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May 2024 fine-art market intelligence

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Fine art

Osthaus Museum Hagen restitutes Renoir to heirs of Jakob Goldschmidt

openartdata.org

Jakob Goldschmidt (1882-1955) was a prominent Weimar-era banker who fled Nazi Germany; his art collection was auctioned in 1941. The Renoir painting Blick von Haut Cagnes aufs Meer (View of the Sea from Haut Cagnes) ended up in the Berg collection and was transferred to Osthaus Museum Hagen, which now restitutes it to the heirs of Jakob Goldschmidt.

Fine art

Phillips's evening auction in New York posts $72.3 million, aided by two fresh Basquiat paintings

theartnewspaper.com

Phillips's New York evening sale brought in $72.3 million ( $86.2 million with fees) for Modern and Contemporary art, falling short of its $75.9 million to $110.3 million estimate. Two Basquiat works contributed to the result, while Milton Avery and Pablo Picasso pieces were withdrawn from the auction before bidding.

Fine art

Christie’s New York sales reach $94.6 million despite cyberattack and star lot withdrawal

theartnewspaper.com

The Art Newspaper reports that Christie’s in New York ran back-to-back 21st-century evening sales, including a dedicated Rosa de la Cruz collection sale and a 21st-century sale, achieving a hammer total of $94.6 million ($114.7 million including fees) with six withdrawn lots reducing potential proceeds; the event occurred amid a cyberattack incident affecting Christie’s digital services.

Fine art

Christie’s 21st‑Century and de la Cruz sales tally $114.7 million

artnews.com

Christie’s New York sales of 21st‑century art and the de la Cruz collection totaled $114.7 million. The event featured records for Diane Arbus, Felix Gonzalez‑Torres, Reggie Burrows Hodges, Ana Mendieta, and Martin Wong, though overall results were uneven amid market headwinds.

Fine art

Restitution of two paintings by Renoir and Sisley looted during the Occupation

nesslihitnews.com

The article reports that the Ministry of Culture will restitute two paintings, Caryatids by Auguste Renoir (1909) and Barges by Alfred Sisley (1870), to the beneficiaries of Grégoire Schusterman, a Jewish gallery owner looted during the Occupation. The CIVS deemed the sales forced under anti-Semitic persecution, leading to restitution recommendations; the works were recovered and moved through French national recovery museums before potential return to heirs.

Fine art

$13 million lights: see the art that sold in the de la Cruz auction

wlrn.org

Artist Felix Gonzalez-Torres, Peter Doig, Hernan Bas, and Jim Hodges are mentioned in relation to works sold in the de la Cruz Collection auction by Christie’s, which brought in $34 million; the standout piece was Felix Gonzalez-Torres’s Untitled (American #3) selling for $13,635,000 including fees to the Pola Museum of Art, Hakone, Japan.

Fine art

Sotheby’s modern evening sale yields $235 million led by Monet, Carrington, Magritte and Calder

artnews.com

Claude Monet's Meules à Giverny (1893) sold for $38.4 million as part of Sotheby’s modern evening sale, which totaled $235 million. The sale also featured Leonora Carrington's Les Distractions de Dagobert (1945) at $28.5 million with fees, with bids from multiple parties and several works withdrawn or undershooting estimates. Other notable artists mentioned include René Magritte and Alexander Calder, with Calder’s Blue Moon (1962) described in detail.

Fine art

By the numbers: a breakdown of results from Christie’s 20th-century evening sale, May 2024

news.artnet.com

David Hockney’s A Lawn Being Sprinkled (1967) sold for $28.6 million. Top seller was Andy Warhol’s Flowers (1964) at $30.5 million hammer ($35.5 million with fees). Other highlights include total sales after fees of $413.3 million, hammer total of $346.5 million, lots on offer 64, lots sold 58, sell-through rate 90.6% (95.1% after withdrawals).

Fine art

Leonora Carrington and Joan Mitchell lead exceptional results for women artists

sothebys.com

Leonora Carrington and Joan Mitchell lead exceptional results for women artists, with Carrington's Les Distractions de Dagobert selling for $28.5 million and Mitchell's Noon and other works contributing to strong totals across the week. Joan Mitchell’s quartet of works, led by Noon, realized $45.2 million with a 100% sell-rate. The Modern Evening Auction saw Carrington set a new auction record, surpassing her previous record of $3.3 million.

