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March 2022 fine-art market intelligence

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Fine art

Russian Kandinsky painting returned to heirs of Jewish owners after WWII sale

economictimes.indiatimes.com

The 1909 Kandinsky painting Bild mit Haeusern (Painting with Houses) was sold under duress to Amsterdam's Stedelijk Museum in October 1940 and has now been transferred to the heirs of Emmanuel Lewenstein, a Jewish art collector. The settlement was announced by the city of Amsterdam after a nine-year saga.

Fine art

NPR Kandinsky painting returned to Jewish heirs, nine years after restitution dispute

mondexcorp.com

The Kandinsky painting Bild mit Häusern (Painting with Houses) was sold under Nazi pressure during World War II and has been returned to the descendants of its former Jewish owners, the Lewenstein family. The work, valued at more than $20 million, was originally bought by Amsterdam’s Stedelijk Museum director for a fraction of its value; after a long restitution process, the heirs received the painting.

Fine art

In a Market First, Christie's historic Shanghai to London sale series realises £249,070,155 / RMB 2,087,955,108 / $334,003,078 / €297,389,765A record for any evening at Christie’s London

press.christies.com

The press release reports that Christie's Shanghai to London sale series realized £249,070,155, RMB 2,087,955,108, $334,003,078, and €297,389,765, marking a record for any evening at Christie’s London. It highlights records for Franz Marc’s The Foxes (Die Füchse) and Francis Bacon’s Triptych 1986-7, and notes sell-through rates of 90% by lot and 93% by value, within the context of a first-of-its-kind relay auction between Shanghai and London.

Fine art

Magritte breaks auction record at Sotheby’s London sale

theartnewspaper.com

René Magritte’s 1961 L’Empire des lumières sold for £51.5m (£59.4m with fees), setting a new auction record for the Belgian Surrealist. The sale was part of Sotheby’s Modern and Contemporary evening auction in London, which totalled £221m across two parts.

Fine art

Rene Magritte painting sells for record auction price at Sotheby’s

artnews.com

René Magritte's L’empire des lumières (1961) sold for £59.4 million ($79.8 million) at Sotheby’s in London, setting a new auction record for the Belgian Surrealist. The sale beat Magritte's previous record of $26.8 million and occurred during an in-house guaranteed evening sale, with bidding starting at £40 million and finishing at £51.5 million.

Fine art

Powered by a restituted Franz Marc, Christie’s inaugural Shanghai to London sale brings in a sterling $334 million

news.artnet.com

Franz Marc’s The Foxes (1913) sold for £42.7 million ($57 million) to a phone bidder, setting a record for the artist. Lucian Freud’s Girl With Closed Eyes (1986–87) fetched £15.2 million ($20.2 million), and Francis Bacon’s Triptych 1986–87 sold for £38.5 million ($51.3 million). The sale total was just over £249 million ($334 million), within presale estimates, with a 90 percent sell-through rate.

Fine art

Record-Breaking Magritte leads Sotheby’s $297 m. London sale

artnews.com

René Magritte’s L’empire des lumières (1961) led Sotheby’s London sale with a price of £59.4 million ($79.8 million), setting a new auction record for the Belgian Surrealist. The Sotheby’s sale total was £221.4 million ($297.2 million) with 66 of 74 lots sold. Other record setters included Shara Hughes, Flora Yukhnovich, Hilary Pecis, and Robert Nava.

Fine art

Sotheby’s London sale tops $297.2 million led by Magritte record

news.artnet.com

Sotheby’s London spring sales totaled £221.4 million ($297.2 million) with René Magritte’s L’empire des lumières (1961) selling for £51.5 million, later rising to £59.4 million with fees. Alex Branczik, Sotheby’s Modern and Contemporary chair in Asia, oversaw the sale, which included a broader 53-lot Modern and Contemporary evening sale after a separate ultra-contemporary session, within presale estimates of £170.4 million–£223.3 million.

Fine art

Appeals court sides with Phillips in dispute with Chinese collector over auction of Gerhard Richter fighter jet painting

theartnewspaper.com

The Art Newspaper reports that the appeals court upheld a 2021 decision in Phillips’ favor in a dispute with Chinese collector Zhang Chang over Gerhard Richter’s 1963 painting Düsenjäger, following a complex litigation saga dating back to 2015. The case involves Zhang’s purchases at Christie’s and Phillips and related loans and guarantees.

