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July 2017 fine-art market intelligence

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Fine art

Lawsuit reveals Gauguin painting was not world’s most expensive

nytimes.com

Paul Gauguin’s 1892 oil painting “Nafea Faa Ipoipo (When Will You Marry)?” sold for $210 million in 2014, $90 million less than originally reported. The New York Times report discusses a London High Court trial that questioned the painting’s sale price and the parties involved.

Fine art

The Mythical 570 million Cerruti art collection finds a new home at Turin’s Castello di Rivoli

news.artnet.com

Andy Warhol’s Portrait of Madame Rochas (1975) is mentioned as part of the Cerruti collection loaned to Castello di Rivoli; the collection is valued at about €500 million ($570 million). The article notes the loan to Castello di Rivoli Museo d’Arte Contemporanea in Rivoli-Torino and mentions Francesco Federico Cerruti’s foundation and the collection’s scope from the Middle Ages to the 20th century.

Fine art

Auction record for drawing by Canaletto achieved at Sotheby’s in London

antiquesandthearts.com

Canaletto, “The Coronation of the Doge on the Scala dei Giganti,” pen and brown ink and washes, sold for a record $3,404,385 at Sotheby’s in London. The article discusses the record price and includes quotes from Greg Rubinstein and context about the drawing's place among Canaletto’s works.

Fine art

Give and Take: on Jeff Koons mastering contractual and statutory relationships with other artists

itsartlaw.org

The article discusses Jeff Koons and his working method, noting his view that studio assistants do not contribute creatively and that all work is his own. It places Koons in a lineage with artists like Duchamp, Andy Warhol, and Gerhard Richter, and summarizes labor-law topics in the arts, including attempts by Koons workers to unionize and subsequent layoffs in 2015–2017.

Fine art

Appeals Court revives 16-year lawsuit over $40 million Nazi-looted Pissarro

artsy.net

The appeals court revived a 16-year Nazi restitution dispute over Camille Pissarro's Rue Saint-Honoré, Après-midi, Effet de Pluie (1897), currently at Madrid’s Thyssen-Bornemisza Museum, with potential value above $40 million. The case centers on whether the museum knew the painting was stolen when acquired in 1993 from Baron Hans-Heinrich Thyssen-Bornemisza as part of a $338 million purchase.

Fine art

Family’s suit revived over Pissarro painting looted by the Nazis – San Diego Union-Tribune

sandiegouniontribune.com

The 9th U.S. Circuit Court of Appeals revived a lawsuit by Lilly Cassirer’s great-grandchildren, David and Ava Cassirer, over the 1897 Pissarro painting Rue Saint-Honoré, Après-midi, Effet de Pluie, which was looted by the Nazis. The Cassirer family contends the Thyssen-Bornemisza Museum in Madrid aided the looting by not disclosing provenance, and the case was returned to a lower court for further litigation.

Fine art

Nazi-looted Pissarro case can go ahead, says US appeals court

theartnewspaper.com

The US Ninth Circuit revived a Holocaust-related lawsuit by the Cassirer family over a Camille Pissarro painting from the Thyssen-Bornemisza Collection Foundation in Madrid, allowing them to pursue proof that the museum knew the painting was stolen and could be an accomplice to the theft. The painting involved is Rue Saint-Honoré, dans l'aprè̀s-midi, Effet de pluie (1897), which was sold in 1939 under coercive conditions following persecution of Jews. The case hinges on whether the museum acquired the work with knowledge of its theft, under Spanish law as the painting was located in Spain at the time of acquisition.

Fine art

Düsseldorf museum pulls painting that Nazis may have looted

artforum.com

Andreas Achenbach’s 1861 painting Sicilian Landscape was removed from an exhibition at Düsseldorf’s Museum Kunstpalast because it is believed to have been the property of Max Stern, a Jewish art dealer who was forced to liquidate his art collection and flee Nazi Germany. The painting was on loan from Wolfgang Peiffer, who purchased it in 1999 at a Phillips auction.

Fine art

The Getty announces its most significant drawings acquisition in two decades plus a surprise painting

latimes.com

The Getty Museum announced the addition of 16 Old Master and 19th century drawings, including a Michelangelo pen and brown ink study, and simultaneously acquired Jean-Antoine Watteau’s painting The Surprise. The Parmigianino painting Virgin with Child, St. John the Baptist and Mary Magdalene is cited as a prior major acquisition, with total values discussed but not disclosed; prices referenced for related works suggest a total well above $31.5 million. The announcement notes the acquisition from a single unidentified British collection and mentions export licenses for all but four drawings.

Fine art

Getty announces major acquisition of sixteen master drawings

artforum.com

The Getty announced a landmark acquisition of sixteen master drawings including works by Michelangelo, Lorenzo di Credi, Andrea del Sarto, Parmigianino, Rubens, Barocci, Goya, and Degas, as well as a canonical painting by Jean Antoine Watteau. Timothy Potts, the Getty Museum director, called the acquisition transformative for the collection.

Fine art

Getty Museum buys art by Michelangelo, Parmigianino and more

nytimes.com

The Getty Museum bought 16 drawings and one painting by artists including Michelangelo, Parmigianino and Watteau from a British collector, with an estimated total price possibly exceeding $100 million. The group includes Michelangelo's Study of a Mourning Woman, Andrea del Sarto's Study for the Head of St. Joseph, Parmigianino's Head of a Young Man, and Watteau's La Surprise; other works mentioned include a Goya sketch, a Degas pastel, and a Cuyp drawing.

Fine art

The Getty Museum spends over $100 million on old masters, its biggest acquisition ever

news.artnet.com

Michelangelo, Lorenzo de Credi, Andrea del Sarto, Parmigianino, Rubens, Barocci, Goya, Degas, Antoine Watteau. Artwork names: La Surprise by Antoine Watteau; Head of Saint Joseph by Andrea del Sarto; Study of a Mourning Woman by Michelangelo; The Destruction of Pharaoh’s Host by John Martin. The purchase reportedly worth upwards of $100 million.

Fine art

Getty announces major acquisition of Old Master drawings

apollo-magazine.com

The article reports that The J. Paul Getty Museum has acquired 16 Old Master drawings and a painting by Watteau, including works by Michelangelo, Parmigianino, Rubens, Goya, and Degas. It quotes Getty director Timothy Potts expressing that the opportunity to add such works is unlikely to arise again for some years.

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