The Seattle Art Museum and Knoedler & Co settled a lawsuit over the Matisse painting Odalisque (1928). The museum had sought the full fair market value, estimated at about $2 million. As part of the settlement, Knoedler will transfer works or cash equivalent to SAM, reimburse SAM's legal costs, and waive a portion of SAM's attorney fees; SAM agreed to withdraw fraud claims. The painting was originally donated to SAM in 1991 after being acquired from Knoedler in 1954 and later conveyed to Rosenberg heirs who had alleged it was stolen by the Nazis.
The Los Angeles Times reports on New York auction houses navigating a transitional period marked by lawsuits and antitrust probes affecting Sotheby’s and Christie’s, with Phillips expanding as a notable alternative. Phillips rented space from the American Craft Museum and secured a North American headquarters on Fifth Avenue and 57th Street, with a renovation planned for next spring; a Phillips sale saw a $32 million result with notable works by Paul Cezanne and Pierre-Auguste Renoir.
The sale of Picasso's painting Woman with crossed arms from his Blue Period reached 55.6 million dollars (22.5 billion drachmas) at Christie's, setting a price record. Initial estimates had expected the work not to exceed 30 million dollars (12 billion drachmas). The buyer who bid by phone was not disclosed. The sale price is the fifth-highest ever in a public auction; the highest was a Vincent van Gogh sale in May 1990 for 82.5 million dollars (33.2 billion drachmas).
Picasso blue-period painting Femme aux Bras Croisés sold for a record $55m (£38.8m) at Christies in New York, twice its pre-sale estimate of £17m and the fifth most expensive painting sold at auction. The sale drew attention amid a price-fixing scandal involving Christie's and Sothebys, with 58% of lots sold and total sale value around £100m.
Picasso’s Femme aux bras croisés sold for $55.6-million at Christie’s in New York, setting a new record for the artist. The sale occurred during an otherwise flat auction where nearly half of the major works went unsold.