Fine art

Picasso bronze deaccessioned by the Metropolitan Museum could bring $30m at Christie’s

theartnewspaper.com

Picasso’s first Cubist sculpture, Tête de femme (Fernande), deaccessioned by the Metropolitan Museum of Art, is to be auctioned at Christie’s in New York, with an expected price around $30 million. The work was donated as part of Florene M. Schoenborn’s bequest and is one of two casts the Met reportedly has; Christie’s will show it in Hong Kong and London before the May sale in New York.

Fine art

This Picasso sculpture deaccessioned by the Met could fetch $30 million

robbreport.com

The Metropolitan Museum of Art in New York is deaccessioning a 1909 bronze cast titled Tête de femme (Fernande) by Pablo Picasso, with an estimated value around $30 million to be sold at Christie’s in New York. The sale will benefit acquisitions for the Met’s permanent collection, with a duplicate version retained by the museum and donated by Leonard Lauder.

Fine art

Pablo Picasso’s first cubist sculpture, Tête de femme (Fernande), will highlight Christie’s New York 20th Century Evening Sale

press.christies.com

Pablo Picasso’s Tête de femme (Fernande), the first major sculpture by Picasso, will be a highlight of Christie’s New York 20th Century Evening Sale in May at Rockefeller Center. The sculpture is a deaccessioned work owned by The Metropolitan Museum of Art and is being offered to benefit future acquisitions for the Museum’s collection; the estimated price is in the region of $30,000,000.

Fine art

Picabia hits auction record in Sotheby’s first Surrealism sale

artnews.com

Francis Picabia’s Pavonia (1929) led Sotheby’s first Surrealism sale in Paris, selling for a hammer price of €8.5 million (€10 million with premium). The sale totaled €33 million with premium across 23 lots, achieving a near-sell-through rate. Other notable prices included Hans Arp’s L’O et l’U de l’oiseau (1928) at €3.4 million (€2.7 million hammer).

Fine art

Christie’s historic Shanghai to London sale series achieves total figures across multiple currencies

salonprivemag.com

The Christie’s Historic Shanghai to London sale series reports a combined total of £249,070,155, RMB 2,087,955,108, $334,003,078, and €297,389,765, with strong sell-through rates and global bidder participation. Notable lots include Franz Marc’s The Foxes, Francis Bacon works including Triptych 1986-7 and a surreal Picasso, as well as Lucian Freud pieces; Shanghai’s Bund One sale also contributed RMB 222,030,200.

Fine art

An Andy Warhol portrait of Marilyn Monroe may sell for a new world record

architecturaldigest.com

The article discusses Andy Warhol's Marilyn Monroe portrait Shot Sage Blue Marilyn, noting Christie’s estimate of at least $200 million and the possibility of setting a new world record for artwork sold at auction. It references the work’s limited run of five Marilyn portraits from 1964 and includes quotes from Johanna Flaum of Christie’s and Patrick Moore of the Andy Warhol Museum.

Fine art

An unassuming Chardin strawberry painting fetches a record‑shattering €24.4 million with premium at Artcurial

news.artnet.com

Jean-Baptiste-Simeon Chardin’s The Basket of Wild Strawberries sold at Artcurial in Paris for €24.4 million ($26.8 million) with premium, setting a new auction record for the artist. The buyer was New York dealer Adam Williams, and the result surpassed the prior auction record for a Chardin and marked a record for any 18th‑century French painting sold at auction.

Fine art

Christie’s Latin American Art sale totals $27.7 million

salonprivemag.com

Christie’s Latin American Art sale totaled $27,741,240 with 82% sold by lot and 138% hammer above the low estimate. The top lot was Fernando Botero’s Man on a Horse, which realized $4,320,000, and Diego Rivera’s La bordadora brought $4,140,000. Other notable results included Tomás Sánchez’s Llegada del caminante a la laguna ($1,800,000) and Rufino Tamayo’s Personajes en la sombra ($882,000).

Fine art

Sweet success for Chardin’s record-breaking strawberry painting selling at €24 million (£20 million)

artlawandmore.com

Jean-Siméon Chardin’s painting of a stack of strawberries sold for €24 million (£20 million) with fees at Artcurial in Paris, exceeding the artist’s auction record. The work, The Basket of Wild Strawberries, painted in 1761, was previously associated with Eudoxe Marcille and his descendants, and its sale established a new auction record for an eighteenth-century French painting.

