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George Michael’s YBAs Make £9.26m

March 14, 2019 by Marion Maneker

Heritage Auctions now does nearly 60% of its transactions over the internet; Asset-backed art loans falter; Armory Show Sales Report

This commentary by Marion Maneker is available to AMMpro subscribers. (The first month of AMMpro is free and subscribers are welcome to sign up for the first month and cancel before they are billed.)

George Michael’s Evening Sale of YBA Art = £9.26m

Most of the Damien Hirst lots in George Michael’s collection struggled a bit against their estimates but still sold well. Bridget Riley’s Songbird made £791,250 against a £600k high estimate; Cecily Brown’s Yet to be titled made the same premium price against a £550k high estimate; Antony Gormley’s Another Time III made £431,250 against a £250k high estimate; Tracey Emin’s Hurricane made the same against a £180k high estimate; Emin’s George Loves Kenny, a neon work with a £60k high estimate made £347,250. Oh, let’s not forget the Harland Miller work, above, that came to market with a £30-50k estimate range and sold for £237,500.


Heritage Does $826m in 2018, 60% on Internet

Overall sales volume has been higher at Dallas’s Heritage Auctions but the volume of business the company does on the internet has never been greater. Last year, Heritage posted $826m in sales which was up slightly from the $815m they posted in 2017 but down from their peak of $860m in 2016 and $850m in 2017.

Of that $826m, more than half ot $487m transacted across the internet. That’s nearly 60% of Heritage’s business and that portion has been on a healthy growth trajectory of 26% from 2016 to 2017 and another 11% from 2017 to 2018.

  • “Our strategic plan embraces technology, expertise and unrelenting focus on building win-win relationships with bidders and consignors,” said James Halperin, Co-founder of Heritage Auctions. “The results have been consistent world records and customer satisfaction across fine art, rare coins and paper money, comic books and comic art, and sports. Heritage remains the industry leader by wide margins in most of those categories, as well as in total online sales.”

The Asset-Backed Art Loan Business Takes a Hit

The asset-backed art loan business seemed a slam dunk a few years ago when Borro seemed to be doing land-office business and looking to expand to higher value loans. Two deep-pocketed institutions, private equity firm Carlyle and private Swiss private bank Pictet, saw an opportunity and created Athena Art Finance.

Low interest rates may have made it hard for Athena to gain a market foothold but the company claims to have finally educated the market—dealers especially—to the value of unlocking liquidity from their stock and begun to get real traction. Nonetheless, the company had been for sale since its original sponsor at Carlyle had left the firm to start his own fund.

Earlier this month, Borro stopped making new loans against art and Athena changed its leadership in the midst of deal talks. Cynthia Sachs is now the CEO at Athena but a transaction has not yet been announced.


Armory Show Sales Report

Galerie Thaddaeus Ropac

  • Antony Gormley, Small Wait III, 2016 Cast iron, 94.8 Kg 40,5 x 22 x 34,3 cm Sold for 200,000 GBP
  • Imi Knoebel, Figura P, 2018 Acryl / Aluminium 206,5 x 230 x 4,5 cm Sold for 200,000 EUR
  • Imi Knoebel, BIG GIRL E.1 (2018) for $45,000
  • Robert Longo, iStudy of Fireworks, 2017 Ink and charcoal on vellum Image 53,4 x 79,7 cm Sold for 90,000 USD
  • Robert Longo, Study of Flag with Black Square(2017) for $85,000
  • Robert Longo, Study of Fog + Forest (2017) for $65,000

Helwaser Gallery

  • Joan Mitchell, Tree (ca. 1967) sold for between $150,000 and $200,000

303 Gallery

  • Rodney Graham, Vacuuming the Gallery, 1949 (2018) for $750,000
  • Sue Williams, Empty Strip Mall (2019) for $100,000
  • A painting by Mary Heilmann for $95,000
  • A painting by Rodney Graham $90,000
  • Sam Falls, Untitled painting for $65,000
  • Jeppe Hein, a neon artwork for $45,000
  • An Alicja Kwade sculpture for $43,000
  • A sculpture by Matt Johnson from 2018 for $35,000

