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July 2010 Market Intelligence

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Fine art

MFAH acquires decorative arts objects from Eagle Collection

fineartpublicity.com

The Museum of Fine Arts, Houston (MFAH) announced the acquisition through gift and purchase of more than 160 works from the private decorative arts collection of Leatrice and Melvin Eagle of Potomac, Maryland. The Eagle Collection includes ceramics (notably California-based artists), fiber art, furniture, glass, jewelry, metalwork, sculpture, and works on paper, with a primarily American scope and some international artists.

Fine art

Lawsuit says over $100 million art collection is largest Holocaust art claim

artnews.conteart.com

Elaborates on a lawsuit in the United States District Court for the District of Columbia seeking the return of artworks from the Herzog Collection, and a full inventory of looted art from Hungary, totaling over 40 works valued at more than $100 million. The collection belonged to Baron Mór Lipót Herzog and includes works by El Greco, Francisco de Zurbarán, and Lucas Cranach the Elder.

Fine art

Sam Francis leads Kornfeld modern art sale

artnews.com

Sam Francis’s large color composition Deep Blue and Black, 1955, sold for CHF 2.7 million ($2.4 million) from a CHF 700,000 estimate, during Kornfeld’s modern art sale in Zurich, where Paul Gauguin’s Scène tahitienne, 1896, sold for CHF 5.5 million and Monet’s Chemin dans le brouillard, 1879, sold for CHF 1.2 million. The sale totaled CHF 42.5 million with about 90 percent coming from the 120 top modern art lots.

Fine art

Experts authenticate Ansel Adams lost negatives

mutualart.com

Ansel Adams lost negatives were authenticated as the work of Ansel Adams. The 65 photographic plates, bought for $45 at a garage sale, were authenticated by a group of experts and valued at $200 million, according to Rick Norsigian.

Fine art

Sotheby’s posts major improvement at London Old Master auctions

artnews.com

Sotheby’s total for the London Old Master and British paintings sale on July 7 was £53.5 million ($81 million), with 39 of 57 lots sold and a sold-by-value rate of 90 percent. The top lot, J.M.W. Turner’s Modern Rome–Campo Vaccino, sold for £29.7 million ($45 million), a Turner record, with bidding led by David Benrimon and John Morton Morris for the J. Paul Getty Museum.

Fine art

Disputed Leonardo drawing at center of legal battle

artnews.com

The article reports that Jeanne Marchig filed a lawsuit against Christie’s alleging breach of fiduciary duty, breach of warranty and negligence over a drawing consigned to Christie’s in 1997 and sold in 1998 for $21,850. The drawing, initially attributed to an anonymous German artist and dated to the 19th century by Christie’s expert François Borne, has been reattributed by several experts to Leonardo da Vinci, with accompanying evidence cited in Marchig’s complaint. The case notes the drawing’s insurance value exceeding $100 million and involves proceedings in New York.

Fine art

Freeman’s appointed to sell works from the Neuberger Berman and Lehman Brothers collections

artnews.conteart.com

The article reports that Freeman’s was appointed by Lehman Brothers Holdings Inc. and Alvarez & Marsal to sell selected works from the Neuberger Berman and Lehman Brothers corporate art collections, subject to bankruptcy court approval. The sale, including more than 250 works from multiple U.S. offices, is part of a Modern and Contemporary Art auction in Philadelphia scheduled for November 7, 2010, with works by artists such as Robert Mangold, Alex Katz, Sol LeWitt, and Judy Pfaff.

Fine art

Bildnis Wally: Wir haben es sehr geliebt

diepresse.com

The article discusses the restitution case of Egon Schiele's painting Bildnis Wally, returning to Austria after twelve years in the United States. It parallels the earlier Klimt painting The Golden Adele, whose restitution and sale by Maria Altmann’s heirs are noted; the Leopold Foundation agreed to pay 19 million dollars to the heirs of Rudolf Leopold.

Rare cello missing from Athens shop

eu.augustachronicle.com

Joe Johnson reports that a rare antique cello worth about $10,000 disappeared from Dan Schab Violins on Prince Avenue in Athens, Georgia. The instrument, made in Germany in the early 19th century with solid gold tuning pegs, belonged to Dan Schab and was valued by him for sentimental reasons.

