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August 2022 Market Intelligence

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Fine art

David Hockney’s Early Morning, Sainte-Maxime highlighted in 20th/21st Century: London Evening Sale on 13 October 2022

press.christies.com

David Hockney’s Early Morning, Sainte-Maxime (1969, estimate: £7,000,000-10,000,000) will highlight Christie’s 20th / 21st Century: London Evening Sale on 13 October 2022. The painting, previously seen in London in 1970 and exhibited internationally including Seoul (3-5 September 2022), is described as a sublime view of the South of France and part of Hockney’s body of work between Californian swimming pool paintings and naturalistic double portraits.

Fine art

Sotheby’s Market Update: Sotheby’s First Auction of Modern & Contemporary Art in Singapore Totals SG$24.5m / US$18m

Sotheby’s

Sotheby’s documents the market development behind Sotheby’s First Auction of Modern & Contemporary Art in Singapore Totals SG$24.5m / US$18m. Its account reports that sINGAPORE, 29 August 2022 \- Sotheby’s first auction of Modern & Contemporary Art in Singapore\ brought a robust total of SG$24.5m / US$18m, surpassing pre-sale expectations (estimate in the region of SG$18m / US$13m).

Ars veterum luthierum curatione boleti reviviscit

la.innovando.news

The page discusses Irina Pak testing a biotechnologically modified violin with fungus-treated wood called Caspar Hauser II, developed by EMPA in St. Gallen to alter acoustic properties. It references the instrument originally built by Giuseppe Guarneri and mentions Antonio Stradivari, with ongoing experiments and future metaverse collaboration called Urbs Musica.

Fine art

Microsoft founder Paul Allen’s art collection heads to Christie’s with potential to reach $1 billion

usaartnews.com

The collection of the late Microsoft founder Paul Allen, numbering over 150 works, is headed to Christie’s in New York with an estimated total value of about $1 billion. Works include Cezanne’s La Montagne Sainte-Victoire (1888-90) and Jasper Johns’s Small False Start (1960); proceeds will go to philanthropic causes. The sale, titled Visionary: The Paul G. Allen Collection, could set a new standard for single-owner auctions, and follows a record Sotheby’s sale of Linda and Harry Macklowe’s collection.

Seohyun Kim wins 2022 Cooper Competition for Violin

oberlin.edu

Seohyun Kim, a 13-year-old violinist from Seoul, South Korea, won the 2022 Thomas and Evon Cooper International Competition at Oberlin Conservatory, with Sameer Agrawal and Calvin Alexander placing second and third. The prize included a $20,000 cash award and full-tuition Oberlin Conservatory scholarships; the winner also received a two-year loan of a rare Italian violin by Marco Antonio Cerin and a two-year MKI Artists engagement.

Fine art

It turns out Jeff Koons, Pace, and other art-world heavyweights had millions of dollars in PPP loans forgiven by the government

news.artnet.com

Jeff Koons received a $1.1 million PPP loan that was fully forgiven. David Zwirner, Hauser & Wirth, Gagosian, and Pace each received loans ($6.9 million, $4.5 million, $3.5 million, and $3.4 million respectively) and all were forgiven in full. The article also notes that Kasmin, Jack Shainman Gallery, and Blum and Poe each received between $350,000 and $1 million with loans forgiven.

Stolen Gagliano violin worth €250,000 recovered by police three years later in Berlin

classicfm.com

Classic FM reports that a stolen 18th-century Gagliano violin valued at €250,000, stolen in March 2019 from Hochschule für Musik Hanns Eisler Berlin, was recovered in a Berlin apartment during a police raid. The thief, Berthold S., sold the violin for about €200 and was sentenced to two and a half years in prison in 2020; the instrument was made by Nicolò Gagliano in Naples in 1769.

Fine art

Sotheby’s negotiates National Gallery’s acceptance of Lo Spagna’s Christ Carrying the Cross

sothebys.com

Lo Spagna’s Christ Carrying the Cross was accepted in lieu of Inheritance Tax by HM Government and allocated to the National Gallery in London, a negotiation handled by Sotheby’s; the painting is tied to Pietro Perugino and influenced by Raphael, with the work described in the National Gallery’s press release.

Fine art

Acquisitions of the Month: July 2022

apollo-magazine.com

Acquisitions of the Month: July 2022 covers new entries to public collections including Paolo Veronese and Lo Spagna at the National Gallery, London; Paul Nash works at Pallant House Gallery; and a major Hodgkin collection at the Metropolitan Museum of Art.

Fine art

Damien Hirst’s The Currency referendum ends with a preference for physical art over NFTs

news.artnet.com

Damien Hirst’s The Currency project involved 10,000 NFTs each tied to physical artworks created in 2016. The final tally announced by Hirst shows 5,149 buyers chose the physical artworks over the NFTs, with 4,851 NFTs traded for the corresponding physical pieces. The NFT sale had generated $47 million in initial sales, but interest waned over the following months amid the broader NFT downturn.

Fine art

Damien Hirst’s The Currency was a referendum on NFTs versus traditional art

usaartnews.com

Damien Hirst’s The Currency project involved 10,000 NFTs linked to physical artworks created in 2016. The final tally announced by Hirst showed 5,149 physical artworks exchanged for NFTs, indicating a preference for the physical works over the digital tokens. The article notes the NFT sale process, the lottery pricing, and subsequent market decline leading up to the final count.

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