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March 2016 fine-art market intelligence

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Fine art

Acquisitions, March 2016 report on Orazio Gentileschi, Frida Kahlo and Ernst Ludwig Kirchner acquisitions

theartnewspaper.com

Orazio Gentileschi’s Danaë was bought by the J. Paul Getty Museum for $30.5 million (with premium). Frida Kahlo’s Dos Mujeres (Salvadora y Herminia) was purchased by the Museum of Fine Arts, Boston for an undisclosed sum. Ernst Ludwig Kirchner’s Street Scene in Front of the Hair Salon was acquired by Staatliche Kunstsammlungen Dresden after being restituted.

Fine art

Phillips New Now sale reports 51 percent sell-through rate

news.artnet.com

Phillips held its New Now sale on February 29, with an overall sell-through rate of 51 percent by lot and 60 percent by value. The evening sale total including premium was $1.7 million (low presale estimate $2.8 million) from 13 of 23 lots sold; the day sale totaled $2.7 million from 131 of 266 lots sold. Notable details include strong prices for some younger artists, with several noted around six-figure estimates not selling in the evening sale, and records achieved for younger art stars such as Petra Cortright, Trevor Paglen, and Alex Da Corte.

Fine art

Austria appeals $9 million compensation verdict in missing Klimt and Schiele case

news.artnet.com

Austria's city of Linz appeals a verdict ordering €8.24 million ($8.96 million) plus interest to the heirs of Olga Jäger over the disappearance of a Gustav Klimt drawing and three Egon Schiele works. The case originated from a long-term loan to the Neue Galerie der Stadt Linz (now Lentos Kunstmuseum); the artworks could not be found when requested in 2006.

Fine art

Claims Conference site helps survivor recover Pissarro painting

claimscon.org

Camille Pissarro’s 1886 La bergère rentrant des moutons, also known as La Bergère, is being returned to Léone Meyer after being looted during the Holocaust. The restitution began when Meyer’s relatives found the painting in the Claims Conference database of Nazi-looted art, and the University of Oklahoma agreed to return the work after provenance research and a related lawsuit filed in May 2013.

Fine art

University of Oklahoma will return Camille Pissarro painting to Holocaust survivor

motl.org

The University of Oklahoma has agreed to return Camille Pissarro’s 1886 painting La Bergère Rentrant des Moutons (Shepherdess Bringing in Sheep) to Holocaust survivor Léone Meyer after a three-year legal dispute. The work, donated to OU by Clara Weitzenhoffer in 2000, was identified as Nazi-looted and will be transferred to Meyer and exhibited in France for five years, with subsequent displays alternating between OU’s Fred Jones Jr. Museum of Art and France.

Fine art

Van Gogh legal battle from Soviet Union to supreme court

themoscowtimes.com

Vincent van Gogh's The Night Café, valued around $200 million and housed at Yale University Art Gallery since 1961, is at the center of a legal dispute brought by Pierre Konowaloff, heir to Ivan Morozov. The case traces Soviet nationalization policies and questions of international property rights as Konowaloff seeks to challenge Yale's title at the U.S. Supreme Court.

Fine art

TEFAF 2016 opens with brisk sales for Old Master artworks

news.artnet.com

Luca Giordano's The Calling of Saint Peter and Saint Andrew (1690) and Roeland Savery Still life of flowers (1615) were sold at TEFAF Maastricht; the former to a private European collector for €2 million and the latter to the Mauritshuis in The Hague for €6.5 million, all as part of sales reported by Colnaghi Gallery. The article notes TeFAF's leadership changes with Patrick von Maris taking over from Paul Hustinx and highlights Rembrandt’s The Unconscious Patient rediscovered, along with Picasso works and other Old Master offerings.

Fine art

Custody battle over Picasso bust intensifies, NYT reports

nytimes.com

The article covers a dispute over a 1931 Picasso bust of Marie-Thérèse Walter, with Maya Widmaier-Picasso’s family selling and transferring ownership amid legal actions in France, Switzerland, and the U.S. The involved parties include Pelham Holdings, the Qatari royal family agents, Larry Gagosian, Leon Black, and Diana Widmaier-Picasso; the work was previously displayed at MoMA and is now with Gagosian during litigation.

Fine art

Drouot auction house art handlers head to trial in major theft scandal

news.artnet.com

Artnet News reports that forty art handlers and six auctioneers at Drouot in Paris are on trial for theft involving artworks valued at about $2.5 million, including pieces by Gustave Courbet, Marc Chagall, and Henri Matisse, plus a 2.08-carat diamond. The case, which began after an anonymous tip and has dragged on for seven years, led to a full staff replacement in 2010 and suspensions of executives; defendants face gang-related theft, conspiracy, and handling stolen goods charges.

Fine art

Battle over 105 million Picasso sculpture heats up in latest complaint against artist’s daughter

news.artnet.com

Pablo Picasso. Artwork: Bust de Femme (Marie Therese) (1931). Sale context involves the Pelham Sale Agreement and a second sale to Gagosian and Leon Black. nearly $50 million negotiated by Pelham; reference to a $105 million sculpture in the headline. The article discusses legal filings in US District Court for the Southern District of New York and allegations of tortious interference by Diana Widmaier-Picasso and entities including Maya Widmaier Picasso, Olivier Widmaier Picasso, the Gagosian Gallery, and Pelham Europe.

Fine art

Good eye, goodbye Moran sells for $3.6 million

greatfallstribune.com

Traci Rosenbaum and David Murray report that Thomas Moran’s Castle Rock, Green River, Wyoming sold for $3.6 million at the Great Falls Mansfield Convention Center, a record for the event. Michael Duchemin of the C.M. Russell Museum comments on the sale’s impact and the room’s excitement.

Fine art

Sales and attendance figures up for this year’s Art Dubai

thenationalnews.com

Anna Seaman reports that Art Dubai, the region's largest art fair, saw 27,516 visitors across the week, with 5,142 in the Collectors’ Preview and 7,211 in the VIP Preview. The event featured artworks from Ai Weiwei, Faiq Hassan, Yayoi Kusama, Monir Shahroudy Farmanfarmaian, Marwan, Nasreen Mohammedi, Jaume Plensa, among others, and noted substantial gallery interest and some sales; around a quarter of galleries sold out.

Fine art

Yale wins Supreme Court battle over Van Gogh painting

artforum.com

Yale University won its legal battle over ownership of Van Gogh's The Night Café, 1888, after the US Supreme Court rejected an appeal, confirming Yale will keep the painting valued at about $200 million. The dispute traces back to a 2008 claim by Pierre Konowaloff that the work belonged to his family after alleged seizures during the 1917 Russian Revolution.

Fine art

Van Gogh’s The Night Café stays at Yale after US Supreme Court rejects appeal

theartnewspaper.com

Vincent van Gogh’s The Night Café (1888) remains at Yale University after the US Supreme Court rejected an appeal by Pierre Konowaloff. The painting, valued at about $200 million, was at the center of a long legal battle over ownership that began in 2008. The decision affirms Yale’s ownership and ends the dispute.

Fine art

UK places export bar on £15m Veronese drawing

theartnewspaper.com

The Veronese preparatory drawing for Venice Triumphant, dated around 1581, sold for £15.4m. A UK export licence was deferred on 29 March to allow a UK buyer to match the price, with the work previously owned by the Earls of Harewood and previously traced to Peter Lely and the Pembroke family; the initial deferral runs until 28 June.

Fine Art

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