Fine art

Payout for painting looted by Nazis

thejc.com

The Austrian museum agreed to pay more than £12 million for the painting Portrait of Wally by Egon Schiele, which had been stolen from its Jewish owner Lea Bondi Jaray by the Nazis; the dispute began in 1999 and was settled outside of court, after plans for a trial.

Fine art

Wally returns to Austria after years-long dispute with heirs over 19 million dollars

diepresse.com

Egon Schiele's portrait Bildnis Wally, seized as looted art, returns to Austria from New York after a settlement worth 19 million dollars (about 14.8 million euros) to the heirs of Lea Bondi-Jaray. Raiffeisen Landesbank Wien-Niederösterreich provides pre-financing, with five Schiele gouaches pledged as collateral. The work is described as one of Schiele's most famous pieces and has been called the Mona Lisa of the 20th century by some observers.

Fine art

Row over Egon Schiele work costs Austrian museum $19m

bbc.co.uk

Egon Schiele’s Portrait of Wally was involved in a settlement where an Austrian museum agreed to pay $19m (£12m) to Lea Bondi Jaray’s estate after the painting, once loaned to MoMA, was found to have been stolen during World War II.

Fine art

Schiele painting back in Vienna after restitution agreement

oe24.at

The Leopold Foundation buys back Egon Schiele's Portrait of Wally for 19 million dollars (14.8 million euros). The work, seized in New York as the so-called 'Theft Property' and tied to Lea Bondi-Jaray heirs, returns to Vienna just before a scheduled court date in New York. The painting will be exhibited at the Jewish Museum New York before transport, and potential financing details involve Leopold Foundation possibly using other artworks as security.

Fine art

Portrait of Wally Freed: $19-million settlement to Nazi victim’s heirs

artsjournal.com

The article reports that the Estate of Lea Bondi Jaray and the United States Government reached a $19 million settlement with the Leopold Museum in the case United States of America v. Portrait of Wally, related to the Nazi-era ownership of Egon Schiele’s Portrait of Wally (1912). The settlement was announced by Herrick, Feinstein, and precedes a potential trial in federal court in Manhattan; the painting will be exhibited in New York before its return to the Leopold Museum.

$18 Million Violin Looking For A Home

npr.org

The NPR page discusses the Guarneri del Gesu instrument known as the Vieuxtemps, valued at $18 million and described as potentially the most expensive instrument ever if sold at the asking price. It notes that although Stradivarius is more famous, many violinists prefer Guarneri, and mentions violin maker Sam Zygmuntowicz.

$18 Million Violin Looking For A Home

www-s1.npr.org

The NPR article discusses a Guarneri del Gesu instrument known as the Vieuxtemps violin, built in 1741, with an asking price of $18 million. It explains why Guarneri violins are valued relative to Stradivaris and notes viewpoints from violin maker Sam Zygmuntowicz and violinist Aaron Boyd.

Fine art

Austrian panel recommends return of four paintings

sandiegouniontribune.com

A commission in Vienna recommended that four paintings from the Leopold Museum Private Foundation be returned because they were seized by the Nazis or donated under duress by former Jewish owners. The works include a painting by Egon Schiele, and three by Anton Romako, linked to Oskar Reichel and Jenny Steiner through the restitution discussion. The decision is nonbinding and part of Austria's restitution process under a 1998 law.

Fine art

Diana's Northamptonshire home auction raises £21.1m

bbc.co.uk

Diana's Northamptonshire home Althorp raised £21.1m after a three day Christie’s London sale; notable lots included Sir Peter Paul Rubens’s A Commander being Armed for Battle which sold for £9m and Giovanni Francesco Barbieri’s King David which sold for £5.1m. Althorp is undergoing a £10m restoration project, with additional items from the Spencer Carriage Collection and attics, stables and cellars contributing to the total from 757 lots.

Fine art

Getty buys Turner’s Rome for $44.9 million

artforum.com

J. M. W. Turner’s Modern Rome, Campo Vaccino, 1839, was purchased by the J. Paul Getty Museum at Sotheby’s in London for $44.9 million, a new auction record for Turner. The sale was reported by Carol Vogel in the New York Times.

