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May 2007 fine-art market intelligence

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Fine art

Contemporary Art soars at Sotheby’s Hong Kong sales

artnews.com

Xu Beihong’s Put Down Your Whip won $9.28 million, a Chinese painting and artist record. Liu Ye’s Sinking Ship sold for $907,000, setting an auction record for the artist. Zhang Xiaogang’s Tiananmen No. 1 sold for $1.99 million to an Asian private collector.

Fine art

Whiteley painting sells for record price

abc.net.au

Brett Whiteley’s Opera House painting sold in Sydney for a record $2.8 million, including a buyer's premium of $400,000. Sotheby’s had indicated the work could fetch more than $3 million, and the hammer price was $2.8 million; the money raised from the auction goes to state-based scholarships for Australian artists. The Old Time by John Brack sold for $3.36 million, with a previous record of $3.1 million.

Fine art

Austria returns Edvard Munch painting to Mahler's granddaughter

playbill.com

A painting by Edvard Munch, Sommernacht am Strand (Summer Night on the Beach), was returned by the Austrian government to Marina Fistoulari-Mahler, granddaughter of Gustav Mahler, after a 60-year legal battle. The work had been held by the Belvedere museum in Vienna since Alma Mahler-Werfel loaned it there in 1937; its history involves Anschluss-era dispossession and later restitution discussions.

Fine art

Liz Taylor allowed to keep Van Gogh painting

today.com

Elizabeth Taylor can keep the 1889 Van Gogh painting Vue de l Asile et de la Chapelle de Saint-Remy, after a U.S. appeals court ruled the Orkin family waited too long to seek return. Taylor purchased the work at Sotheby’s in 1963 for 92,000 pounds and keeps it at her Los Angeles-area home.

Fine art

Ont. man loses fight with Liz Taylor for van Gogh painting

cbc.ca

The article concerns an Ontario man and his cousins who sued actress Elizabeth Taylor for the return of Vincent van Gogh's Vue de l'Asile et de la Chapelle de Saint-Remy, claiming it was confiscated by the Nazis. A U.S. federal Appeals Court ruled they had no right to sue due to the statute of limitations and related issues.

Fine art

Court rules Liz Taylor can keep van Gogh painting

reuters.com

Reuters reports that actress Elizabeth Taylor can retain the 1889 van Gogh work View of the Asylum and Chapel at Saint-Remy after a U.S. appeals court ruled the Orkin family waited too long to pursue ownership. Taylor purchased the painting at Sotheby’s in London in 1963 for 92,000 pounds.

Fine art

Frantisek Kupka painting sets Czech auction record

english.radio.cz

Frantisek Kupka's Abstract Composition sold for 13.4 million Czech crowns (about $642,500) in Prague, setting a Czech auction record for a work by a Czech painter; the bidder was anonymous and the work was titled Abstraktni kompozice (Abstract Composition).

Fine art

Rothko painting brings record auction price

slate.com

Rothko’s White Center (Yellow, Pink and Lavender on Rose) sold for 72.8 million dollars at Sotheby’s, setting a new record for a contemporary artwork at auction. The piece had a clear provenance linked to David Rockefeller and MoMA connections, and Rockefeller pledged to donate the proceeds to charity.

Fine art

Record for Aboriginal artwork sets world record at over A$1 million

nzherald.co.nz

Emily Kame Kngwarreye's Earth's Creation sold for A$1.056 million, setting a new world record for an Aboriginal artwork; the painting relates to Australia's indigenous creation myth and Kngwarreye began painting at 80, producing more than 4000 works before her death. The previous record was A$778,000 for Rover Thomas' All That Big Rain Coming From The Top Side in 2001.

Fine art

Young artists shine at Phillips’s record-breaking sale

artnews.com

The article reports Phillips, de Pury & Company’s main evening sale on May 17, where 74 lots totaled $33.3 million, setting a Phillips record and achieving 14 new records. Notable works include Anselm Reyle’s 2005 painting on foil, John Chamberlain’s 1962 sculpture, Andy Warhol’s Colored Campbell’s Soup Can, Gerhard Richter’s Three Grays One Upon the Other, Donald Judd’s Untitled (Swiss Box Progression), John Baldessari’s Hands/Horses (To Agree), and Baldessari’s Street Scene and Reclining Person (with shoes) from the Overlap series; the sale highlighted strong results for young or mid-career artists.

Fine art

Warhol’s 71.7 million crash crowns Christie’s contemporary auction

artnews.com

Warhol’s $71.7M Crash crowns Christie’s Contemporary Auction. The article discusses Christie’s postwar and contemporary sale, totaling $384.6 million with day sales bringing the combined total to $477.7 million, and notes Warhol’s Green Car Crash and Had Lemon Marilyn performances, with Warhol’s works leading the market alongside pieces by Mark Rothko and others.

Fine art

Pinault procures Polke paintings

theartnewspaper.com

Polke paintings were bought by Francois Pinault for his Venice museum, with plans to open in 2009; Gordon VeneKlasen of Michael Werner commented on the deal and the room designed for the works.

Fine art

Kate Moss Photographs Total £183,000 at Christie’s

Christie’s

Four photographs of Kate Moss sold for a combined £183,000 at Christie’s London. Chuck Close’s six-print set led at £84,000, followed by an Albert Watson image at £54,000 and Irving Penn’s Kate Moss (Hand on Neck) at £38,400.

Fine art

Monet Masterpiece Leads £14–19 Million Private Collection at Christie’s

Christie’s

Christie’s announced a ten-work American collection for its June Impressionist and Modern Art sales in London, estimated at £14–19 million. Claude Monet’s Les arceaux de roses, Giverny led at £9–12 million, joined by works from Pissarro, Signac, Renoir and Chagall.

Fine art

Christie’s London Contemporary Evening Sale Estimated at £54–74 Million

Christie’s

Christie’s announced what it called Europe’s most valuable Post-War and Contemporary Art evening sale, carrying a £54–74 million estimate. Lucian Freud’s Bruce Bernard led a major School of London group, while works by Francis Bacon and Andy Warhol were each estimated up to £7 million.

Fine Art

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