In recent art world news, a painting by Leonardo da Vinci, Salvator Mundi (circa 1500) sold for $450.3 million on Wednesday evening at Christie’s postwar and contemporary art auction.  The sale of the rare masterpiece painting made history as the most expensive art market transaction of all time.  The work is believed to be the last painting by the renowned Renaissance artist in private hands.  Alex Rotter, Christie’s co-chairman of postwar and contemporary art for the Americas, represented the unidentified winning bidder on the phone after a nearly 20-minute bidding session that included five bidders (four on the phone and one in the room).

The previous highest art market transaction was recorded back in 2015 with the $300 million sale of Willem de Kooning’s Interchange (1955) purchased by Kenneth Griffin from David Geffen.

The Leonardo da Vinci lot accounted for more than half of the total sales at the evening auction, which came to an impressive $788.9 million.  The auction had a “respectable” sell-through rate of 84 percent.

After Wednesday evening’s history making sale at Christie’s, this begs the question from the art world as to whether there is no longer a ceiling in the sale of valuable works of art.  For thoughtful commentary on this, see “After Leonardo’s Sky-High Sale, the Art World Asks, Is There Still a Ceiling?” published online by the New York Times on November 16, 2017.

 

Massachusetts Appeals Court Justice, Joseph A. Trainor, granted a motion for an injunction on the sale of important works of the Berkshire Museum.  The auction was to be hosted by Sotheby’s this week. The controversial injunction was entered two weeks after Judge John A. Agostini of Massachusetts’ Superior Court held that the Board of Trustee’s of the Berkshire Museum was permitted to pursue its plan to raise $50 M through the sale of art.

Justice Trainor entered his decision after the Massachusetts Attorney General, Maura Healey, filed an appeal three days before the scheduled auction. The Massachusetts Attorney General based her last minute appeal on the fact that the lower court did not consider, among other things, that the planned deaccession of important works would violate the museum board’s duties under its museum charter.

The museum’s controversial sale was to include the sale of two famous Norman Rockwell paintings – Shuffleton’s Barbershop and Shaftesbury Blacksmith Shop. Sotheby’s announced that it was disappointed that the Massachusetts Attorney General had decided to appeal, and that Justice Trainor entered the injunction.  The Board of Trustees of the Berkshire Museum has been fighting Margaret Rockwell, who represents the family of Norman Rockwell as well as other dissatisfied museum members.

In recent art world news, a never before auctioned work, Contraste de forms (1913), by French artist Fernand Léger is to lead Christie’s Impressionist and Modern Art evening auction in New York this fall.  The vibrant abstract painting is estimated to sell for $65 million, which would be a new record for the artist if sold.  The work has been in the family of art collector Hans Arnhold since the 1950s and has never been auctioned.  The previous record for a Léger work was set with the sale of La femme en bleu (study) (1912-13) for $39.2 million in New York in 2008.

The work is considered among the greatest Léger works still in private hands with its bold intensity.  According to Conor Jordan, deputy chairman of Impressionist and Modern Art at Christie’s,

[e]xecuted just months before the First World War, Contraste de forms, with its groundbreaking abstract conception and its thrillingly preserved physical state, is without question a major work of Modern Art.”

The Anna-Maria and Stephen Kellen Foundation consigned the groundbreaking work with the proceeds to go toward supporting the non-profit’s philanthropic mission.  Anna-Maria Arnhold Kellen was the daughter of Hans Arnhold.

As for the work’s provenance, the painting was initially acquired by prominent Parisian dealer Daniel-Henry Kahnweiler after its completion.  Hans Arnhold purchased it from Galerie Rosengart in Lucerne, Switzerland in 1956.  The work was passed on to Arnhold’s daughter and her husband, who was a New York banker, and remained in the family until the death of Anna-Maria Kellen in April 2017 at the age of 98.

Christie’s Impressionist and Modern Art evening auction is set for November 13, 2017 at the auction house’s New York City headquarters.

 

In recent art world news, Christie’s fetched $130 million during its recent postwar and contemporary art auction at its Kings Street salesroom in London last Friday evening achieving a solid sell-through rate of 83 percent.  However, the sale was defined by a single high profile lot that failed to sell and accounted for “one of the most notable pricing miscalculations in recent auction memory.”

The work was Francis Bacon’sStudy of Red Pope 1962.2nd Version 1971,” which was marketed with an on-request estimate of $78.4 million to $104.5 million, and would have been the most expensive artwork ever sold at auction in Europe if sold last Friday.  Unfortunately, the lot flopped as the auction house could not find a buyer in the above estimate range.

However, another Francis Bacon painting entitled “Head with Raised Arm” (1955), which resembles one of the artist’s popes during a moment of reflection, did find a buyer.  The work sold for about $15 million (with buyer’s premium) just above its high estimate of $13 million.  The work was unveiled for the first time in more than half a century.  According to writer, art historian and curator Michael Peppiatt, “Bacon’s Popes are not only the centrepiece of all his paintings in the 1950s, but a centrepiece of the whole of 20th-century art.”