Kayne Griffin Corcoran 

  • Mary Corse, Untitled (DNA Series) (2017)sold for $375,000
  • Llyn Foulkes, The Mask (2019) for $60,000
  • Mika Tajima’s Art d’Ameublement (Islote Vinilla) and Art d’Ameublement (Ostrova Oktyabryata)(both 2018) for $40,000 each
  • Mary Obering’s geometric abstraction, Cottages in a Misty Time in Autumn for $18,000
  • Liza Ryan, Lit for $7,000
  • Liza Ryan, White Line (2017) for $12,500
  • Hank Willis Thomas’s Bifocal for $50,000

Zeno X Gallery

  • Paulo Monteiro, Untitled (2019) for $10,000
  • Two works by Michaël Borremans: Mud Boy II (2019) for $400,000 and The Mother (2007) for $270,000
  • Mark Manders, Female Head (2017/19) for $140,000
  • N. Dash, Untitled (2019) for $38,000

David Nolan Gallery

  • Jorinde Voigt, Immersive Integral Midnight (2018) sold for $110,000
  • Jorinde Voigt, Ludwig van Beethoven/ Sonate Nr. 28 (Opus 101) (2012) for $10,000
  • Jorinde Voigt, Ludwig van Beethoven/ Sonate Nr. 14 (Opus 27 Nr. 2) (2012) for $10,000
  • Jorinde Voigt, Ludwig van Beethoven/ Sonate Nr. 14 (Opus 27 Nr. 2) (2012) for $10,000 

Hollis Taggart Gallery

  • Lee Krasner, Peacock (1973) for $1m

Michael Rosenfeld Gallery

  • Frank Bowling, Untitled (1968) for $500,000

Sean Kelly Gallery

  • A portrait by Kehinde Wiley for $250,000

Marianne Boesky Gallery

  • Jennifer Bartlett, Path sold for $225,000
  • Jay Heike cloudscape Mother Sky (2018) for $35,000
  • The Haas Brothers, Big Trouble in Little Foot for $125,000

Marc Selwyn Fine Art

  • Frank Bowling, Remembrance Saturday with Marcia Scott for $210,000

Roberts Projects, Los Angeles

  • Kehinde Wiley, Portrait of a Florentine Nobleman II for $150,000 

James Cohan Gallery

  • Mernet Larsen Situation Room with Angst for $85,000
  • Yinka Shonibare, Statue of Wounded Amazon (after Phidias)  for $135,000
  • Xu Zhen, Only for You My Love for at $125,000
  • Allison Elizabeth Taylor, GSENM: The Toadstools #1 for $65,000

Galerie EIGEN + ART

  • A work by Nicola Samori for $57,000

Josh Lilley

  • Derek Fordjour, Three Straight Locked (2019) for $40,000
  • Nick Goss, The Loverman (2018) for $40,000
  • Gareth Cadwallader, Landscape (2017) for $24,000
  • Holly Hendry, If Organs Can Live Without a Body it Is Because They No Longer Need a Soul (2019) for $20,000

Wentrup Gallery

  • David Renggli, painting from the “I Love You” series for $33,000
  • Two works from Nevin Aladağ, “Social Fabric” series for $38,000 each

Galerie von Bartha

  • A painting by Landon Metz for $32,000
  • A drawing by Antonio Calderara for $15,000

David Castillo Gallery

  • Vaughn Spann, X. No.7 burning man/hands up (2019) $28,000

Meliksetian | Briggs Gallery

  • Meg Cranston, California (2006/19) for $22,000
  • Todd Gray, Shimmer (2019) for $22,000

Galerie Ludorff

  • A small painting by Winfred Gaul for $15,500

Roberts Projects, LA

  • Ardeshir Tabrizi, A Man from Isfahan for $12,000
  • Jeffrey Gibson, THE POWER WITHIN for $225,000

Mariane Ibrahim

  • Paintings by Florine Demosthene for $7,000 each

Shulamit Nazarian Gallery

  • Paintings by Naudline Pierre for $2,800–30,000 each

Lisson Gallery

  • Tony Cragg, Untitled (2018) stainless steel work for $250,000
  • Ryan Gander, Het Spel (My neotonic contribution to Modernism) for $105,000
  • Tony Cragg, Untitled pencil drawing (2003) for $11,300

