MoMA to exhibit Edvard Munch‘s 1895 version of The Scream on a 6-month loan from its new owner. The painting was recently sold at auction to an anonymous buyer, achieving the highest price ever paid at auction earlier this year ($120 million). The painting is the only one of four versions of The Scream that is privately held and has never been exhibited publicly in New York. It is the most colorful one of the series and is seen as a precursor to 20th century Expressionism. Although collector Leon Black is purported to be the present owner, neither Mr. Black, Sotheby’s nor MoMA confirmed as such. It will be on view from October 24 – April 29th.

(more…)

Eric Clapton consigns a Gerhard Richter Abstraktes Bild to Sotheby’s for £9-12 M, ($14MM – $18 MM). The work is a large scale piece from 1994, one of a series of four (number 809-4 in the catalogue raisonné). The auction takes place on October 12th at Sotheby’s London.

(more…)

Sotheby’s reports the sale of important Ming Dynasty vase that had previously been used as a doorstop at a private home on Long Island. It sold well above the estimate of $600-900k, at a hammer price of $1.3 million.

(more…)

Sotheby’s has taken steps toward increasing its visibility in China by inking an agreement with state-run Beijing GeHua Art Company, which gives Sotheby’s an 80% stake in the organization, in exchange for $1.2 million. The global art dealer may now have the option of trading in mainland China; without a local partner, foreign houses may not conduct business in the country in areas other than Hong Kong.

(more…)

Top bosses from rival houses Christie’s and Sotheby’s may soon be joining forces in a “super-dealer” partnership. Stephane C. Connery, former worldwide director of Private sales at Sotheby’s, and Thomas Seydoux, erstwhile chairman of Impressionist and Modern Art at Christie’s, are likely to be partners in a firm Connery, Pissarro, Seydoux, and would ostensibly bring a wealth of connections in the art world to the organization, which would be based in Paris and New York.

(more…)

A Raphael drawing and medieval manuscripts may set records when they are auctioned by Sotheby’s on December 5th. The Duke of Devonshire has decided to auction the Raphael with an estimated value of £10 million to £15 million in an attempt to raise money to preserve his home. The drawing, which was purchased 300 years ago, has been kept in the family collection at Chatsworth, Derbyshire, but the Duke has stated that “living at Chatsworth is a very expensive business.” He stated further, “It is the first time that any work of art has been sold from Chatsworth for a purpose other than paying taxes. I deeply regret it.”

(more…)

The first half of 2012 has seen a marked drop in art sales, especially in Asia. Total profits in China’s “big four” auction houses were down 32% from the fall of 2011.This comes after the Asian art market had expanded drastically in 2011, causing many to wonder if China’s art bubble has been popped. William Ruprecht, Sotheby’s chief executive, credits the decline in results to economic weakness worldwide and fewer single-owner sales than in the spring of 2011, a record-breaking season.

(more…)

The Wall Street Journal writes on the subject of the market for Islamic art which has been growing in the past few years, coinciding with many museums around the globe opening new Islamic wings. Many experts believe that Islamic art has been undervalued, and that a collector could easily build a museum-level collection, way below its long term market value. Though sales are growing, totals have varied from year to year, the combined sales of Sotheby’s and Christie’s peaked at $78.9 million in 2011, but this past spring the auction houses only brought in $23.3 million. It is, however, an emotional market, states William Robinson, Christie’s international head of Islamic Art, “When things are going well, prices go way over the top estimate. Six months later, an identical object gets no response.”

(more…)

Henry Wyndham, chairman of Sotheby’s UK, was in a grouse hunting accident in Scotland where he was shot in the arm, throat, and face, sustaining 52 lead pellet wounds overall.  Wyndham is expected to fully recover.  Wyndham closed the most expensive work at auction, a Giacometti, in 2010. ‘Henry was very lucky – if he had not been wearing glasses he would have been blinded.’

(more…)

Sotheby’s reported second quarter revenue which fell 18% to $303.9 million despite its successful first quarter, which the company called its “most profitable quarter in history.” Chief Executive Officer William Ruprecht stated “Our results reflect the global economy, which we’re all experiencing, income is down because sales are down. The overall health of the business is intact.”

(more…)

Having spent the last 60 years hanging in a Scottish farmhouse, a possible work of Leonardo da Vinci has been discovered. Facing financial difficulties, Fiona McLaren unknowingly brought her painting to Sotheby’s Scotland for appraisal, where it was discovered to be possibly worth over £100 million (about $156 million). The painting will be sent to London next year to be inspected by experts at the Hamilton Kerr Institute at the University of Cambridge and dated conclusively.

(more…)

In further auction news, China Guardian emerges as a player in the mainstream contemporary game and will hold auctions in Hong Kong this fall, joining Christie’s and Sotheby’s. The oldest auction house in mainland China is now the fourth largest house in the world, and maintains plans to expand internationally.

(more…)

In other auction news, The Wall Street Journal analyzes Christie’s and Sotheby’s most recent auction performances and current buyer trends. “The combination reflects the increasingly unsettled state of the art market lately, as billionaire collectors chase after the world’s priciest masterpieces while collectors further down the food chain sneer at second-tier material that suddenly looks overpriced.”

