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June 2014 Market Intelligence

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Fine art

Artemisia Gentileschi's Mary Magdalene sets new world record

paulfrasercollectibles.com

Artemisia Gentileschi's Mary Magdalene in Ecstasy sold for $1.1 million against a $407,352 estimate at Sotheby's Paris on June 26, establishing a new world record for the artist. The painting, rediscovered in the south of France, was part of a sale of old master and 19th century paintings.

Viola Stradivarius does not sell at auction and thwarts world record

oglobo.globo.com

The rare Stradivarius viola Macdonald, crafted by Antonio Stradivari in 1719, did not meet its US$45 million minimum bid at Sotheby’s auction. It is one of only two privately owned Stradivarius violas and had not been on the market for 50 years; the current world record is held by the Stradivarius violin Lady Blunt, sold for US$15.9 million in June 2011.

$45 million 1719 'MacDonald' Stradivari viola fails to sell

theviolinchannel.com

The Violin Channel reports that Ingles & Hayday and Sotheby’s collaboration for the 1719 'Macdonald' Stradivari viola failed to attract a buyer despite bids over USD 45 million. The instrument, one of 11 known Stradivari violas, was associated with the Amadeus Quartet and kept in storage; Christie’s recent failed sale of the 1731 'Kreutzer' violin is noted as context in the ultra-high-end market.

First He Rescued Jews, Then He Lost His $4 Million Violin

jta.org

The article profiles Bronisław Huberman, founder of the Palestine Symphony Orchestra (later the Israel Philharmonic Orchestra), who rescued over 1,000 Jews from Nazi persecution. It recounts the 1936 Carnegie Hall incident where his 1713 Stradivarius violin was stolen and later recovered, leading to a sale at about four million dollars.

Fine art

Record-setting Schwitters can’t stop Christie’s flop in London

news.artnet.com

Kurt Schwitters Ja – Was? – Bild sold for £13,970,500 (US$23,710,964) at Christie’s London on June 24, 2014. The sale was part of a Christie’s Impressionist and modern evening auction that sold 40 of 60 lots (67% sell-through) with total sales including buyer’s premium of £85,784,000 ($146,004,368). Other highlighted works included Balthus Les trois soeurs, and Henri Matisse L’artiste et le modèle nu, with the latter selling for £6,802,500 ($11,577,855).

Fine art

Kurt Schwitters' Ja-Was?-Bild sets new artist record in London sale

paulfrasercollectibles.com

Kurt Schwitters' Ja-Was?-Bild (1920) sold at Christie's London for £13.9m ($23.7m), surpassing the previous record for Schwitters' work. Alberto Giacometti's Femme de Venise II also featured, selling for £9m ($15.3m). The report notes the work's large size and scarcity on the private market as contributing factors, with Monet also referenced in Sotheby's London sale.

Rare Stradivari viola fails to attract buyer

archive.nytimes.com

The article discusses the Macdonald viola, a rare Stradivari instrument once owned by Peter Schidlof of the Amadeus Quartet, which failed to attract a buyer at a sealed-bid sale after the asking price reached a record $45 million. It notes that previous record prices include the Lady Blunt violin at $15.9 million in 2011 and mentions a separate unsold Stradivari violin valued up to $10 million at Christie’s.

What’s worth $45 million or more? One viola

wutc.org

An NPR piece by Anastasia Tsioulcas discusses a Stradivarius viola nicknamed the Macdonald, made in 1719 by Antonio Stradivari, being auctioned by Sotheby’s with a minimum bid of $45 million. Tim Ingles of Ingles & Hayday plus Sotheby’s are involved in promoting the sale; the instrument previously sold in 1964 for $81,000 (about $613,000 today).

Fine art

Monet’s Water Lilies sells for HK$418 million at London auction

scmp.com

Claude Monet’s Water Lilies (Nympheas), a 1906 painting, sold for £31.7 million (HK$418 million) to an anonymous bidder at a Sotheby’s sale in London. The work is noted as one of the highest sums paid for a Monet, previously belonging to Paul Durand-Ruel and exhibited in major galleries including MoMA in New York and the Musée National d Art Moderne in Paris.

Fine art

Top Dollar at Sotheby’s £122 million Impressionist and Modern Evening

news.artnet.com

Coline Milliard reports that Sotheby’s Impressionist and Modern Art evening sale in London realized £121,957,000 ($207,875,707) with a Monet Water Lilies selling for £31,722,500 ($54,071,001) and Mondrian’s Composition with Red, Blue and Grey selling for £15,202,500 ($25,912,661). The sale saw 96.2 percent by value and 91.3 percent by lot, with 46 lots offered and most selling; proceeds benefited from two major collections, including Seventeen works from Jan Krugier's estate. The article notes the market displaying recovery rather than bullishness and compares results to prior records for Monet and other artists.

