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.

Richard Polsky writes:

The ramifications from last May’s sale at Sotheby’s of a Jean-Michel Basquiat painting, for $110 million, continue to reverberate. It made the buyer, Yusaku Maezawa, an art world household name. It led to the current “One Basquiat” exhibition, of the now-iconic canvas, at the Brooklyn Museum. It also provoked a multitude of Basquiat owners into believing their paintings were worth far more than they actually were. And, finally, the sale unleashed a slew of fake Basquiats onto the market.

It reminds me of what occurred back in 1990, when the famous Tyrannosaurus rex skeleton, known as “Sue,” was discovered. Those who remember the story will recall how the most complete and best-preserved specimen of its type was found on the South Dakota ranch of Maurice Williams. After the dinosaur was unearthed, Williams unwittingly sold it for $5,000. But because he was a Native American, whose land was held in a government trust, he was able to take the buyer to court and have the deal rescinded. Once Williams got his mega-fossil back, he ultimately consigned it to Sotheby’s, who sold it to the Field Museum of Natural History in Chicago for $8.3 million.

After the sale went down, I spoke to Henry Galiano, a well-regarded paleontologist and fossil dealer. As he put it, “You wouldn’t believe all the calls I’m getting from ranchers claiming they have dinosaur bones on their property. Usually, they turn out to be cow bones. People think all you have to do is find a skeleton, hitch a chain to it and yank it out of the ground, and you have a million dollars! They’re all a bunch of ‘dinosaur dreamers.”

The equivalent is currently happening in the art market; a plethora of “Basquiat dreamers” have emerged. Since last May’s sale of one of the artist’s two greatest “Skull” pictures (the other is at The Broad), facsimiles of Basquiats continue to show up in our email. They’re sent by owners seeking guidance on whether they’re genuine. Sometimes, these digital images are outright laughable. More often than not, they bear a passing resemblance to a real Basquiat, but fail to capture the distinct personality of the painter. What all of these works have in common is they always include a depiction of a gold crown. It’s as if the creator seized upon the painter’s well-known icon and assumed by placing it somewhere within the composition, an alchemical process would occur and — voila! — you’d have a genuine Basquiat.

Just as a forger includes a crown, a seller often includes a story about how the work was acquired directly from Basquiat. Hoping to bring street cred to his pitch, he often refers to it as a cash-and-carry deal, so Basquiat could buy drugs — hence there was no paperwork. The potential buyer often nods his head, wanting to believe what he’s just heard, because he too knows Basquiat had a heroin problem. It makes him feel like an insider. After all, this is the art market, where one has to be an insider to get the good deals.

Regardless of all the scams out there, it’s important to point out that genuine Basquiats do emerge from time to time. Last year, through the organization POBA, we were asked to authenticate a large drawing which belonged to someone from Basquiat’s inner circle. Everything checked out and another important drawing took its place within Basquiat’s canon. It’s also worth mentioning that there are numerous authentic Basquiats which were never officially authenticated by the Basquiat estate. Many of these are documented in books and gallery exhibition catalogs. But a surprising number are not illustrated anywhere — yet are right as rain.

Inevitably, all of the hype surrounding the $110 Million Basquiat will dissipate. Assuming the art market continues on its upward trajectory, eventually another major Basquiat painting will break the record held by Mr. Maezawa. But until that happens, we will remain in a period where a steady flow of fake Basquiats keep popping up like varmints in a game of Whack-a-Mole. And just like the plastic moles, which aren’t real, most of these paintings won’t be real either.


Richard Polsky has accumulated forty years of expertise in the contemporary art world as a gallery owner, author of multiple books on the art market, lecturer, and provider of litigation support. Richard Polsky Art Authentication can be viewed at www.RichardPolskyart.com.

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.