David Benrimon Fine Art

  • Tom Wesselmann, Birthday Bouquet (Hat Vase)(1988–91) for $160,000
  • Sol LeWitt, Untitled (1994) for at $36,000

Pace Gallery

  • The entire booth (12 works) from Leo Villareal’s new series, Instance (2018) $48,000 each

Repetto Gallery

  • Fausto Melotti ceramic piece, Bambini (ca. 1950), for $30,000
  • Michelangelo Pistoletto, Cucitrice (1981) for $70,000
  • Zak Ové, DP42 (2018) for $25,000
  • Zak Ové, DP43 (2018) for $16,000
  • Zak Ové, Resistor Transistors 6 (2017) for $10,000

Mizuma Art Gallery

  • Kariya Hiroshi, OSDLM2018SR50% (Part of project: It’s all about the one piece and millions of others Series: Legend of seeds) (1984–2019) for $15,000

David Castillo Gallery

  • Maria de los Angeles RJ,  Medula (2018) for $10,000
  • Sanford Biggers quilt Nomad (2019) for $50,000
  • Xaveria Simmons Sundown (Number Nineteen)(2019) for $40,000

Andrew Kreps Gallery

  • Andrea Bowers, Migration is a Human Right and No Human Being is Illegal; Women’s March Unity Principles (2017) for $50,000
  • A five-edition work by Roe Ethridge, Cat With Yarn Ball (2017), $28,000 each

Philip Martin Gallery

  • Katy Cowan, (stray variation) Variation (2019); (as listening) Position (2019); (content/content sedimentation) Position (2018), all for $8,500 each
  • Katy Cowan, (under; sediment) apotential (2019) for $6,500

Van Doren Waxter

  • 12 ceramic pieces by Brian Rochefort  for $3,500–4,500 each

David Nolan Gallery

  • Jorinde Voigt, Immersion VIII (2018) for $24,000 each
  • Jorinde Voigt, Immersive Integral Midnight (2018) $110,000

OSL Contemporary

  • Per Barclay, Vannhus Centre d’Art Contemporain de Vassiviere (1995–2001) for $36,000

TAFETA

  • Ben Enwonwu, Anani (1957) for $27,000

DOCUMENT Gallery

  • Two pieces by Paul Mpagi Sepuya acquired by trustees of the Whitney Museum for $14,000
  • Another pair of works by Paul Mpagi Sepuya acquired by trustees of the Guggenheim Museum for $14,000

Dittrich & Schlectrium

  • A work by Asger Carlsen for $11,300
  • A work by Fatma Shanan for $11,300
  • A work by Robert Lazzarini for $15,000
  • A work by Julian Charrière for $25,000
  • A work by Alfredo Aceto for $6,700

Two Palms

  • Two small-scale watercolor monotypes for $4,000 each
  • A large scale Mel Bochner monoprint sold for $55,000, alongside one of his comical mirrors at $35,000, and two other smaller prints for $10,000 each.
  • At $4,000, two of Stanley Whitney’s large scale watercolor monotypes have sold
  • an Elizabeth Peyton etching for $12,000

Yancey Richardson Gallery

  • Zanele Muholi, S’manga, Amsterdam for $10,000
  • Zanele Muholi, Zank’zizwe, Green Market Square for $10,000
  • Zanele Muholi, Misiwe III, Biljimer, Amsterdam for $10,000
  • Rachel Perry, Lost in My Life (Fruit Stickers Reclining) (2018) for $9,500
  • Zanele Muholi, Sindile II, Room 206 Fjord Hotel, Berlin for $14,000
  • Ori Gersht, New Orders, Evertime 01 for $12,500
  • Zanele Muholi, Khala, Womens Jail, Constitution Hill, Johannesburg for $14,000
  • Mickalene Thomas, A Moment’s Pleasure in Black and White for $35,000
  • Ori Gersht, New Orders, Evertime 11 for $30,000
  • Mickalene Thomas, Hot! Wild! Unrestricted! For $28,000
  • Mickalene Thomas, Raquel with Les Trois Femmes $40,000

Ortuzar Projects

  • sold a large 1972 painting of Rhinoceros by the late French painter Gilles Aillaud to a major American collector for $380,000

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