What’s worth $45 million , or more? One viola

nhpr.org

The piece discusses a Stradivari viola nicknamed the Macdonald, made in 1719 by Antonio Stradivari, with Sotheby’s planning to auction it. Tim Ingles of Ingles & Hayday explains its rarity and why it could fetch about $45 million, making it potentially the most expensive instrument in history.

Fine art

Christie’s to auction Vermeer’s Saint Praxedis after Rijksmuseum research strengthens attribution

codart.nl

Christie’s will auction Saint Praxedis by Johannes Vermeer of Delft (1632-1675) in London on 8 July as part of the Old Master & British Paintings Evening Sale. Recent technical analysis by the Rijksmuseum supports Vermeer’s authorship and links the lead white pigment to Dutch painting, with a match to Vermeer’s Diana and her Companions in the Mauritshuis.

Kreutzer’s Strad found in heiress’s wardrobe

limelight-arts.com.au

The article reports that a Stradivarius violin previously owned by Rodolphe Kreutzer was found hidden in the wardrobe of heiress Huguette Clark and is slated for auction by Christies with an expected value up to $10 million. It notes Clark’s death in 2011 and mentions her $300 million fortune and mansion history.

Fine art

RELEASE: The Barbara Piasecka Johnson Collection with Proceeds to Benefit the Barbara Piasecka Johnson Foundation - London, 8 July

press.christies.com

The press release from Christie's London announces works from The Barbara Piasecka Johnson Collection with proceeds to benefit the Barbara Piasecka Johnson Foundation, to be offered at Christie’s London from 8 to 17 July. The star lot is Saint Praxedis by Johannes Vermeer (1655), with an estimate of £6-8 million, supported by material analysis from the Rijksmuseum and Free University, Amsterdam validating Vermeer's authorship.

Kreutzer Stradivarius to sell in New York for up to $10 million

theviolinchannel.com

The 1731 Kreutzer Stradivarius violin, found in the closet of the late heiress Huguette Clark, is expected to sell at Christie's in New York for up to USD 10 million. Christie’s head instrument specialist Kerry Keane gave a pre-sale estimate of $7.5 million to $10 million; bids were to be accepted with a final deadline of June 12.

Rare Stradivarius violin hidden in reclusive heiress' closet for 25 years could fetch $10M at auction

independent.co.uk

The Independent reports a Kreutzer Stradivari violin, dating from 1731, hidden in the closet of reclusive heiress Huguette Clark, could fetch up to $10 million at Christie’s auction. The instrument, one of about 600 Stradivarius violins, was part of Clark’s estate and was found after her death in 2011. Pre-sale estimates range from $7.5 million to $10 million.

Violin worth up to $10 million found in reclusive heiress’s closet

nypost.com

A rare Stradivarius known as The Kreutzer, believed to be worth between $7.5 million and $10 million, was found in the closet of Huguette Clark in her 907 Fifth Ave. apartment. Christie’s began accepting sealed bids for the 1731 violin after her death in 2011, with the auction slated to run until the following Thursday.

Huguette Clark's Stradivari violin expected to fetch millions at Christie's

cnbc.com

Huguette Clark's Stradivari violin, known as the Kreutzer Stradivarius, is up for auction at Christie's with a presale estimate of $7.5 million to $10 million. The instrument, made by Antonio Stradivari in 1731, passed through the hands of Rodolphe Kreutzer before coming into Clark's collection. Christie's notes the violin is part of more than 400 items from Clark's family collection and uses dendrochronology to verify its authenticity.

Fine art

New record for 19th century art at Villa Grisebach

news.artnet.com

Max Liebermann, Schafherde (1888) led Villa Grisebach's 19th Century Art sale with a €575,000 result. Joseph Anton Koch followed with Landschaft mit Apoll unter den Hirten (c. 1836) at €312,500. The sale total was €18.5 million for spring sales, with overall results at €3 million for the 19th Century Art category. Other notable results include Ben Nicholson’s White Relief (1934) at €537,500, Eduardo Chillida’s Estela a Picasso (1975) at €562,500, František Kupka’s Der Rosafarbene Hut (1906) at €350,000, and Konrad Klapheck’s Im Zeitalter der Gewalt I (1994) at €337,500.

Fine art

Oregon museums dangle tax breaks in bid for masterpieces

news.artnet.com

Paul Signac Les Tours Vertes, La Rochelle (1913) is mentioned as part of a loan to the Jordan Schnitzer Museum of Art; Pablo Picasso Fillette Aux Nattes Et Au Chapeau Vert (1956) is noted as on loan from a private collection; Francis Bacon Three Studies of Lucian Freud (1969) sold for $142.4 million at Christie’s and later appeared on loan at the Portland Art Museum; the article discusses Oregon’s lack of a use tax and how museums benefit from loans through private collectors, including Elaine Wynn’s loan of the Bacon triptych.

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