Fine art

Christie’s lands the coveted art collection of late philanthropist Anne Bass, which could fetch $250 million in May

news.artnet.com

The article discusses Anne H. Bass's death in 2020 and her collection of 19th- and 20th-century masterworks to be auctioned by Christie’s for an estimated total of $250 million. Highlights include works by Edgar Degas, Claude Monet, and Mark Rothko, with top pieces like Rothko’s Untitled (Shades of Red) (1961) and No. 1 (1962), and Monet canvases Le Parlement, soleil couchant (1903), Nymphéas (1907), and Peupliers au bord de l’Epte (1891). The sale is scheduled for the week of May 9 in New York, consigned by Bass’s daughters Hyatt and Samantha Bass, and will compete with Sotheby’s Macklowe trove for a combined headline moment in the season.

Fine art

Christie’s Market Update: ["Christie’s To Offer Andy Warhol’s Legendary Shot Sage Blue Marilyn - Christie's", 'Christie’s To Offer Andy Warhol’s Legendary Shot Sage Blue Marilyn']

Christie’s

Christie’s documents the market development behind ["Christie’s To Offer Andy Warhol’s Legendary Shot Sage Blue Marilyn - Christie's", 'Christie’s To Offer Andy Warhol’s Legendary Shot Sage Blue Marilyn']. Its account reports that new York – Christie’s is honored to announce Shot Sage Blue Marilyn by Andy Warhol will lead its Marquee Week of sales in May.

Fine art

Christie’s Market Update: ["CHRISTIE'S UNVEILS FIRST HIGHLIGHTS FROM THE HUBERT DE GIVENCHY COLLECTION &ANNOUNCES INTERNATIONAL EXHIBITION TOUR - Christie's", "CHRISTIE'S UNVEILS FIRST HIGHLIGHTS FROM THE HUBERT DE GIVENCHY COLLECTION &ANNOUNCES INTERNATIONAL EXHIBITION TOUR"]

Christie’s

Christie’s documents the market development behind ["CHRISTIE'S UNVEILS FIRST HIGHLIGHTS FROM THE HUBERT DE GIVENCHY COLLECTION &ANNOUNCES INTERNATIONAL EXHIBITION TOUR - Christie's", "CHRISTIE'S UNVEILS FIRST HIGHLIGHTS FROM THE HUBERT DE GIVENCHY COLLECTION &ANNOUNCES INTERNATIONAL EXHIBITION TOUR"]. Its account reports that paris \- Christie's unveils the first major works from Hubert de Givenchy's collection.

Fine art

Christie’s Market Update: ["Christie’s Historic Shanghai to London Sale Season Realised a Combined Total of£282,523,743 / RMB 2,365,820,207 / $378,453,843 / €337,559,649 - Christie's", 'Christie’s Historic Shanghai to London Sale Season Realised a Combined Total of£282,523,743 / RMB 2,365,820,207 / $378,453,843 / €337,559,649']

Christie’s

Christie’s documents the market development behind ["Christie’s Historic Shanghai to London Sale Season Realised a Combined Total of£282,523,743 / RMB 2,365,820,207 / $378,453,843 / €337,559,649 - Christie's", 'Christie’s Historic Shanghai to London Sale Season Realised a Combined Total of£282,523,743 / RMB 2,365,820,207 / $378,453,843 / €337,559,649']. Its account reports that christie’s regularly leads the auction world in market share across numerous categories, with record-breaking sales and a focus on great collections.

Fine art

Phillips’ 20th Century & Contemporary Art Evening Sale Achieves £30 Million

Phillips

Phillips’s preserved release documents Phillips’ 20th Century & Contemporary Art Evening Sale Achieves £30 Million and details the principal works, sale terms, or market results.

Fine art

Phillips to Donate 100% of its Buyer’s Premium and Vendor’s Commission from its 20th Century & Contemporary Art Evening Sale to Benefit the Ukrainian Red Cross Society

Phillips

Phillips’s preserved release documents Phillips to Donate 100% of its Buyer’s Premium and Vendor’s Commission from its 20th Century & Contemporary Art Evening Sale to Benefit the Ukrainian Red Cross Society and details the principal works, sale terms, or market results.

Fine Art

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