(more…)

Yves Klein,  Le Rose du bleu (1960) which sold for £23.5 million (£3.5 million over its high estimate)

Last night in London, Christie’s Post-War & Contemporary Art Evening Auction experienced a stellar sale. Totaling £132.8 million against an expected excess of  £120 million, it was the highest grossing contemporary art sale in Europe. Achieving sales with an 87% sell-through rate and 98% sold by value – Christie’s sold all but 9 on it’s 71 lots – save for the 2 withdrawn. Four of the lots sold above £10 million, and five lots boosted over $10 million. Christie’s Head of Post-War & Contemporary Art, Europe, Francis Outred, was quoted in a post-sale press release: “Following the record result achieved at Christie’s New York in May, we are delighted with tonight results which established a new record for an auction of Post-War & Contemporary Art in Europe… Overall we brought together consignments from four continents, reached buyers on four continents and benefitted from a depth and strength of bidding from across the room and on the phone.”

(more…)

Shot of the Contemporary Art Evening Auction. Image courtesy of Sotheby’s.

Last night in London, Sotheby’s demonstrated a sound Contemporary Art Evening Sale, with sales totaling £69 million, against an estimate of £57-82 million. They possessed a good sell-through rate at 87.3% by lot and 93.4% by value. In a press release, Cheyenne Westphal, Sotheby’s Chairman of Contemporary Art Europe, was quoted: “The auction this evening was led by blue-chip artists, such as Bacon, Basquiat, Richter and Lichtenstein… With buyers from 15 different countries, the global demand for this area of the market continues to be underlined.” Despite the overall formidable sales of last night, Sotheby’s did not receive quite the same reception as it did in its evening auction in New York in the Spring.

Glenn Brown, The Tragic Conversion of Salvador Dalí (After John Martin) (1998), which sold for £5.2 million with an estimate of £2.2-2.8 million

(more…)

Yves Klein, Le Rose du bleu (RE 22) (1960)

This week in London, the focus will shift towards Contemporary Art, for the second consecutive week of  summer auctions. According to the Telegraph, these contemporary sales hold the highest pre-sale estimates ever offered by the London houses. Total sales expected from Sotheby’s range from £57.51 – 82.48 million, while Christie’s are in excess of £120 million. Last week’s Impressionist and Modern Sales were more subdued than the record breaking auctions held in New York this past May. Based upon these record pre-sale estimates, there may be similar hopes for this week’s round of sales.

Yves Klein, Rélief éponge bleu (RE 51) (1959)

(more…)

Marc Chagall, Noce et Musique (1939) which sold for £2.5 million

Last night at Sotheby’s marked the opening night of three straight weeks of art auctions in London. The evening achieved a few exceptional and even record breaking sales, yet it did not compare with the astonishing May auctions held previously this year in New York. Out of the 48 lots offered only 33 of them sold – a sell through rate of 69%. Still, Sotheby’s total sales for the night reached £75 million – above their low estimate of £73 million.

(more…)

Joan Miró, Peinture (Étoile Bleue) (1927)

Tonight in London begins three consecutive weeks of auctions – commencing with the Impressionist and Modern Sales this week. An upwards of £ 500 million in sales is expected from Impressionist, Modern, and Contemporary Art. This week alone is expected to fetch in excess of £ 159 million between the two major houses. Although New York is generally deemed the art auction capital, London’s geographic positioning is advantageous to the billionaire collectors of Russia and the Eastern world. Based upon the record breaking sales held this past May in New York – namely the $120 million paid for Munch‘s The Scream – London’s summer auctions are hoped to follow suit.

(more…)

After a 10 month lockout, the contract dispute between NY art handlers and Sotheby’s has been resolved. The new agreement includes an increase in compensation and preserves health/retirement benefits.

(more…)

‬Joan Miró’s “Peinture (Étoile Bleue)” to lead Sotheby’s London auction June 19, estimated to bring £15m-£20m. “[This is] one of Miró’s most important paintings, effortlessly bridging the transition between figurative and abstract art,” says Helena Newman of Sotheby’s Europe.

(more…)

‪‬Two day sale of the late Gunter Sachs’ mostly Pop Art collection at Sotheby’s in London yields £35.6 million, including several commissioned Warhols

(more…)

‪‬Sotheby’s opens $7.2 million, 15,000 sq ft gallery in central Hong Kong, its third after London and New York, “Asia will remain a very important growth area for Sotheby’s,” says Sotheby’s Asia chief executive Kevin Ching

(more…)

Andy Warhol,  Double Elvis [Feris Type] (1963)

On the heels of a tireless and groundbreaking week in the New York art world, the fervor continues with the major auction houses hosting their Contemporary Art Sales—beginning tonight at Christie’s. Last week’s Impressionist and Modern Art Sales saw unforeseen prices and several world records set, namely the near $120 million paid for Edvard Munch‘s The Scream. In tandem with both the Frieze Art Fair and NADA Art Fairs’ inaugural New York editions—both held this past weekend—the Contemporary Sales possess an auspicious platform this season. The strength of last week’s sales proves the collectors’ attention to the trophy market, with many big ticket and highly recognizable works on the block this week.

(more…)

‪‬Sotheby’s annual shareholder meeting today expecting possible confrontation by the company’s art handlers regarding their treatment, i.e. lock out and consequent strike

(more…)