In recent art world news, British artist David Hockney’s iconic painting “Portrait of an Artist (Pool with Two Figures)” (1972) set an auction sale record for a living artist when it sold for an astonishing $90.3 million in mid-November at Christie’s in New York.  Previously, American artist Jeff Koons’ steel sculpture “Balloon Dog (Orange)” (1994-2000) held the auction sale record for a living artist when it sold for $58.4 million in November 2013 at Christie’s in New York.

The masterwork blends two of Hockney’s overriding themes from the late 1960s and 1970s, “the glittering abstraction of the pool from his swimming pool landscapes and the emotional complexity of his double portraits.”  It appears at first that the painting depicts the idyllic Los Angeles moment, but the scene is actually in the south of France, not the Hollywood Hills, and the pool is from British filmmaker Tony Richardson’s villa there.

According to Christie’s, the sale of Hockney’s painting generated much advance excitement.  The auction house was packed, despite a New York snowstorm, with art collectors, advisors, dealers and media filling both the main sale room and an overflow room as 600 people seated and 60 more standing watched the iconic work go up on the auction block.  Christie’s estimated that the painting would sell for about $80 million.  A bidding war went on for over nine minutes (considered very long in auction terms) until the painting was sold.  The auction house won’t reveal the identity of the winning bidder.

Earlier this year, in May, Hockney’s “Pacific Coast Highway and Santa Monica” (1990) sold at Sotheby’s in New York for $28.5 million, which set a new personal auction record for the artist at the time.  The recent $90.3 million sale more than triples the artist’s record.  “Portrait of an Artist (Pool with Two Figures)” is an older and seminal work, which accounts for the much higher sum it fetched.

It will be interesting to see if any future sales of Hockney works will surpass the artist’s new impressive auction sale record for a living artist.

 

In recent art world news, as an update to our recent post on the fall sale of American works from the $300 million Barney Ebsworth collection, the highly anticipated sale of American modern art occurred earlier this week and fetched $317.8 million at Christie’s New York.  A number of artist records were set at Tuesday evening’s auction, including one for Edward Hopper’s masterpiece “Chop Suey” (1929), which sold for $91.9 million (with buyer’s premium) and more than doubled the artist’s previous record.

All of the 42 lots offered for sale were backed either by auction house guarantees or third party guarantees in which third parties receive a financial incentive for assuming the risk.  The divide consisted of 34 lots backed by Christie’s and eight by third parties.  Of the 37 lots sold (five lots failed to sell), 20 fetched more than $1 million—of those, six sold for more than $10 million and three surpassed $50 million (in addition to Edward Hopper’s “Chop Suey”, Willem de Kooning’s “Woman as Landscape” (1954-55) sold for $68.9 million and Jackson Pollock’s “Composition with Red Strokes” (1950) sold for $55.4 million).

The sale prices of the three featured works by Hopper, de Kooning, and Pollock, set forth above exceeded the earlier reported estimates ($70 million, $60 million, and $50 million) for each respective work.

 

 

In recent art world news, Sotheby’s announced that England-based street artist Banksy’s iconic Girl With Balloon (2006), which infamously shredded itself moments after being sold at auction in London earlier this month, has been officially sold to an unidentified art collector who has decided to go through with the purchase.  Sotheby’s added that the partially shredded work is actually a new work, entitled Love Is In The Bin (2018), and such new work will be added to the buyer’s art collection.  Banksy’s authentication body, Pest Control, has issued a certificate for the new work.

Banksy’s Girl With Balloon was shredded (by a shredder built into the frame) via remote control by a person in the salesroom immediately after being sold at auction for $1.4 million.  This has sparked a debate as to whether the destruction was staged and whether the auction house was involved in the artist’s prank.  Banksy’s longtime agent, Steven Lazarides, said the artist likely had not cooperated with Sotheby’s as “[h]e’s not going to collude with an institution.”

Sotheby’s head of contemporary art, Europe, Alex Branczik, said in a statement that “Banksy didn’t destroy an artwork in the auction, he created one.”  Branczik called the destruction of the work a “surprise” and added that Love Is In The Bin is “the first artwork in history to have been created live during an auction.”

The auction house had recently shown Love Is In The Bin at its London galleries.  Sotheby’s concluded its media release with the following statement:

Banksy has a history with pranking art establishments, having previously pulled stunts in the Louvre, Tate Britain, the British Museum, the Museum of Modern Art, the Metropolitan Museum of Art and the Natural History Museum.  Sotheby’s now joins that long and distinguished list.”