A King’s Violin: from Italy to South Dakota

npr.org

The National Music Museum in Vermillion, South Dakota, has acquired a 400-year-old Amati Brothers violin made for King Henry IV of France. Claire Givens brokered the deal, and violin expert Andrew Dipper is featured in accompanying reports and photography.

Fine art

Christie's Old Masters Evening Sale Totals £42.3 Million

Christie’s

Christie’s London reported £42.3 million for its Old Master and 19th Century evening sale, with ten works exceeding £1 million and multiple artist records.

The world’s most expensive violin up for auction at 18 million dollars

classic.newsru.com

The article reports that a violin made in 1741 by Italian master Guarneri del Gesù will be auctioned, with an initial estimate of 18 million dollars, potentially making it the most expensive violin in the world. The auction is organized by Bein & Fushi, a leading dealer in rare musical instruments, and mentions comparisons to violins by Stradivari. The piece cites The Guardian as a source.

Fine art

Culture Zohn Picasso sets auction house record at 106.5 million

huffpost.com

Pablo Picasso's 1932 portrait Nude, Green Leaves and Bust, owned by Los Angeles collector Francie Brody, sold for $106.5 million at a Christie's auction, setting a new record for any artwork sold at auction. The piece, from Picasso's Marie Therese period, drew bidding from multiple participants in the room and by phone, with the auctioneer Christopher Burge effectively managing the intense bidding.

Fine art

Charles Saatchi donates gallery and works to the nation to form MOCA London

bbc.co.uk

Charles Saatchi is gifting more than 200 works and the Saatchi Gallery to the British public, valuing over £25m. The 70,000 sq ft Saatchi Gallery in Chelsea will become the Museum of Contemporary Art for London (MOCA London) and will be free and self-funded. The collection includes Tracey Emin, Jake and Dinos Chapman, Jitish Kallat, Kader Attia, Richard Wilson, Grayson Perry, and Emily Prince among others.

Newspaper Rock: Salinan violin stolen from mission

newspaperrock.bluecorncomics.com

The article reports that a 200-year-old Salinan violin, carved by Jose Maria Carabajal in 1798, stolen from Mission San Antonio on California's Central Coast, is part of Salinan pride and history. It notes the instrument's significance and its residence in an unlocked display case before it was stolen seven years ago.

Holmes is where the heart is for Sherlock violin

burnettviolins.co.uk

The article discusses the Sherlock Violin, crafted by Steve Burnett from wood from a 170-year-old sycamore tied to Arthur Conan Doyle’s childhood home. It mentions violinist Ani Batikian performing it, and notes Elgar pieces, works by Vivaldi, Bartók, Gershwin and Jay Ungar, and the world premiere of Elsie and Frances by James Clapperton.

Fine art

Leopold Museum settles Portrait of Wally case and pays $19 million

copyrightlitigation.blogspot.com

The page reports that Chief Judge Loretta Preska approved a settlement in the Portrait of Wally case, with the Leopold Museum paying $19 million and the Estate releasing its claim to the painting. The painting, by Egon Schiele, was stolen from a Jewish art dealer and collector by a Nazi agent. The settlement was announced by the Estate of Lea Bondi Jaray and approved by Judge Preska.

Lifestyle Cafe: Vieuxtemps Guarneri to become most expensive musical instrument

trendzinfo.blogspot.com

The Vieuxtemps Guarneri violin, made in 1741 by Guarneri del Gesù, could sell for $18 million (£12 million) at Bein & Fushi in Chicago, potentially becoming the world’s most expensive musical instrument. Notable players Yehudi Menuhin, Itzhak Perlman, and Pinchas Zukerman have performed on it, and it is owned by Ian Stoutzker after being bought from Sir Isaac Wolfson. The Kochanski Guarneri previously held the record at $10 million.

NZSM Orchestra downtown for major concert with the school’s star teachers

middle-c.org

The article discusses a New Zealand School of Music Orchestra concert in Wellington Town Hall featuring conductor Hamish McKeich, soprano Margaret Medlyn, and violinst Martin Riseley. Repertoire includes Prelude and Liebestod from Tristan und Isolde, Nocturnes by Debussy, Francesca da Rimini, The Red Violin Chaconne, and Pieta Hextall’s piece, with attention to a performance by Medlyn and Riseley.

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