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January 2024 Market Intelligence

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Fine art

Sotheby’s cleared of fraud in suit by Russian billionaire Dmitry Rybolovlev

news.artnet.com

Artist/Maker fields not applicable. Artworks discussed: four works allegedly inflated prices: a Leonardo da Vinci, a Gustav Klimt, a René Magritte, and an Amedeo Modigliani. Sale context: Rybolovlev sued Sotheby’s alleging aiding and abetting fraud connected to those works; the jury cleared Sotheby’s. Currency and amount not stated in the excerpt.

Fine art

Sotheby’s and Rybolovlev’s lawyers present opposing views of responsibility in fraud trial closing arguments

theartnewspaper.com

The Art Newspaper reports closing arguments in the civil fraud case between Sotheby’s and Dmitry Rybolovlev, highlighting competing narratives about culpability. The trial centers on Rybolovlev’s claim that Yves Bouvier and related parties overcharged and misled him in art purchases, with four works singled out as pivotal evidence, including Salvator Mundi, Wasserschlangen II, Le Domaine d’Arnheim, and Tête.

Fine art

Jury rules for Sotheby’s in Rybolovlev fraud trial in New York

theartnewspaper.com

The jury ruled in favor of Sotheby’s on all counts in the fraud trial brought by Dmitry Rybolovlev, related to deals with Yves Bouvier. The four works at the center were Salvator Mundi, Klimt’s Wasserschlangen II, Magritte’s Le Domaine d’Arnheim, and Modigliani’s Tête, all later acquired by Accent Delight International or Xitrans Finance. No compensatory damages were awarded to Sotheby’s, and the case highlighted issues surrounding Sotheby’s alleged involvement via its interactions with Bouvier.

Fine art

Christie’s unveils David Hockney’s California a remarkable masterwork unseen in public for over 40 years

press.christies.com

David Hockney, California (1965) is described as an outstanding masterwork unseen in public for more than 40 years and a highlight of the 20th/21st Century: London Evening Sale. The painting, held in the same private collection since 1968, was unveiled in London on 25 January and will tour Paris and New York before and during its London viewing at Christie’s from 1 to 7 March. The work is characterized as one of Hockney’s early pool paintings and the largest and finest in the early pool paintings group created after his 1964 visit to Los Angeles.

Fine art

Lost Gustav Klimt portrait rediscovered nearly 100 years after it vanished

smithsonianmag.com

Gustav Klimt’s Portrait of Fräulein Lieser, a 31 by 55 inch work, has reappeared in a private Austrian collection and could fetch up to €50 million ($54.4 million) at auction. The painting, begun in 1917 and largely finished, disappeared after 1925 and was rediscovered after nearly a century. The artwork is associated with a wealthy Austrian family and may depict Margarethe Constance Lieser, daughter of Adolf Lieser, though this is debated.

MdV XVII Concorso Triennale Internazionale di Liuteria Antonio Stradivari

welfarenetwork.it

The page covers the MdV XVII Concorso Triennale Internazionale di Liuteria Antonio Stradivari held in Cremona from September 6 to October 13, 2024, with an exposition starting September 26 and online registration by May 31, 2024. It lists jury members, liutai, and musicians, and details the prizes for violin, viola, cello, and double bass categories including monetary awards and notes about taxes and VAT, plus additional special prizes and honors.

Violinist Nathan Amaral wins $50,000 Robert Frederick Smith Prize in Sphinx Competition - full winners announced

broadwayworld.com

Nathan Amaral of Rio de Janeiro, Brazil won the 2024 Senior Division First Prize at the Sphinx Competition, earning $50,000 and solo appearances; Aaron Olguin and Bethlehem Kelley took second and third in the Senior Division. Ana Isabella España won the Junior Finals with $10,000, followed by Rebecca Beato and Sonya Mooma in second and third. The event featured performances with the Sphinx Symphony Orchestra and a distinguished judging panel.

