contemporary sale since May 2008, which totaled $331.4 million. This remarkable total was powered by a trove of 31 choice works from the estate of Michael Crichton, the author of bestselling science-fiction thrillers like Jurassic Park, who died of throat cancer in 2008. In total the Crichton sale fetched a handsome $93.3 million – exceeding pre-sale expectations by $23.7 million, making it one of the most successful single-owner sales ever. The group’s top performer was Jasper Johns Flag (est. $10 – 15 million) which sold to New York dealer Michael Altman for $23.7 million.Fifty-one of the evening’s 79 works offered sold for over one million dollars, and of those, 5 cracked the 10 million dollar mark. Remarkably, only five lots went unsold, or six percent by lot and a tiny two percent by value; 5 artist records were set.The geographic breakdown of buyers according to lots sold saw the United States take the lead with 74% of works going to Americans – unsurprising giving the depth of bidding witnessed in the sales room. Europe accounted for 21 percent of the sales and 0% went to Asian buyers – in complete contrast to last week’s sales of Impressionist and Modern art which were dominated by the Asian market.

Bidders squeezed into a packed salesroom last night at Christie’s – many being forced to stand.

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Tobias Meyer, International Head of Sotheby’s contemporary art department. leads the Impressionist and Modern evening sale last night.

As with Christie’s historic sale of Picasso’s Nude, Green Leaves and Bust for a record $106.5 million on Tuesday evening, Sotheby’s Impressionist and Modern evening sale last night struck another strong note for the recovering art market.  The sale achieved $195,697,000, nearly reaching the high end of the pre-sale estimate ($141 – 204 million).  Fifty of the 57 lots offered sold.  Forty-three works achieved prices over $1 million, ten works exceeded $5 million, four works brought prices over $10 million, and two works sold for over $15 million; two artist records were broken. That compares very favorably to the 36-lot sale that generated $61,370,500 at Sotheby’s last May. Despite a packed salesroom, absent bidders on telephones dominated the evening’s sales – while a constant feature of this secretive market where anonymity is key, the many languages spoken by Sotheby’s representatives on the telephones last night acted as a strong indicator of the global demand for these top-quality works. Most notably, Asian buyers dominated the phones – pushing-up the prices of many of the night’s big sales and eventually winning four of the top ten lots.

Bouquet de fleurs pour le Quatorze Juillet, Henri Matisse Estimate: $18 – 25 million. Price Realized: $28,642,500.

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