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January 2015 Market Intelligence

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Fine art

Gerhard Richter’s Abstraktes Bild sells for a record-breaking $46.3 million

architecturaldigest.com

Gerhard Richter’s Abstraktes Bild sold for $46.3 million at Sotheby’s London, setting a new auction record for a living European artist. The painting was valued at $21.3 million to $30.5 million, and the overall Sotheby’s contemporary-art sale in Europe realized $188 million.

Fine art

Artists break auction records at Phillips

architecturaldigest.com

Ai Weiwei’s Circle of Animals/Zodiac Heads (2010) sold for $4.5 million, setting a new record for the artist. Mark Bradford’s Biting the Book (2013) realized $3.9 million, more than double its low estimate. The sales occurred at Phillips London during the contemporary art evening sale totaling $27.3 million.

Germany moves to ban sale of Stradivarius violins

jyllands-posten.dk

The article reports that German authorities aim to prevent the sale of two valuable Stradivarius violins, currently owned by a crisis-hit bank, to foreign buyers. The move, supported by NRW culture minister Ute Schäfer, seeks to keep the instruments and other art within North Rhine-Westphalia and may declare them national cultural treasures.

Fine art

Lost John Constable painting fetches £3.4m at auction

bbc.com

John Constable is confirmed as the creator of a painting originally believed to be by a follower. The oil sketch, measuring 18 by 24 inches, sold at auction in New York for about £3.4 million after restoration and confirmation by Tate Britain expert Anne Lyles that it is a lost Constable.

FBI case log: the stolen Stradivarius

insurancejournal.com

An article about the theft of a Stradivarius violin from Milwaukee Symphony Orchestra concertmaster Frank Almond, valued at more than $5 million, and its FBI Art Crime Team case; details include the Lipinski Strad, the 1715 instrument, the assault with a Taser, the initial suspects, and subsequent arrests linked to the theft.

Fine art

£265 million blockbuster display goes on show at Sotheby’s

standard.co.uk

Monet doubles and a Francis Bacon self-portrait headline Sotheby’s London display for an estimated £265 million; highlights include five Monets, a Bacon double self-portrait, Matisse, Fontana, and Toulouse-Lautrec, with various estimates up to £30 million for Le Grand Canal and other works.

Cape ties to Stradivari cello subject of television show

eu.capecodtimes.com

Mary Ann Bragg reports that the rare Stradivari cello owned by Master cellist Bernard Greenhouse, later inherited by his daughters Elena and Nancy, is the subject of an episode of Strange Inheritance on Fox Business Network. The cello, called Paganini, Countess of Stainlein, was built by Antonio Stradivari and is one of 60 such instruments remaining.

Fine art

Swiss Lake by Richter and New York Blackboard by Twombly leads Post-War & Contemporary Art Evening Auction

press.christies.com

Gerhard Richter’s Vierwaldstätter See (Lake Lucerne), 1969 and Cy Twombly’s Untitled (New York City), 1970 lead Christie’s Post-War & Contemporary Art Evening Auction in London, with additional works and a charity donation component linked to Goldsmiths. The sale is highlighted by a world-record precedent for Twombly and includes a second highest pre-sale low estimate for the Europe Evening Auction at £95 million across 64 lots.

Fine art

Hong Kong Phooey takes his revenge at Sotheby's with record $307k price for French artist Invader

abc.net.au

The ceramic mosaic Hong Kong Phooey by French street artist Invader sold at Sotheby's in Hong Kong for $307,000, a world auction record for Invader. The piece, Alias_HK 58, measures 1.3 by 2.1 meters and was created after its removal from a Hong Kong wall; the sale also included Tracey Emin's turquoise neon work, which fetched $88,277.

Fine art

Rare Francis Bacon self-portrait to lead Sotheby’s contemporary sale

observer.com

Francis Bacon, Two Studies for Self-Portrait, (1977) is the top lot at Sotheby’s London Contemporary Art Evening sale on February 10, with an estimate of £13 million to £18 million. The work is one of three rare diptychs created after the death of George Dyer and is the only double self-portrait among those sold at auction; it has previously sold for £353,500 in 1993, and Sotheby’s notes its dark palette and mature period in Bacon’s career.

Fine art

Christie’s Traces Fauvism to Cubism Through February Sale Highlights

Christie’s

Christie’s linked works in its February Impressionist and Modern sales to the progression from Fauvism to Cubism, including André Derain’s Bateaux au Port de Collioure and Georges Braque’s Paysage à L’Estaque, returning to auction after more than half a century.

Fine art

Achenbach ordered to pay €19.4 million in damages, private collection auctioned

artlyst.com

The German art adviser Helge Achenbach was ordered by a district court in Düsseldorf to pay €19.4 million in damages to the heirs of Aldi heir Berthold Albrecht. The civil case concerns alleged defrauding of up to €23 million; Achenbach is also involved in a separate criminal trial. Van Ham will auction artworks from Achenbach Art Consulting, with Sotheby’s securing around 100 pieces for a New York auction, and a broader collection of about 1,600 pieces to be sold in Düsseldorf and Cologne.