Fine art

One of David Hockney’s first pool paintings expected to fetch $20 million | Observer

observer.com

David Hockney, California, (1965) is offered by Christie’s and estimated at £16 million ($20 million). The painting, created after his 1964 visit to Los Angeles, is one of the artist’s early pool pictures and has not been seen in public for over 40 years; it previously remained in a European private collection since 1968. A copy exists in the Los Angeles County Museum of Art’s permanent collection from when Hockney could not include the work in a 1988 retrospective.

Fine art

David Hockney’s rare California pool painting heads to Christie’s auction

economictimes.indiatimes.com

David Hockney’s early painting titled California, depicting two naked figures in a pool, is headed to Christie’s London Evening Sale with an estimated value around $20 million. The work, created in 1965 and last seen publicly in 1979, has not been publicly shown for more than 40 years and is held in a private collection.

Fine art

Self portraits by Van Dyck, Rubens, Elisabeth Louise Vigée Le Brun and more highlighted by Sotheby’s Masters Week in NY

martincid.com

Self-portraits and other works by artists including Elisabeth-Louise Vigée Le Brun are highlighted in Sotheby’s Masters Week week in New York, with notable pieces from private collections. The sale lineup features artists such as Luis Meléndez, El Greco, and Salomon van Ruysdael, plus deaccessioned Met items and restituted Jacques Goudstikker works; The One sale concept is also showcased.

Fine art

Early David Hockney pool painting California headed for auction

reuters.com

David Hockney, 86, painted California, a 1965 pool motif work not seen in public for over 40 years, headed for Christie’s London Evening Sale with an estimate around $20 million (about 16 million pounds). The painting last appeared publicly in 1979 and has been in a private collection since 1968.

Fine art

David Hockney painting California poised to sell for millions at Christie's auction in London

standard.co.uk

David Hockney's 1965 painting California, owned by a private European collection since 1968, is set to fetch around £16 million at Christie's in London. The work will tour Paris and New York before returning to London for an auction on March 7. Hockney’s Portrait of an Artist (Pool with Two Figures) previously sold for £70.2 million at Christie's in 2018.

Fine art

Details of Da Vinci and Modigliani transactions emerge as Rybolovlev trial continues

news.artnet.com

The article discusses the ongoing Rybolovlev trial in which witnesses describe how deals for high-profile artworks, including Leonardo da Vinci's Salvator Mundi and other works by Modigliani, were arranged. Witnesses from Sotheby’s and various art-dealing figures describe meetings, emails, and negotiations surrounding the private sale and transfer of Salvator Mundi in 2013, with valuations around $83 million.

Fine art

At Rybolovlev trial, Sotheby's explains what goes into the catalogue

artnews.com

The article discusses Sotheby's head of private sales Samuel Valette testifying about how Sotheby's designs catalogue designations and provenance, including the use of cover photos and prestige-targeted wording such as “from an important collection.” It references the Modigliani sculpture Tete and related private-sale history involving Blancafor, Yves Bouvier, and the Rybolovlev case, with discussion of how designations can hint at origin while preserving privacy.

Fine art

Restituted Schiele works head to auction

artnews.com

Egon Schiele works restituted to the family of Austrian Holocaust victim Fritz Grünbaum will be offered at Christie’s in the Impressionist and Modern Art Evening Sale; two works, Portrait of a Man (1917) and Girl With Black Hair (1911), were returned to Grünbaum’s heirs after a restitution ceremony and have been consigned to Christie’s.

VC artist Fedor Rudin loaned 1712 ex-Viotti Stradivarius

theviolinchannel.com

The Violin Channel reports that VC Artist Fedor Rudin has loaned a 1712 ex-Viotti Stradivarius, made in Cremona by Antonio Stradivari, from CANIMEX INC. in Drummondville, Canada. The article notes Rudin recently returned his 1779 Storioni violin to Deutsche Stiftung Musikleben and mentions collaborators at the Schaumburger Schlosskonzerte.

Carbon Pro Viola Bow – White Horsehair

viennastringsusa.com

Vienna Strings offers the Carbon Pro Viola Bow in White Horsehair for $69.00. The bow is described as engineered and weighted braided carbon fiber with a nickel silver winding and ebony frog, available in 1/2, 3/4, or 4/4.

