Art Market Monitor

Christie’s is ecstatic right now at the news that Steven A. Cohen has bought Leo Castelli’s own Jasper Johns flag painting–one that had been on loan to SFMoMA by Castelli’s heir–for a rumored $110 million. The painting joins Cohen’s other remarkable nine-figure acquisitions in what Brett Gorvy calls “the most comprehensive collection of American postwar images in private hands.”

For Christie’s this revalues the Crichton transaction. Carol Vogel quotes Gorvy in her New York Times story on the sale:

While the “Flag” that Christie’s is selling also comes with a pristine provenance [...] it is half the size of the one Mr. Cohen bought. “This transaction propels the Crichton painting to a higher level,” Mr. Gorvy said, adding that the only other important “Flag” in private hands is owned by Mr. Geffen. The Cohen sale “only adds to its rarity.”

Inside Art: Planting a Johns ‘Flag’ in a Private Collection (New York Times)

Also of Interest:

• Johns Flag Raised at Christie’s
  Christie’s uses Carol Vogel’s New York Times column to announce a huge get for the May sales in New York....
  
• Crichton Estate Goes All In
  The Crichton estate has had a sudden change of heart. Perhaps market conditions have convinced the estate it’s a good...
  
• Crichton: Collector v. Investor
  Colin Gleadell raises an interesting question about Michael Crichton, the novelist, film director and television producer, who fell in with...
  
• The Crichton Collection
  The Michael Crichton collection is on display at Christie’s in New York right now. It’s a revelation with the mix...
  
• Cohen Announces a Sale
  Carol Vogel announces the sale of Steven Cohen’s Self Portrait of Manet at Sotheby’s next month in London. Though the...