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November 2018 fine-art market intelligence

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Fine art

A 3,000-year-old Assyrian relief sells for nearly $31 million at Christie’s

artsy.net

An Assyrian gypsum relief of a Winged Genius, dating to the 9th century B.C.E., sold for $30,968,750 at Christie’s New York on October 31, 2018. The piece, once part of the Northwest Palace at Nimrud, was consigned by the Virginia Theological Seminary and attracted restitution discussions from Iraq.

Fine art

Galerie Thaddaeus Ropac now represents Judd Foundation in Europe

artnews.com

The Judd Foundation joined Galerie Thaddaeus Ropac’s roster in Europe. A solo exhibition of Donald Judd’s work, curated by Flavin Judd, will open at the gallery’s Marais space in Paris in April 2019. Major artworks by Donald Judd are on view at Ropac’s Pantin location in Paris as part of a show titled Monumental Minimal.

Fine art

results: an american place: the barney a. ebsworth collection | part one achieves $317.8 million

press.christies.com

Edward Hopper, Chop Suey, 1929 sold for $91,875,000; Willem de Kooning, Woman as Landscape, sold for $68,937,500; Jackson Pollock, Composition with Red Strokes, sold for $55,437,500. Other records were set for Arshile Gorky, John Marin, and Joseph Stel. New York sale totaled $317,801,250 with 88% sold by lot and 99% sold by value.

Fine art

A new record for Magritte in an auction that celebrated artists from the World War I era

sothebys.com

René Magritte’s Le Principe du plaisir set a new record at Sotheby’s Impressionist & Modern Art Evening Sale, achieving $26.8 million. The evening also featured works by Ludwig Meidner that reached $14.1 million, and restitution stories for Egon Schiele, Ernst Ludwig Kirchner, and Oskar Kokoschka.

Fine art

Christie’s American art sale sets records, bringing in more than $317.8 million

euronews.com

Edward Hopper’s painting Chop Suey sold for $91,875,000, a new auction record for American Art. Willem de Kooning’s Woman as Landscape sold for $68,937,500. Alexander Calder’s Hen sculpture sold for $8,412,500. Additional records were achieved by Arshile Gorky, Francis Criss, Joseph Stella, and George Tooker.

Fine art

Record-setting $91.9 million Edward Hopper sale buoyed Christie’s American Place auction total

artnews.com

Edward Hopper’s Chop Suey (1929) sold for $91.9 million, the top lot in Christie’s New York sale of American modern art, which totaled $317.8 million including fees. Other highlighted works included Georgia O’Keeffe’s Horn and Feather (1937) at $612,500 and Beauford Delaney (1942) at $372,500, with Charles Sheeler’s Cat-walk (1947) selling for $1.33 million.

Fine art

Record $91.9m sale of Edward Hopper’s Chop Suey boosts confidence at Christie’s American art sale

theartnewspaper.com

Edward Hopper’s Chop Suey sold for $85m ($91.8m with fees) at Christie's in New York, part of an evening sale totaling $317.8m including fees. The sale also featured works by Georgia O’Keeffe, Arshile Gorky, Willem de Kooning, and Calder, with overall results in line with estimates; the East Wind Over Weehawken record was surpassed by Hopper’s piece in this sale.

Fine art

Record-breaking Magritte masterpiece leads Sotheby’s $315.4 million evening sale of Impressionist & Modern Art

artsandcollections.com

René Magritte’s Le Principe du Plaisir (The Principle of Pleasure) (1937) sold for $26.9 million, a world auction record for the artist, during Sotheby’s Evening Sale of Impressionist & Modern Art. The sale opened in New York on 12 November with $111 million from 12 works from The Triumph of Colour collection, and included notable pieces such as Kandinsky improvisations and works by Maurice de Vlaminck; other highlights and private collections were also featured.

Fine art

Hopper painting sells for record $91.9 million at Christie’s

nytimes.com

Edward Hopper’s 1929 painting Chop Suey sold for $91.9 million at Christie’s, setting a new auction high for the artist. The sale was part of 91 works from the estate of Barney A. Ebsworth, with a presale estimate of $70 million to $100 million and an overall evening-session total of $317.8 million.

