Art Market Monitor

Global Coverage ~ Unique Analysis

  • AMMpro
  • AMM Fantasy Collecting Game
  • Podcast
  • Contact Us

LVMH Foundation Moved the Richter Market

November 3, 2014 by Marion Maneker

Gerhard Richter, Gudrun
Gerhard Richter, Gudrun

Colin Gleadell connects the dots on the Richter abstract market which has been the focus of so much interest during the the Frieze sales and for several years running before that. The Richter Abstract market culminated in October of 2012 with Eric Clapton’s sale of one canvas from a triptych for $34m (another canvas from that group was sold later for a fraction of the price.)

Here, Gleadeall recognizes one of the momentum producing sale results that came before Lily Safra paid $20m for the Richter work she donated to the Israel Museum. Gleadell is looking at a picture of Bernard Arnault, Frank Gehry and Francois Hollande:

In the photograph, Arnault is standing in front of Gudrun, a large Richter abstract, at the opening of his new LVMH Foundation building.

In 2011, Gudrun was bought, anonymously at the time, for $18 million, three times the estimate. The same telephone bidder also paid $14.1 million and $6.2 million, far above estimates, for two other Richter abstracts in the sale.

Art Market News: Asian Art in London begins   (Telegraph)

More from Art Market Monitor

  • 1980s Art Star Donald Sultan Reflects on His Career1980s Art Star Donald Sultan Reflects on His Career
  • Art Still a Growth Opportunity?Art Still a Growth Opportunity?
  • Which Bedevils Rodin’s Market More, Too Many Casts or Too Little Authority?Which Bedevils Rodin’s Market More, Too Many Casts or Too Little Authority?
  • Flea Market Renoir Stole n from Baltimore Museum 60 Years Ago
  • China Guardian Bests the WestChina Guardian Bests the West
  • Affordable RebellionAffordable Rebellion

Filed Under: General

About Marion Maneker

LiveArt

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor
 

Loading Comments...