It will be interesting to see if Bacon’s “Study of Red Pope 1962.2nd Version 1971” can find a buyer in any future auction sale within the above estimate range.

In recent art world news, a painting by the late figurative artist Francis Bacon that has been in a private collection for the past 45 years and never loaned could become the most expensive art work ever sold at auction in Europe when it is set to be sold at Christie’s London on October 6, 2017.  The painting entitled “Study of Red Pope 1962. 2nd Version 1971” has an estimate of around £60 million ($81 million).

The painting was exhibited at the Bacon retrospective at the Grand Palais in Paris in 1971, then in Dusseldorf the next year, before vanishing from public view.  The family of the present owner acquired the work in 1973.

Christie’s believes the painting could set a new record for a work of art sold at auction in Europe and will likely surpass the £65 million ($104.3 million) record fetched for Giacometti’s “Walking Man I” bronze sculpture in 2010.  (The winning bid for that work was £58 million with the final amount including the buyer’s premium).  If the painting obtains its £60 million estimate, the work will fetch around £67 million ($90 million) with the buyer’s premium.

The work will not be the most expensive Bacon painting ever sold at auction – that record is currently held by “Three Studies of Lucian Freud” (1969), a triptych that fetched $142.4 million in New York in 2013.

The painting is set to go on display at Christie’s London beginning September 30 before next month’s October 6 sale.

 

Norman Rockwell is as famous as apple pie for his iconic depictions of American life.  Once shunned by the art world as an ordinary illustrator, Rockwell’s saccharine vignettes are now prized paintings.

The recent auction sale of a painting of three umpires for $1.6M USD at auction reveals that even mere studies by the artist are valuable. Research of his works prior to the auction at Heritage Auctions (an internet based auction gallery that is headquartered in Dallas, Texas with showrooms all over the country), revealed that Rockwell, best known as The Saturday Evening Post cover artist, created the painting of three umpires in the rain as a study (16 in. x 15 in. oil on paper) for his iconic 1949 magazine cover entitled Tough Call. The original painting also known as Game Called Because of Rain, Bottom of the Sixth, or The Three Umpires is in the National Baseball Hall of Fame.

Although thought to be a print, luckily, additional analysis of the work was conducted and its status as an original work by Rockwell was established. The painting, which had been given by the artist himself to John “Beans” Reardon, one of the umpires depicted in the painting, remained in Reardon’s family until the auction gallery was contacted regarding the potential sale of sports memorabilia.

Iconic film directors and friends, George Lucas and Steven Spielberg, have been enthusiastic collectors of Rockwell for decades. Notably, in 2016, Lucas donated $1.5M USD to the Norman Rockwell Museum, which facilitated a traveling art exhibition of the museum’s work. The highest grossing Rockwell painting at auction, Saying Grace (1951), was sold in 2013 for over $46 M USD (over twice the high estimate).

It was reported that Lucas was the purchaser of the $46M Rockwell, which was to be showcased in his forthcoming Lucas Museum for Narrative Art.  However, Saying Grace is not represented on the Lucas museum’s website.  Earlier this year, Lucas received unanimous approval for his $1B museum to be built in Exposition Park in Los Angeles, California. The museum will open in 2021. Lucas intends for his museum to “be a barrier free museum where artificial divisions between “high” art and “popular” art are absent, allowing you to explore a wide array of compelling visual storytelling.”

I wonder if Albert C. Barnes were alive today whether he would support Lucas’ vision.

 

 

In March 2016, a US auction gallery sold an Old Master oil painting (a sketch of an old woman) for $27,000. The sale price was nearly double the high auction estimate of 15,000.  However, when the same painting was recently sold by Sotheby’s London in a July 2017 sale as an authentic Peter Paul Rubens, it achieved a hammer of £416,750 (close to $550,000 USD), which is nearly 20 times the original purchase price.

It has been reported that the appraisers at Sotheby’s London relied on certain clues to authenticate painting and attribute to Peter Paul Rubens himself. For example, Rubens had painted this old lady before, and there were examples of Rubens work with the old women at the Museum of Fine Arts in Boston and the Lichtenstein museum.  Interestingly, the work was consigned to Sotheby’s after it had been properly cleaned and restored. The restoration work revealed that the sketch had been overpainted, and this overpainting is likely the reason why the work was not properly attributed in the first place.   Importantly, this is not the first time an authentic Rubens was late discovered. In 2015, a portrait deaccessed by the Metropolitan Museum of Art was later determined to be an authentic Rubens and fetched $626,500 at auction (over 20 times its original high estimate of $30,000).