Fine art

Christie’s Spring Marquee Week totals $640 million | highest total of the season

press.christies.com

Christie’s Spring Marquee Week totals $640 million. Rosa de la Cruz Collection & 21st Century Evening Sale total $114.7 million; 20th Century Evening Sale total $413.3 million; Post-War & Contemporary Art Day Sale total $75.1 million; Impressionist & Modern Art Works on Paper and Day Sales total $37 million.

Fine art

Renoir and Sisley paintings returned to heirs of Jewish art dealer

news.artnet.com

Renoir's Cariatides (1909) and Sisley's Barges (1870) were restituted to eleven beneficiaries of Grégoire Schusterman. The sale in 1941 was deemed a forced sale under Nazi occupation, and the restitution was announced at a ceremony in Paris on May 16, 2024.

Fine art

Achieving $640 million and counting, Christie’s 20th/21st Century Art sales lead the market

christies.com

Christie’s New York concluded six live 20th/21st Century Art sales during its spring marquee week, led by the 20th Century Evening Sale, the 21st Century Evening Sale and The Rosa de la Cruz Collection Evening Sale, realizing a combined total of $640,219,290 with strong sell-through. The week highlighted works by Andy Warhol, Vincent van Gogh and David Hockney, and saw eight records set for artists including Felix Gonzalez-Torres, Ana Mendieta, Martin Wong, Diane Arbus, René Magritte and Alexander Archipenko, plus notable collections such as Norman and Lyn Lear and Rosa de la Cruz. One notable sale was Warhol’s Flowers (1964) which sold for $35,485,000 in the 20th Century Evening Sale.

Fine art

Nelson-Atkins Monet painting sold at auction

nelson-atkins.org

The Nelson-Atkins Museum of Art announced that Claude Monet's Mill at Limetz, 1888, sold at Christie’s in New York on May 16 for $21,685,000. The painting was a partial gift to the museum in 1986 by Ethel B. Atha, with proceeds funding a new endowment to support future acquisitions.

Fine art

Phillips’s Modern and Contemporary Art Auction May 2024 shows strong results despite withdrawals

tnamag.xyz

Jean-Michel Basquiat’s Untitled (ELMAR) (1982) led the sale with $46.5 million and another Basquiat piece, Untitled (Portrait of Famous Ballplayer) (1981), sold for $7.9 million. Record auctions included Kent Monkman’s The Storm (2020) at $381,000, Martin Wong’s Portrait of Mikey Piñero at Ridge Street and Stanton (1985) at $1.6 million, Diane Arbus’s Identical Twins (Cathleen and Colleen), Roselle, New Jersey (1966) at $1.2 million, and Reggie Burrows Hodges’s In the Service of Others (2019) at $882,000. Withdrawn lots included Pablo Picasso’s Buste de femme au chapeau (1962) and Milton Avery’s Sunset Sea (1958), which influenced presale estimates by reducing the low end from $90 million to $75 million.

Fine art

Collector Ron Perelman sold $963m worth of art to pay off debt

theartnewspaper.com

Ron Perelman sold 71 artworks by 25 artists, including Basquiat, Twombly, Giacometti, Warhol, Marden, and Lichtenstein, totaling $963.3 million between March 10, 2020 and January 10, 2022 to pay creditors; about $910.3 million went to creditors.

Fine art

Spain unveils lost Caravaggio that nearly sold for a song

straitstimes.com

The Straits Times reports that a painting titled Ecce Homo, attributed to Caravaggio, was unveiled at Madrid's Prado museum after initially being misattributed and nearly auctioned for €1,500. The Prado asserted it is a genuine Caravaggio, and the work will be on display in a nine-month exhibition titled The Lost Caravaggio.

Fine art

Jean-Michel Basquiat leads Phillips 26.89m modern & contemporary art evening sale in Hong Kong

heni.com

Jean-Michel Basquiat’s Native Carrying Some Guns, Bibles, Amorites on Safari (1982) sold for $12.63m at Phillips Modern & Contemporary Art Evening Sale in Hong Kong, part of a $26.89m total. The sale had an 88% sell-through rate across 26 lots, with 23 works sold totaling $26.89m, and Basquiat’s lot was guaranteed and 9% above its low estimate of $11.54m.

Fine art

What the auction withdrawal of a $30 million Brice Marden painting reveals about the art market

news.artnet.com

Brice Marden’s Event (2004–07) was withdrawn from Christie’s sale, with an estimate of $30 million to $50 million. The piece, marketed for two months, was tied to consignor Richard Schlagman and benefited from Christie’s guarantee despite the withdrawal. The article discusses broader market conditions and the practice of pre-sale withdrawals.

Fine Art

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