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May 2018 fine-art market intelligence

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Fine art

The Rockefeller name proves mighty indeed at Christie’s record $646 million sale of storied masterpieces

news.artnet.com

Claude Monet, Nymphéas en fleur (circa 1914–17) is mentioned as a top bidder’s target; the work is attributed to Claude Monet. The Christie’s auction set seven new records and the Rockefeller collection totaled $646.1 million, the highest single-owner auction total, with all 44 lots selling. The bidding fight for Monet’s work involved Francis Outred and Xin Li.

Fine art

Rose Period Picasso sells for $115.1 million in Rockefeller sale that totals $646.1 million

artnews.com

Pablo Picasso's Fillette à la corbeille fleurie (1905) sold for $115.1 million at Christie's as part of the Rockefeller estate sale, achieving a white-glove result that contributed to a total of $646.1 million for 44 lots of 19th- and 20th-century art. The sale, attended by MoMA director Glenn Lowry and dealer Larry Gagosian, surpassed presale expectations of over $490 million.

Fine art

Anonymous donor steps in to pay hefty penalty for the National Gallery of Canada’s botched Chagall sale

theartnewspaper.com

The anonymous donor agreed to cover a penalty incurred by the National Gallery of Canada in Ottawa after it rushed the deaccession of Marc Chagall’s La tour Eiffel (1929) to fund the purchase of Jacques-Louis David’s Saint Jerome Hears the Trumpet of the Last Judgment (1779). The sale was intended for Christie’s auction and sparked criticism from over 750 critics, artists and curators; the incident raised questions about public funding and museum stewardship.

Fine art

Rockefeller sale tops $106 million at Christie’s for American art, setting records

news.artnet.com

Willem de Kooning Untitled XIX (1982) is highlighted as one of the top lots in Christie’s Rockefeller sale, which realized $106 million. The sale set seven new artist records, including Gilbert Stuart, Charles Sheeler, and Diego Rivera, and marked the highest total for an American art auction. Christie’s had guaranteed the entire Rockefeller collection, with all 41 lots finding buyers.

Fine art

Modigliani’s Nu couché (sur le côté gauche) sells for $157.2 million at Sotheby’s in New York

robbreport.com

Amedeo Modigliani’s Nu couché (sur le côté gauche) (1917) sold at Sotheby’s New York for $157.2 million with premium, after an auction that began with an unpublished estimate above $150 million. The painting, from Modigliani’s reclining nude series, hails from John Magnier’s collection and was previously consigned by Steve Wynn; it had been exhibited at Tate Modern and is among nine remaining works in private hands.

Fine art

Picasso’s $115-million ‘Young Girl’ loaned to Paris museum

digitaljournal.com

Picasso’s 1905 painting Young Girl With Basket of Flowers, sold for $115 million at a New York auction, will be loaned to Paris’s Musee d’Orsay for a Picasso exhibit opening in September. The sale was part of Christie’s auction of the David Rockefeller collection. The exhibit is organized with the Picasso Museum-Paris and runs September 18, 2018 to January 6, 2019, later moving to the Beyeler Foundation near Basel.

Fine art

Picasso’s $115 million Young Girl loaned to Paris museum

digitaljournal.com

Picasso’s Young Girl With Basket of Flowers, sold for $115 million at a New York auction, will be loaned to the Musee d’Orsay in Paris for a Picasso exhibit opening in September; the sale was part of Christie’s auction of the David Rockefeller collection.

Fine art

Modigliani nude sells for 157.2 million dollars as Sotheby’s uneven Impressionist-Modern sale totals 318.3 million

artnews.com

Amedeo Modigliani’s Nu couche (sur la cote gauche), 1917, sold for $157.2 million at Sotheby’s evening sale of Impressionist and modern art, making it the highest price for any lot in Sotheby’s history and contributing to a total haul of $318.3 million for the sale. The piece brought in one bid of $139 million on the phone, with fees pushing the final price to $157.2 million.

Fine art

A Malevich Suprematist Composition sells for $85.8 million at Christie’s, setting a record for Russian art

web.archive.org

Kazimir Malevich, Suprematist Composition (1916), sold at Christie’s for $85.8 million with fees, establishing a new record for Russian art. The hammer price was $76 million, beating the pre-sale estimate of $70 million. The work was purchased by Brett Gorvy of Lévy Gorvy after a Christie’s event; the Nahmad family previously consigned it, with the work tracing back to Malevich’s heirs and a restitution settlement involving the Stedelijk Museum in Amsterdam.

Fine art

A record-breaking Brancusi sets the tone for Christie’s buoyant $415.8 million impressionist and modern sale

news.artnet.com

Constantin Brancusi’s La jeune fille sophistiquée (Portrait de Nancy Cunard) (1932) sold for $71 million at Christie’s Impressionist and Modern sale in New York, a record-setting price that helped the overall sale of $415.8 million. The sale total missed pre-sale expectations of about $437.8 million but achieved two world auction records and an 89 percent sell-through rate; Picasso’s Le Marin (1943) and two of Steve Wynn’s Picasso works were withdrawn, while several lots received guarantees.