In recent art world news, over the summer art dealer David Killen purchased a storage locker in New Jersey containing 200 works of art for $15,000 after hearing about it and taking a cursory look before completing the sale.  This was nothing out of the ordinary for the art dealer as every month he purchases hundreds of art prints, antiques and kitschy knickknacks to sell at his New York City based auction house, David Killen Gallery, in Chelsea.  After the delivery arrived, some of the notable items included a tube labeled “WARHOL” (though no artworks were inside), and three boxes labeled “DE KOONING” that produced six paintings on paper, some of which were stuck together.  The de Kooning works were “tantalizing:  the gestural sweeps of oil, the yellowed newsprint underneath, the stalled state between a sketch and a perfectly realized composition.”

Killen did some research and looked up Lawrence Castagna, who was the former assistant to the late Dutch artist Willem de Kooning, and as it turned out, to the art conservator and restorer Orrin Riley, who was the founder of the conservation department at the Solomon R. Guggenheim Museum and had passed away in 1986.  Castagna believed that the de Kooning paintings may have been in Riley’s restoration studio.  “Sometimes works languished in the restoration studio after the insurance companies that had paid claims on the damaged works decided it wasn’t worth the cost to fix them.”  As improbable as that may appear, given the current value of de Kooning works, Killen theorizes that is how the six de Koonings ended up in storage.

Killen had offered the works to Sotheby’s, however, the auction house was deterred due to the provenance issues.  The Willem de Kooning Foundation does not authenticate works, and the university professor consulted by Killen who considered the works legitimate asked to remain anonymous.

In view of these hurdles, the art dealer is auctioning off the works himself.  Though given the caveats, Killen is uncertain as to how much the works will ultimately sell for—$10,000 or $10 million?  Killen’s hope is that serious prospective buyers attend the auction along with their experts and have the experts confirm that the works are authentic so the buyers will consummate the sale.

The Willem de Kooning auction is scheduled for October 14, November 11, and December 9, at the David Killen Gallery in New York.

 

 

In recent art world news, more than 85 works from Barney Ebsworth’s art collection will be on the auction block in November at Christie’s in New York.  The late travel entrepreneur’s collection is estimated at over $300 million.  The auction house’s fall auction will highlight American art featuring works by Edward Hopper, Jackson Pollock, and Willem de Kooning. According to Christie’s, Ebsworth’s art trove is regarded as the “greatest collection of American modernism ever to come to market.”

Ebsworth, who passed away this past April, is from a generation whose art collections are coming to the art market among a significant shift in wealth dynamics.  In a study by UBS Group AG, it was found that “[b]illionaires 70 or older will transfer $2.4 trillion to heirs and charities in the next 20 years.”  The Ebsworth collection is said to be at least the third significant estate sale scheduled for this upcoming fall auction season, among those assembled by the late food titan Harry “Hunk” Anderson and the late Museum of Modern Art trustee David Teiger.

Featured artist Hopper’s well known “Chop Suey” (1929) painting portraying two women in a restaurant, is expected to sell for about $70 million, surpassing the artist’s current auction record of $40.5 million set in 2013.  De Kooning’s “Women as Landscape” (1955) is estimated at $60 million, and Pollock’s “Composition With Red Strokes” (1950) is estimated at $50 million.

It will be interesting to see if the above estimates of the featured works will be surpassed in the upcoming auction sale this November.

 

In recent art world news, forty years after a 1967 painting by modernist painter Robert Motherwell had vanished, last week the “Untitled” work (now valued at $1 million) was returned to the foundation dedicated to the preservation of the artist’s legacy.  The painting is among dozens that were lost and believed to have been stolen when Motherwell had hired a moving company to relocate his artworks from one storage facility to another in 1978.  The Motherwell painting was discovered in an upstate New York garage by the son of a former employee of the moving company.

The person who returned the painting has not been identified by federal investigators who helped arrange the return of the work to the Dedalus Foundation.  Foundation officials said that the person was helping his mother sort through some belongings last October when he came across the painting and after inspecting same he noticed the artist’s name in faint pencil on the back of the orange, crimson, blue and black canvas.

The person conducted an online search for information about the artist and subsequently approached the foundation regarding the discovered painting.  The foundation matched up photos of the discovered work to photos of the stolen painting and concluded it was the same work.  The foundation then contacted the FBI and investigators in the art crimes unit established that the person’s father, who passed away in the 1990s, had in fact worked at the Manhattan-based moving company at the time the Motherwell works went missing.

The discovered painting has a few mold stains that can be removed, but the work is said to be in “good shape and had been stored correctly, upright and wrapped in plastic.”

After Motherwell passed away in 1991, nearly all of his paintings were deeded to the foundation.