As the Washington Post reports, authentic Rubens are valuable – even if they are mere sketches and not final oil portraits. Rubens value has increased. For example, last year a Rubens painting, Lot and his Daughters, set a new record for an Old Masters sale fetching £44.8 million ($58.1 million USD).

Unfortunately, the value and popularity of Rubens make his Old Master works a prime target for forgery. This heightened concern can move an appraiser to conservatively attribute paintings to “school/student/studio of” an Old Master rather than the Old Master himself.  This recent Rubens auction sale demonstrates that sometimes the caveat emptor/buyer beware mantra can benefit the buyer in more ways than one. In this case, taking the extra step to invest in restoration and cleaning paid off exponentially for the original auction buyer.

In recent art world news, earlier this month the Castello di Rivoli Museum of Contemporary Art of Turin, Italy announced an agreement with the Fondazione Francesco Federico Cerruti per l’Arte to maintain and display the impressive but largely unknown private collection of the late Francesco Federico Cerruti of 13th– to 20th-century treasures.  Cerruti was a reclusive Italian art collector and entrepreneur whose collection was regarded as one of the best in Europe.

The collection has been valued at $570 million to $600 million by Sotheby’s in 2015 and includes masterworks by Francis Bacon, Giorgio de Chirico and Jacopo Pontormo.  The collection is on permanent loan to the museum and is planned to be the centerpiece of a museum expansion scheduled to open to the public in January 2019.

Cerruti’s collection, amassed over seven decades, includes about 300 paintings and sculptures, 200 rare and ancient books, including fine hand-bound editions, and 300 pieces of furniture and other decorative works.  Cerruti owned some exceptional works, including Bacon’s canvas “Study for a Portrait IX” (1957), a postwar highlight, Amedeo Modigliani’s “Woman in a Yellow Dress (La Belle Espagnole)” (1918), and a group of five rare “Metaphysical” (1910) oil paintings by de Chirico.

When purchasing art in Italy, Cerruti benefited from “a Mussolini-vintage regulation prohibiting the permanent export of artworks more than 50 years old officially designated as having cultural interest.  These works could not be sold on the international market.”  The late Cerruti was from a generation that did not buy 21st-century art.

The Cerruti collection represents a “rare case of a contemporary-art museum incorporating an encyclopedic and historical art trove.”  The museum intends to integrate works from the collection into its changing displays of contemporary art instead of keeping old and new works separate.

 

A recent trial in the High Court in London has highlighted a few notable truths about doing business in the art world.

The trial centers around a commission allegedly owed to the famous Swiss auctioneer Simon de Pury, who claims to be owed a $10 million commission from the sale of Paul Gauguin’s 1892 oil painting “Nafea Faa Ipoipo (When Will You Marry)?”   There was no written agreement for the alleged commission and the deal took two years to complete.

The painting sold for $210 million in 2014, but was initially reported to have been sold for $300 million.  Had the painting been sold for $300, it would have been the most expensive sale known for a piece of fine art.

Indeed, from these facts alone, we can glean certain truths about art transactions.

First, art transactions are often done under a cloak of privacy, and the information that the public receives about the price of art may be incorrect.  With the disclosures made in the lawsuit, we now know that the sale of the Gauguin would rank third – not first —  in the highest grossing sales of art ever, behind Willem de Kooning’s 1955 painting “Interchanged” with a reported sale price of $300 million in 2016, and Cézanne’s “Card Players” with a reported sale price of $250 million in 2011, according to the New York Times.

Second, many transactions and the lucrative commissions that accompany them are often done on a handshake.  While this may be surprising to those who are unfamiliar with such transactions, the art world continues to operate on an old-fashioned, familiar basis.

Third, art transactions are often complex.  The two year time frame of this transaction reflects what was likely significant due diligence by the parties to the transaction, not surprising when one considers the amount of money at stake.

A Jackson Pollock painting possibly worth over $15 Million was found in a garage in Arizona among other knick-knacks and memorabilia. The painting was located because the homeowner was downsizing and moving to a retirement facility. During the move, a friend spotted a signed L.A. Lakers poster believed to be of value, which prompted review of other items in the garage. The sports poster was determined to be only worth $300 (actually not a bad value for a modern-day poster, which generally does not retain value). In contrast to the poster, the Pollack was taken back to the auction gallery for further examination. After feverishly researching the provenance in an effort to determine how the Pollack could end up in Arizona (where regional southwestern art is king), the appraiser/auctioneer involved, Josh Levin of J. Levine Auction & Appraisal, found a link from the Arizona owner to his half-sister, Jenifer Gordon Cosgriff, who was a New York Socialite.  After tireless research, it has been determined that the painting is a missing Pollack gouache. In regard to authentication, the auction gallery indicates that the forensic report states that “no pigments or binding media introduced in the late 1950s and 1960s have been detected.” Reports indicate that since  the painting was removed from storage it has been restored.  The painting will go to the auction block next week in Scottsdale, AZ with a reported starting bid of $5 Million.