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November 2002 fine-art market intelligence

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Fine art

Duke defends plans to sell painting valued at £35m

thenorthernecho.co.uk

The Duke of Northumberland plans to sell Raphael's Madonna of the Pinks to the J Paul Getty Trust in Los Angeles for about £35m, as reported by a New York art magazine. The National Gallery hopes to secure the painting for the nation, and an export licence has not yet been granted. The duke says the sale is necessary to maintain his estate, including Alnwick Castle, and the painting was likely painted in Florence around 1507.

Fine art

A collector is selling 21 treasures out of 700

nytimes.com

Carol Vogel reports that Thomas Weisel, San Francisco investment banker and trustee of MoMA and SFMOMA, is selling 21 of his 700 works from a private collection in an upcoming Sotheby’s sale; the piece references Gorkys, Klines, and Thiebaud

Fine art

Picasso's Le peintre et son modèle brings $889,500 in New York

antiquesandthearts.com

Pablo Picasso's Le peintre et son modèle, 1964, sold for $889,500 at Christie’s Impressionist and Modern Art day sale in New York. The top lot was followed by Andre Derain’s Le jardin at $592,500 and Marc Chagall’s La piste du cirque at $526,500.

Fine art

Happy Tears sells for $7.1 million at Christie’s New York

latimes.com

Roy Lichtenstein's 1964 painting 'Happy Tears' sold for $7.1 million at Christie’s New York, setting a record for the artist. The sale was part of a $66.9 million auction of postwar and contemporary art that also saw records for seven other artists, including David Hockney and Laura Owens.

Fine art

Comic tears fetch a record $7m

thetimes.com

Comic Tears by Roy Lichtenstein sold for $7.1 million in New York, a new record. The sale also noted a high price for David Hockney's Portrait of Nick Wilder at $2.8 million and a record sum for Barnett Newman’s White Fire I at $3.8 million in relation to the Tate Modern exhibition.

Fine art

Austrian police seize art said to be stolen by Nazis

nytimes.com

Egon Schiele painting Wayside Shrine seized by Austrian police; authorities cite possible Nazi-era ill-gotten ownership connected to a Jewish collector, with heirs of Dr. Heinrich Rieger involved in restitution efforts.

Fine art

Austrian police seize art said to be stolen by Nazis

artforum.com

Egon Schiele painting seized by Austrian police after allegations it was once owned by a Jewish collector who was forced to relinquish it in 1938 to a gallery owner connected to the Nazis, according to Peter S. Green in the New York Times.

Fine art

Tussle for a treasure

theguardian.com

The Guardian article discusses the discovery of a long-lost Lorca manuscript, its authentication by Christie's, and a subsequent court battle between Federico Garcia Lorca's heirs and Mexican actress Manola Saavedra over ownership.

Fine art

Big donation earmarked for AGO

theglobeandmail.com

Kenneth Thomson is expected to donate $50-million in cash for a new AGO expansion and contribute much of his art collection; the donation centers on the AGO's $170-million expansion led by Frank Gehry, with Matthew Teitelbaum as director. Included works reportedly include Rubens' The Massacre of the Innocents, purchased for $117-million in London in July. The AGO, marking its 100th anniversary, positions itself among North America's top art museums.

Fine art

Council to keep art looted by Nazis

thetimes.com

The Sunday Times reports that Glasgow council will admit that a still life painting, Le Pâté de Jambon, in the Burrell collection was possibly wrongfully obtained. The repatriation group is expected to offer compensation to the German family instead of returning the painting, with estimates around £25,000 to £100,000 depending on whether the work is by Chardin. The painting, once thought to be by Jean-Baptiste-Siméon Chardin, is now believed by experts to be by an imitator after his death, and documents indicate it was auctioned in 1936 to settle a Nazi-era tax bill.

Fine art

Export of £7.5m Michelangelo drawing barred from export, says The Independent

independent.co.uk

The article reports that the government has temporarily barred the export of Study of a Mourning Woman by Michelangelo, a £7.5 million drawing found pasted into an album at Castle Howard, Yorkshire. A temporary export bar was also placed on a portrait by Benjamin West of the Lt.-General, the Hon Robert Monckton, assessed at £775,000. The measures will last at least until 28 January 2003.

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