Geoffrey S. Berman, the United States attorney for the Southern District of New York, who unveiled the painting at a news conference last week in Manhattan where the foundation took possession of the large 69-by-92 inch work said:

Today, dozens of works by Motherwell remain missing.  We hope that they remain in the same condition as this piece, and that anyone encountering these pieces in the market brings them to the attention of law enforcement.”

It was reported that authorities do not believe the son knew the painting had been stolen, but it did appear that the work had been purposely taken.  The foundation said that the back of the painting had marks where warehouse labels had been torn off.

According to Katy Rogers, director of the Robert Motherwell catalogue raisonné project, the person who had approached the foundation regarding the discovered painting had hoped to sell the work if it was authentic, but agreed to return it upon learning of the circumstances under which the painting had gone missing.

Motherwell was a 20th-century American painter, printmaker, and editor, who played a significant role in the Abstract Expressionist movement.  The late artist is well known as a member of the New York School, which also includes acclaimed artists Willem de Kooning, Jackson Pollock, and Mark Rothko.

The foundation will circulate the discovered painting in connection with its educational programs.

In recent art world news, a Norman Rockwell painting titled “Blacksmith’s Boy—Heel and Toe” (1940) from the Berkshire Museum’s collection sold for $7 million (with buyer’s premium added, the figure is about 8.13 million) to a telephone bidder last week at Sotheby’s in New York.  This was the highest price fetched by the museum as part of a sell off of 13 works over the past few weeks at Sotheby’s.  Additional works sold include a Francis Picabia watercolor painting and an Alexander Calder mobile that came in at a below estimate of $1 million last week.

Following the recent offering of 13 artworks at auction (notably, two of which failed to sell, including a Frederic Edwin Church with an estimate of $5 million to $7 million) and a private deal involving the purchase of Rockwell’s “Shuffleton’s Barbershop (1950) for an undisclosed amount by the Lucas Museum of Narrative Art, the Berkshire Museum has brought in $42 million just $13 million short of the $55 million goal “it has hoped to raise in an effort to build an endowment and close a budget deficit that its leadership has said risks shuttering the museum in coming years.”

The total fetched for the 11 lots that recently sold at auction was about $12.7 million (without buyer’s premium).  It can be determined from the $42 million total sales to date that the Lucas Museum of Narrative Art likely paid around $29.3 million for Shuffleton’s Barbershop, which was previously tagged by Sotheby’s with a $30 million high estimate.  It is unknown as to whether the museum is receiving a portion of the buyer’s premium paid on auctioned lots—such practice is known as “enhanced hammer”.  If it is, the price paid for Shuffleton’s Barbershop by the Lucas Museum of Narrative Art was likely less.  Sotheby’s has reportedly waived the seller’s fees for the Berkshire Museum.

Pursuant to the terms of the agreement between the museum and the Massachusetts Attorney General and approved by Massachusetts’s highest court in April, the Berkshire Museum has the option of selling up to 40 works in three separate portions to reach $55 million.  With last week’s sale of 11 lots, this means that 26 additional works could still be sold and the two works that passed could be up for auction again.

It will be interesting to see if the museum is able to reach its $55 million goal with the sale of a portion of the remaining works.  For our recent coverage of the Berkshire Museum on the Art Law blog, click here.

In recent art world news, a painting by celebrated African American contemporary artist Kerry James Marshall generated an unexpected windfall for a Chicago municipal agency last week at Sotheby’s in New York.  The vibrant painting titled “Past Times” (1997) fetched $21.1 million at auction last week, which is reported to be nearly 900 times the $25,000 that the Metropolitan Pier and Exposition Authority (“MPEA”) originally paid for it in 1997, and set a world auction record for the artist.  Although the painting was not the priciest work auctioned off last week, it likely produced one of the most significant returns on investment for one of the least likely of collectors.

The state of Illinois formed MPEA oversees McCormick Square, which encompasses the McCormick Place Convention Center, the Wintrust Arena and two hotels along the shores of Lake Michigan.  The MPEA must spend some of its budget on artwork to be publicly displayed in its facilities.  As such, the municipal agency currently owns over 100 works from a diverse range of artists.

Marshall’s Past Times painting was one of the works purchased by the MPEA in 1997 from the Koplin Gallery in Los Angeles (now the Koplin Del Rio Gallery of Seattle), which was one of the artist’s dealers.  The painting is described as a “lush panorama” of African Americans engaging in various leisurely activities, including boating, croquet, golf and picnicking, with a cityscape in the background.  Marshall rose to prominence in the 1980s for his portrayals of black culture.