Viotti's violin is in new hands

slippedisc.com

The 1712 Stradivarius once owned by Giovanni Battista Viotti has been loaned by Groupe Canimex to violinist Fedor Rudin. A 1760 Guadagnini violin owned by the Paris Conservatoire has been placed with Turkish student Bartu Elci-Ozsoy.

Fine art

2 artworks returned to heirs of Holocaust victim. Another is tied up in court

apnews.com

The Associated Press reports that two Egon Schiele artworks were surrendered to the heirs of Fritz Grünbaum, valued together at about $2.5 million, while a third work, Russian War Prisoner, remains in dispute at the Art Institute of Chicago. The surrendered pieces are Portrait of a Man from the Carnegie Museum of Art and Girl with Black Hair from Oberlin College; the Chicago work is still tied up in court.

Fine art

Two Nazi-looted Egon Schiele works returned to heirs of Jewish collector

news.artnet.com

Egon Schiele works Portrait of a Man (1917) and Girl With Black Hair (1911) were returned to the heirs of Fritz Grünbaum and Elisabeth Grünbaum. Girl With Black Hair was handed over by Oberlin College’s Allen Museum, while Portrait of a Man came from Carnegie Museums of Pittsburgh; a third piece, Russian War Prisoner (1916), from the Art Institute of Chicago, had not yet been confirmed as returned. The restitution follows earlier returns and is part of a broader dispute over 12 Schiele works; a Manhattan judge halted a related case while allowing diplomatic assistance to serve foreign defendants.

Fine art

Two more Egon Schiele works restituted to heirs of Holocaust victim will head to auction

theartnewspaper.com

Egon Schiele works Portrait of a Man (1917) and Girl With Black Hair (1911) were restituted to the heirs of Fritz Grünbaum and consigned to Christie's for auction; the works were valued by the Manhattan District Attorney’s office at about $2.5 million combined, with Girl With Black Hair valued at $1.5 million and Portrait of a Man at $1 million.

Fine art

Basel museum rejects legal claim to return Rousseau painting

artnews.com

The Kunstmuseum Basel rejected a three-year-old restitution claim for a 1909 Henri Rousseau painting, La muse inspirant son poète, following an internal ownership review. The museum is negotiating with the heirs of Charlotte Von Wesdehlen, the previous owner, and disclosed that the painting was investigated as a possible “flight asset” linked to emigration-era sales.

Fine art

Court rules against returning Nazi-looted Pissarro painting to Jewish family

smithsonianmag.com

The Ninth Circuit Court of Appeals ruled that the Thyssen-Bornemisza Museum in Madrid can keep Camille Pissarro's Rue Saint-Honoré in the Afternoon, Effect of Rain (1897), a work that had belonged to Lilly Cassirer and her family who had sought its return after it was looted by Nazis. The painting, valued at more than $30 million, was acquired by the Madrid museum in 1993 and the case has spanned decades of legal proceedings between the family and various parties.

Fine art

A U S appeals court rules that a Madrid museum can keep a Nazi-looted Pissarro painting

news.artnet.com

Camille Pissarro Rue Saint-Honoré, dans l'après-midi. Effet de pluie (1897) is the subject of the case involving the Thyssen-Bornemisza Museum in Madrid. The Ninth Circuit ruled that Spanish law applies and the museum may retain the work, with details about ownership and restitution history including Lilly Neubauer and Claude Cassirer.

Fine art

Russian billionaire Rybolovlev’s case against Sotheby’s kicks off with a fiery first day in a New York court

news.artnet.com

The article discusses Dmitry Rybolovlev’s lawsuit against Sotheby’s over alleged involvement with Swiss dealer Yves Bouvier in selling about $2 billion in blue-chip art. It covers opening arguments in the Southern District of New York, the judge, and key artworks cited in the case: Rene Magritte’s The Domain of Arnheim, Gustav Klimt’s Water Serpents II, Leonardo da Vinci’s Salvator Mundi, and Amedeo Modigliani’s Tete.

Fine art

The best exhibitions and openings of 2024: North America

Christie’s

It’s an exciting year for art lovers — from Alicia Keys and Swizz Beatz’s world-class collection of contemporary art to the world’s first exhibition exploring Matisse and the sea — there’s something for everyone

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