Fine art

Crushing decade-old auction record, 'The Businessmen' by Jacob Lawrence soars to $6.1 million, placing him among the most expensive African American artists

culturetype.com

Jacob Lawrence’s 1947 painting ‘The Businessmen’ sold for $6,169,800 (fees included) at Sotheby’s New York, setting a new artist record. The work had an estimated range of $1,500,000–$2,000,000. The sale follows Lawrence’s earlier record for ‘The Builders’ at Christie’s New York in 2007. Three African American artists, including Lawrence, Jack Whitten, and Henry Taylor, achieved new auction highs at Sotheby’s Contemporary Evening Auction on November 14.

Fine art

David Hockney painting sells for $90 million, smashing record for living artist

nytimes.com

David Hockney's 1972 painting Portrait of an Artist (Pool with Two Figures) sold at Christie's for $90.3 million with fees, setting a new auction record for a living artist. The sale also marked new highs for works by African-American artists and reflected broader inclusivity in the top end of the market.

Fine art

Hockney sets new auction record for a living artist but were strings pulled behind the no-reserve sale

theartnewspaper.com

David Hockney's Portrait of an Artist (Pool with Two Figures, 1972) sold for $80m ($90.3m with fees) at Christie's in New York, making him the most expensive living artist to date. The sale was notable for being conducted without a guarantee or reserve, contributing to a high-profile evening at Christie’s post-war and contemporary sale on 15 November, with total sales around $311.8m (or $357.6m with fees).

Fine art

David Hockney's Portrait of an Artist (Pool with Two Figures) sells for record $90.3 million

euronews.com

David Hockney's Portrait of An Artist (Pool with Two Figures) became the world's most expensive painting by a living artist when sold in New York for a record $90.3 million (€79.5 million) at Christie’s Post-War and Contemporary Art auction. The buyer’s premium pushed the final hammer price to $90.3 million after an intense nine-minute bidding process; the previous record was Jeff Koons's Balloon Dog (Orange) at $58.4 million (2013).

Fine art

David Hockney painting nets $90.3 million, smashing record for work by a living artist

artforum.com

David Hockney’s Portrait of an Artist (Pool with Two Figures), 1972, sold for $90.3 million at Christie’s New York, setting a new record for the highest price paid for a work by a living artist. The painting’s sale helped Christie’s reach a total of $358 million for the night, with other artists’ works also setting records, including Robert Colescott, Sam Gilliam, Pierre Soulages, and Philip Guston.

Fine art

Dusseldorf auction house returns Dutch seascape to heirs of Jewish art dealer Max Stern

theartnewspaper.com

Johannes Hermanus Koekkoek, Storm at Sea (1841) was returned to the heirs of Max Stern. The painting was offered for sale at Hargesheimer Kunstauktionen, and after negotiations with Frank Hargesheimer and the consignor, it was restituted to Stern’s estate; Hargesheimer compensated the consignor. Max Stern was a Jewish art dealer who fled Nazi Germany in 1938 and whose estate is now being restituted through the Max Stern Art Restitution Project.

Fine art

Lévy Gorvy to open Hong Kong gallery in March 2019

levygorvy.com

Dominique Lévy and Brett Gorvy, founders of Lévy Gorvy, announced that the gallery will open a new space in Central, Hong Kong in March 2019. The 2,500 square foot ground-floor space in the St. George’s Building will be inaugurated in conjunction with Art Basel Hong Kong. Lévy Gorvy Hong Kong will present curated exhibitions and provide bespoke private consulting, expanding the gallery’s Asian art commitment.

Fine art

Sotheby’s Market Update: Contemporary Art Brings $362 Million, As New Records Are Set for Three African-American Artists

Sotheby’s

Sotheby’s documents the market development behind Contemporary Art Brings $362 Million, As New Records Are Set for Three African-American Artists. Its account reports that otheby’s Contemporary Art auctions on 14 November got off to a smashing start with the 11 works from the Collection of David Teiger being 100% sold, bringing sales of the Teiger collection to more than $100 million to date, with more auctions to come.

Fine art

Sotheby’s Market Update: Seeing Clearly: The Collection of Judith E. Neisser

Sotheby’s

Sotheby’s documents the market development behind Seeing Clearly: The Collection of Judith E. Neisser. Its account reports that cross several decades, Judith Neisser amassed an extraordinary collection of Contemporary art that, while extensive, is defined by a remarkable attention to quality and art historical significance.

Fine Art

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