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November 2011 fine-art market intelligence

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Fine art

AO onsite auction results in New York: impressionist and modern art evening sale at sotheby’s realizes $200m, restituted klimt sells for $40m

artobserved.com

Gustav Klimt’s landscape was restituted to the heir of the original owner and sold for $40 million (including fees). Henri Matisse Nu De Dos was withdrawn from the sale. The Sotheby’s New York Impressionist and Modern Art Evening Auction realized $200 million from 57 of 70 lots sold, with the Klimt artwork selling for about $40 million with fees.

Fine art

Sam Francis Foundation sues nine galleries for artists’ royalties

latimes.com

Sam Francis Foundation sues nine galleries in Northern and Southern California seeking royalties under California's Resale Royalty Act. The lawsuits allege the galleries failed and refused to pay the 5% royalty to the Sam Francis Foundation for resales of artworks. The complaints were filed in Los Angeles and San Francisco Superior Courts by attorney Eric George.

Fine art

Amidst catcalls, Sotheby’s sale brings relief

artnews.com

The Sotheby’s Impressionist and modern sale totaled $199.8 million, above its low estimate and with over 80 percent of the 70 lots sold, led by Gustav Klimt’s Litzlberg am Attersee which realized $40.4 million. The event followed Christie’s weaker results, and protesters and unionized workers were visible outside the York Avenue building.

Fine art

Klimt painting sells for $40.4 million at New York auction

bbc.com

Gustav Klimt's 1915 landscape Litzlberg on the Attersee, looted by the Nazis and returned to Georges Jorisch, sold for $40.4 million (£25.4 million) at a Sotheby’s sale in New York. Other notable results included Picasso's L'Aubade at $23 million (£14.5 million) and Gustave Caillebotte's Le pont d'Argenteuil et la Seine at $9.3 million (£5.8 million).

Fine art

Imp-Mod Bounces Back at Sotheby’s Evening Sale, With $199.8 M. Total

observer.com

Klimt's Litzlberg am Attersee (1914–1915) sold for $40.4 million with premium during Sotheby’s Impressionist and Modern art auction, contributing to a total sale of $199.8 million. The report notes record results for Gustave Caillebotte, Tamara de Lempicka, and a post-1960 Picasso sale for $23 million.

Fine art

Sotheby’s restores market confidence: 36-million Klimt bidding war

artsjournal.com

Sotheby’s held an Impressionist/Modern sale with strong demand and a notable Klimt work, “Litzlberg am Attersee,” realizing $36 million before buyer’s premium and $40.4 million with premium; the event followed Christie’s weaker results and compared press coverage noted by CultureGrrl. The Klimt was restituted by the Salzburg Museum of Modern Art to the heir of a Nazi victim.

Fine art

The Met purchases a Hans Schäufelein panel

nytimes.com

Keith Christiansen and Maryan W. Ainsworth discuss the Met’s acquisition of a two-sided Hans Schäufelein panel, bought after Sotheby’s sale with Otto Naumann’s involvement; the Met purchased it for an undisclosed price after originally obtaining right of first refusal.

Fine art

Sotheby’s sale gives market a shot of confidence

artnews.com

Sotheby’s held an evening sale of Impressionist and modern art, with 70 lots offered and 57 sold for a total of $199.8 million, beating the pre-sale estimate. The star lot was Gustav Klimt’s Litzlberg am Attersee, ca. 1914–15, which sold for $40.4 million with premium after bidding from a Zurich dealer and a room bidder.

Fine art

Sotheby’s Clifford Still painting sells for 61.7 million dollars

artinvestment.ru

Sotheby’s sold Clifford Still’s 1949-A-No. 1 for 61.7 million dollars, a new personal record for the artist, with the sale taking place during Sotheby’s New York contemporary art auction. The overall contemporary sale brought about 316 million dollars, and the event included protests outside the auction house.

Fine art

Andreas Gursky's Rhein II sets photo record at Christie's New York

bbc.com

Andreas Gursky's Rhein II, a glass-mounted panoramic colour print created in 1999, sold for $4.3 million (£2.7 million) at Christie's New York, setting a new auction record for a photograph. The print is one of an edition of six, with other copies housed at the Museum of Modern Art in New York, Tate Modern in London, Munich's Pinakothek der Moderne, and Glenstone in the US.

Fine art

$43 million Lichtenstein crowns Christie’s Contemporary

artnews.com

Roy Lichtenstein's I Can See the Whole Room, 1961 sold for $43.2 million (estimate $35–45 million). Other top lots included Mark Rothko’s White Cloud, 1956, which sold at $16.5 million (estimate $18–25 million) and Willem de Kooning’s Untitled XI, 1975–6, at $6.5 million (estimate $7–9 million). Cy Twombly’s Untitled (Lexington Virginia), 1959, fetched $4.6 million (estimate $5–7 million) and Twombly’s Untitled (New York), 1955/2002, brought $1.4 million (estimate $1.5–2 million) with premium.

Fine art

Botero bronze, Brazil artists hit auction records

reuters.com

Fernando Botero's 2007 bronze Dancers sold for $1.76 million at Christie's in New York, setting a record for Botero sculptures at auction. The sale, part of Christie's Latin American sale, totaled $15.3 million and featured records for several Brazilian artists, including Francisco Toledo with his 1975 Vaca Roja (Red Cow), which sold for $902,500.

Fine art

Carl Barks artwork Sport of Tycoons realizes $262,900 at Heritage Auctions

worldcollectorsnet.com

Carl Barks the Sport of Tycoons (1974) sold for $262,900, setting a world record at Heritage Auctions' Vintage Comics & Comic Art Signature Auction as part of the Kerby Confer Collection. Other top pieces included Donald Duck Sheriff of Bullet Valley Oil Painting Original Art (1973) at $107,550 and McDuck of Duckburg at $101,575, with additional notable pieces from Jerry Robinson, Jack Kirby and Joe Simon, and a Batman first appearance page from Ben Novack Jr.’s collection reaching $101,575.

Fine Art

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