Fine art

As a Black Artist Soars at Auction, Rethinking ‘Blue Chip’

nytimes.com

Kerry James Marshall’s 1997 painting Past Times sold for $21.1 million at Sotheby’s, four times the previous auction high for the artist. The work, an acrylic and collage on canvas, drew four bidders and was bought by a telephone bidder. The auction result highlights a shift in the market away from traditional blue-chip names.

Fine art

Christie’s $416 million Impressionist and Modern Art sale signals strong market for top works

usaartnews.com

The Christie’s Impressionist and Modern sale totaled $416 million with fees, supported by strong top-end demand. Kazimir Malevich’s Suprematist Composition (1916) led at $86 million, setting a new artist record, with a rough estimate around $70 million. Constantin Brancusi’s La jeune fille sophistiquée (Portrait de Nancy Cunard) sold for $71 million, among other notable results.

Fine art

Anchored by blue-chip mainstays, Christie’s contemporary sale delivers a whopping $397 million, but falls short of last year

news.artnet.com

The Christie’s postwar and contemporary sale realized $397 million, surpassing estimates but not last year’s $448 million. A number of artists set auction records, including David Wojnarowicz, Joan Mitchell, Robert Gober, Morris Louis, George Condo, Richard Diebenkorn, and Nicolas de Staël.

Fine art

$45.3 million Basquiat leads robust $131.6 million Phillips sale of 20th‑century and contemporary art

artnews.com

Jean-Michel Basquiat’s Flexible (1984) sold for $45.3 million at Phillips’s sale, leading a $131.6 million total for 20th-century and contemporary art. Robert Motherwell’s At Five in the Afternoon (1971) brought $12.7 million with premium, setting a new artist record, while Pat Steir and Cory Arcangel also set records with their pieces.

Fine art

Phillips’s Contemporary Sale grosses $132 million despite big-ticket stumbles by German artists

news.artnet.com

The Phillips contemporary sale in New York brought in $131.6 million, a 20 percent increase from the previous year, after withdrawals of major works. Highlights included world records for Cory Arcangel and Pat Steir, and a top lot by Jean-Michel Basquiat from the artist’s estate, with a final result impacted by withdrawals of works by Sigmar Polke, David Hammons, and Zeng Fanzhi.

Fine art

Paintings by Bouguereau Sano di Pietro and other European masters lead 23.4 million day of auctions

sothebys.com

The article discusses Sotheby’s 22 May sale in New York, led by six paintings by William Bouguereau that totaled $4.6 million. It notes a 15th-century triptych by Sano di Pietro selling for $1.6 million, marking a record for the artist, and mentions other notable works including Camille Corot, Émile Renouf, Frederick Arthur Bridgman, and Sir Lawrence Alma-Tadema. Master Paintings also performed strongly, with Sano di Pietro’s portable triptych achieving more than four-and-a-half times its high estimate and benefiting The Met’s European Paintings Acquisitions Fund.

Fine art

Studio Museum in Harlem sale raises $20.2 million at Sotheby’s, yields 24 artist records

culturetype.com

The Culture Type article reports that the sale Creating Space at Sotheby’s New York raised $20.2 million and set 24 artist records, benefiting the Studio Museum in Harlem’s new building fund. Five works by Mark Bradford, Julie Mehretu, Glenn Ligon, Njideka Akunyili Crosby, and Lynette Yiadom-Boakye accounted for a large portion of the total, with additional works contributing on the following day. Thelma Golden, director and chief curator of the Studio Museum in Harlem, is quoted expressing gratitude for the artists’ generous participation in supporting the museum’s new home.

Fine art

Christie’s sold a painting to a Swiss dealer that may have been looted by the Nazis, and now he seeks a refund

news.artnet.com

The article discusses Swiss art dealer Alain Dreyfus seeking reimbursement from Christie’s for Alfred Sisley’s Premier jour de printemps à Moret (1889), bought in 2008 and later identified as Nazi-looted art. Mondex flagged the work as looted in 1940, with Hermann Göring’s initials appearing on an ERR index card; the painting is sequestered by Swiss police and remains in Dreyfus’s storage, with him seeking repayment from Christie’s after alleging failure to conduct proper provenance research.

Fine art

Christie’s Market Update: $86 million Malevich leads the way in New York

Christie’s

Christie’s documents the market development behind $86 million Malevich leads the way in New York. Its account reports that christie’s 20th Century season got off to a strong start on 15 May, as the Impressionist & Modern Art Evening Sale in New York achieved $415,852,500/ £307,355,876.

Fine art

Sotheby’s Market Update: At $157.2 Million, Modigliani's Greatest Nude Is Also the Most Expensive Painting Ever Sold at Sotheby's

Sotheby’s

Sotheby’s documents the market development behind At $157.2 Million, Modigliani's Greatest Nude Is Also the Most Expensive Painting Ever Sold at Sotheby's. Its account reports that donovan Mitchell Was ON FIRE!

Fine art

Christie’s Market Update: Records set for Monet and Matisse in first Rockefeller evening sale

Christie’s

Christie’s documents the market development behind Records set for Monet and Matisse in first Rockefeller evening sale. Its account reports that rose Period Picasso leads as treasures from The Collection of Peggy and David Rockefeller total $646.1 million in the first evening sale of the series.

Fine Art

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