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June 2007 fine-art market intelligence

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Fine art

Artlover in Antibes Andy Warhols 30 Colored Maos sells at Sotheby's

artlover06.blogspot.com

The post discusses Andy Warhol's silkscreen 30 Coloured Maos (Reversal Series) being sold at Sotheby’s Evening Sale of Contemporary Art for £1.25 million in London. The work was consigned by the Art Loss Register on behalf of insurers after a lengthy provenance issue including a 1980 theft and recovery earlier in the year.

Fine art

New Players Help Set Australian Records at Sotheby’s 18.6 Million Sale

artnews.com

The Sotheby’s Australia sale at Paddington Town Hall totaled A$22.45 million (about $18.6 million), exceeding the presale estimate and previous records. The event featured 114 lots with 93.9% by value sold, including 22 Qantas lots; top works included John Brack’s The Old Time (A$3.36 million) and Brett Whiteley’s Sydney Opera House (A$2.8 million). Proceeds supported artists’ scholarships.

Fine art

Whiteley rocks market with record price

smh.com.au

The artwork The Olgas for Ernest Giles by Brett Whiteley sold for $3.48 million at Deutscher-Menzies in Sydney, setting a new record for an Australian painting at auction. The piece measures 2.1 by 2.4 metres and depicts ochre rocks with suggestive figures, and includes wildlife such as a magpie, cockatoo, and emu against a desert sky. The previous Australian painting record was $3.36 million for John Brack's The Old Time, and Whiteley’s Opera House sold for $2.88 million in the same month.

Fine art

Monet's Waterloo Bridge sale tops Christie’s London auction as Roses fail to meet estimate

deseret.com

Monet’s 1904 Waterloo Bridge, Temps Couvert sold for 17.9 million pounds with fees, securing a total sale of 121.1 million pounds ($240 million) at a Christie’s International sale in London. The auction saw 18% of 72 lots unsold and multiple records, including Joan Miró’s Le Coq and Natalia Goncharova’s Picking Apples, while the rose garden scene by Monet did not meet its low estimate.

Fine art

VMFA acquires Renaissance altarpiece, works of art

antiquesandthearts.com

Francesco d’Ubertini Verdi, known as Il Bachiacca, and others are added to VMFA’s collection, including a Virgin and Child painting, a late 19th century oil on canvas by Charles Sprague Pearce, and an 18th century genre scene by Benjamin West; additional acquisitions include an early 19th century monumental urn, Indian watercolors, a female figure after her bath, two light-based works by living American artists, and a sculpture by Robert Lazzarini.

Fine art

Art sales: why Basquiat's a cash cow

telegraph.co.uk

Colin Gleadell reports on the Basel art fair following the Venice Biennale and discusses the impact of recent New York auction results on Basquiat prices; the piece considers whether there could be benchmark sales like $14 million Basquiats at Basel.

Fine art

Monet lilies miss world record as £18.5m sale tops expectations

thetimes.com

The Monet lily painting sold for £18.5 million at Sotheby’s in London, falling short of the world record (£19.8 million for Bassin aux nymphéas et sentier au bord de l’eau, 1900). The sale attracted over 600 attendees and included a notable auction of a Rodin sculpture, Iris, which sold for £4.6 million, a new record for the artist. The event featured competitive bidding, with a phone-based bidding frenzy and multiple private collectors in attendance.

Fine art

Japanese company donates funds to restore Munch paintings

artforum.com

Edvard Munch paintings The Scream and Madonna, damaged in a 2004 Oslo museum theft, are to be restored with a $670,000 donation from Idemitsu Petroleum of Japan, directed to restoration and research at the Munch Museum; the paintings suffered chips, scratches, punctures, and humidity damage. The donation was reported by the New York Times.

Fine art

Pills lift Hirst to top of art world’s most expensive list

thetimes.com

Damien Hirst was crowned the world’s most expensive living artist after Sotheby’s in London sold Lullaby Spring for £9.65 million. The auction followed Lucian Freud becoming the most expensive living European artist at Christie’s, and Hirst’s record surpassed Jasper Johns’ earlier world auction record of £8.74 million in New York.

Fine art

Lullaby Spring sells for 19.1 million, sets record

twincities.com

Damien Hirst’s Lullaby Spring sold for $19.1 million at Sotheby’s, setting a new record for a living artist. The artist is Damien Hirst and the work is Lullaby Spring; the sale price is $19.1 million. Previous record holder was Jasper Johns with Figure 4 at about $17 million.

Fine art

Market leaps to new highs at $50.3 million Latin American sales

artnews.com

Alfredo Ramos Martínez artworks at Christie’s and Matta works at Christie’s led Latin American sales totaling $50.3 million. Martínez’s Flowers of Mexico sold for $4.07 million and The Lonesome Indian brought $1.1 million at Christie’s; Matta’s Tige verte (Les possessions) and Imaschus sold for $2.2 million and $456,000 respectively at Christie’s. Fernando Botero also featured prominently with multiple top lots at Christie’s in New York.

Fine art

European collectors dominate, Americans in short supply at Art Basel

theartnewspaper.com

European collectors dominate, Americans in short supply at Art Basel reports that continental European buyers were the strongest at Art Basel this year, with fewer Americans and US museums purchasing. The article notes record attendance and the role of high prices from May auctions in New York, and includes quotes from dealers about competition for top works and guarantees.

Fine Art

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