Fine art

Of Koons, Twombly, Perelman and Gagosian: Lessons to be Learned

itsartlaw.org

The Center for Art Law post discusses a court dispute involving Ronald O. Perelman and Larry Gagosian over a Jeff Koons sculpture and a Cy Twombly painting, with background on the sale tensions and related claims including breach of contract, fraud, and unjust enrichment.

Fine art

Christie’s posts strong 2014 art sales driven by postwar and contemporary works

archive.nytimes.com

Christie’s reported 2014 art sales of £5.1 billion, about $7.7 billion, up 12% from 2013, with postwar and contemporary art contributing £1.7 billion (~$2.6 billion) of the year’s £4.2 billion ($6.4 billion) public sales. The NY sale of contemporary works in New York grossed $852.9 million, a new high for any art auction, with Warhol’s Triple Elvis (Ferus Type) selling for $81.9 million.

Fine art

Fontana and Rauschenberg to lead Sotheby’s auction of Hoglund collection

news.artnet.com

Lucio Fontana’s Concetto Spaziale Attese (1965) is estimated at $7.5–10.6 million. The Hoglund collection includes works by Lucio Fontana, Robert Rauschenberg, and Jean Tinguely, among others, to be offered at Sotheby’s contemporary evening sale in London. Other highlighted works include Rauschenberg Untitled (small oil on canvas #4) (1963) estimated at $1.2–1.8 million and John Chamberlain’s Swans-52 (1976) estimated at $529,000–681,000.

Fine art

Caravaggio misattribution lawsuit: court clears Sotheby’s of professional negligence

artlyst.com

The London High Court dismissed the case brought by Bill Thwaytes alleging professional negligence by Sotheby’s over a misattribution of a Cardsharps painting, originally sold for £42,000 in 2006 though valued as possibly by Caravaggio. Experts and Sotheby’s maintained it was not by Caravaggio, and the court ruled the painting’s quality did not indicate attribution to the master, noting expert attestations and the department’s unanimous opinion that it was an anonymous copy.

Fine art

Sotheby’s wins case over 15.8 million Caravaggio

news.artnet.com

Sotheby’s won a lawsuit over the attribution of The Cardsharps, a painting once claimed to be by Caravaggio and later valued at £10 million ($15.8 million). Lancelot William Thwaytes had sued Sotheby’s for undervaluing the work, which was authenticated by Sotheby’s experts but ultimately dismissed; the piece has been on loan to the Museum of the Order of St. John.

Fine art

Jesús Rafael Soto and kinetic art storm the art market

news.artnet.com

Jesús Rafael Soto is discussed as a leading kinetic artist with a thriving market, recent museum shows, and Perrotin Gallery representing the Soto estate. The piece mentions the 1999 Pénétrable BBL bleu, Soto’s retrospective activity at the Guggenheim and major museums, and the Museum of Fine Arts Houston showcasing Houston Penetrable (1996).

Fine art

MoMA to sell off a Monet at Sotheby’s

news.artnet.com

Claude Monet, Les Peupliers à Giverny (1887) is set to be auctioned at Sotheby’s in London with a pre-sale estimate of $13.8–18.4 million. The sale includes multiple Monet works, including Le Grand Canal (1908), and proceeds from Les Peupliers will benefit MoMA’s acquisitions fund; the painting has been at MoMA since 1951 and previously belonged to the Art Institute of Chicago.

Fine art

Trial over $30 million Cezanne stolen in 1978 begins in Massachusetts

foxnews.com

The case concerns a still life by Paul Cezanne and six other paintings stolen from Michael Bakwin in the Berkshires in 1978. Robert Mardirosian, 73, of Falmouth, goes to trial on federal charges of possessing and transporting stolen goods related to the paintings, including Cezanne's Bouilloire et Fruits, as investigators traced the artworks to Monaco and Geneva over decades.

World-class violinists promise rousing show

news.nus.edu.sg

The article reports on the Singapore International Violin Competition hosted by the NUS Yong Siew Toh Conservatory of Music, highlighting the participation of three Singaporean finalists and the involvement of renowned violinists and judges. It notes a three-year loan program of violins from the Rin Collection for prize winners and mentions notable contestants and judges from various countries.

250-year-old violin in performance

news.illinoisstate.edu

The article discusses a free concert at Kemp Recital Hall featuring Baroque chamber works performed by Sarah Gentry on violin, Adriana Ransom on cello, Kim Risinger on flute, and guest harpsichordist Stephen Alltop. The instrument used is the 250-year-old ex Persinger Guarneri Del Gesu violin, once owned by Louis Persinger and now provided by two Illinois State University alumni.

Fine art

Sotheby’s raises price on rediscovered John Constable sketch

news.artnet.com

John Constable rediscovered preparatory sketch Salisbury Cathedral from the Meadows (1831) sold for $5,300 in 2013 and is now estimated at $2–3 million for Sotheby’s New York sale on January 29; the work is linked to Constable and Tate Britain. The piece is described in Sotheby’s catalog as a rediscovered preparatory study for Salisbury Cathedral from the Meadows, with provenance tracing to the Hambleden collection and prior sale history at Christie’s and Foster’s in London.

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