After being acquired for McCormick Square, the painting was displayed in the convention center hallway for many years with minimal protection such that it was liable to damage or theft as its value soared.  After some time, officials had started to question the appropriateness of keeping the painting displayed at the convention center.  The painting was sent to storage while the MPEA decided what to do with it.

The MPEA fittingly acknowledged that it is not a museum set up to display an artwork of this value in its capacity as a convention center operator.  The MPEA had decided earlier this year to sell the prized painting at auction.  Sotheby’s had estimated that the painting would sell in the range of $8 million to $12 million.  It had sold for nearly double the high estimate.  The MPEA was reported to be “thrilled” with the auction results.  The sale proceeds will be directed to the infrastructure needs of the campus.

While the sale was very profitable for the MPEA, it is said that the public may be deprived of a highly-valued work of art (Grammy award-winning hip-hop producer and rapper Sean “Diddy” Combs has been identified as the buyer of Marshall’s Past Times painting).  An official of the MPEA noted that Marshall’s work is easy to find nearby at Chicago area museums (i.e., Art Institute of Chicago, the Museum of Contemporary Art Chicago, and the Chicago Cultural Center) as the artist has been based in Chicago for decades.

Fortunately, even after last week’s sale, the public will still have access to Marshall’s work and perhaps Combs will decide to publicly display Past Times for at least some of the time during his ownership of this monumental work.

 

In recent art world news, a coveted David Hockney oil painting titled Pacific Coast Highway and Santa Monica (1990), featuring a colorful California landscape along the Pacific Ocean, has been added to Sotheby’s upcoming contemporary art evening sale on May 16 in New York.  The work carries a $20 million to $30 million estimate, which if sold in the estimate range the sale would set a record for the artist at auction.

Sotheby’s has stated that Hockney’s Pacific Coast Highway and Santa Monica painting represents “a true triumph of his singular vision:  a panoramic and kaleidoscopic paean to his adopted hometown.”

The artist’s prior auction record involved his six-part paneled painting titled Woldgate Woods, 24, 25, and 26 October 2006, which sold at Sotheby’s for $11.7 million in the fall of 2016.  The work features an autumnal scene of East Yorkshire.

Notably, even if the vibrant Pacific Coast Highway and Santa Monica painting sells at the lower end of the estimate, Hockney’s auction record will effectively double within a short period of just under two years.  The painting is said to be offered from an unnamed private collection.

For further information on Sotheby’s upcoming contemporary art evening sale of the Hockney painting in mid-May, please click here.

In recent art world news, and as a follow up to last week’s post on the Art Law blog, with legal hurdles now overcome, over a dozen artworks from the Berkshire Museum’s art collection are set to be offered for sale at auction next month at Sotheby’s New York in connection with the institution’s efforts to raise a total of $55 million. The lots include works by Norman Rockwell (high estimate of $10 million), Frederic Edwin Church ($7 million), Alexander Calder ($3 million), and Francis Picabia ($1.2 million).

Sotheby’s estimates that the lots could generate between $20.2 million and $28.9 million in sales after being sold at auction in mid-May. The sum from those works will be combined with an unknown sum that the museum received from the earlier announced private sale of its treasured work by Norman Rockwell, “Shuffleton’s Barbershop” (1950), to an institution (recently reported as the Lucas Museum of Narrative Art) that will keep the work on public view.

The Pittsfield, Massachusetts based museum hopes to reach its goal of $55 million through the sale of the lots at auction next month and the private sale of Shuffleton’s Barbershop. Whether the museum will be able to reach its goal depends on how much the museum received for the Rockwell masterpiece, Shuffleton’s Barbershop, which depicts a group of men playing music at the rear of a storefront late in the evening. Sotheby’s, the broker of the private deal, has said that the sales figure is confidential.

When Shuffleton’s Barbershop was set to be offered for sale at auction last November at Sotheby’s, the work was estimated at $20 million to $30 million. The auction was halted due to legal challenges that led the Massachusetts Appeals Court to hold off the sell-off of works while the state’s attorney general’s office conducted an investigation of the museum’s plans.

With the legal hurdles now cleared, the first sales of the lots from the museum’s collection are set to take place at Sotheby’s Impressionist and Modern auction the evening of May 14, when works by Francis Picabia and Henry Moore will be offered at auction. The museum’s highest estimated lot, Norman Rockwell’s Blacksmith’s Boy—Heel and Toe (1940), will round out the auction sales at Sotheby’s American Art sale on May 23.

It will be interesting to see if the Berkshire Museum is able to achieve its goal of $55 million after next month’s auction sales. If the museum hits the figure, additional works from its collection will not need to be sold.