Art Market Monitor

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Taipei Dandai Sales Report

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Lisson Gallery

  • Anish Kapoor, Mirror (Garnet to Laser Red), 2017 Stainless steel and lacquer 160 x 160 x 17.5 cm 63 x 63 x 6 7/8 in £750,000
  • Julian Opie, Earphones., 2018 Silkscreen on painted wooden board 102 x 53 cm 40 1/8 x 20 3/4 in £35,000
  • Julian Opie,Split dress., 2018 Silkscreen on painted wooden board 100 x 59 cm 39 1/4 x 23 1/8 in £35,000
  • Stanley Whitney, Untitled, 2016 Crayon drawing 50 x 70 cm 19 5/8 x 27 1/2 in £20,000
  • Tatsuo Miyajima, Time Waterfall – panel #4 (white), 2018 Computer graphics, LED display 160 x 32 x 16 cm 62 7/8 x 12 1/2 x 6 1/4 in £80,000

Lehmann Maupin

  • Do Ho Suh, Refrigerator, Unit 2, 348 West 22nd Street, New York, NY 10011, USA, 2015
    polyester fabric, stainless steel wire, and glass display case with LED lighting
    86.61 x 46.06 x 47.64 inches (vitrine) 220 x 117 x 121 cm Sold between $200,000-220,000 to Asian collector

Spruth Magers

  • George Condo, Untitled, 2018 Sold for $350,000
  • George Condo, Dark Personage, 2017 Sold for $40,000
  • George Condo, Facing Each Other, 2017 Sold for $40,000
  • George Condo, Faces and Forms, 2017 Sold for $40,000
  • Cyprien Gaillard, Untitled, 2016 Sold for €75.000
  • David Ostrowski, F (Taktik an der Theke), 2017 Sold for €18.000

Hauser & Wirth

  • Günther Förg FORG 94289 Untitled 2007 Acrylic on canvas 195 x 230 cm / 76 3/4 x 90 1/2 in €475,000
  • Günther Förg, FORG 91935Untitled 2007 Acrylic on canvas 200 x 190 cm / 78 3/4 x 74 3/4 in €440,000
  • Günther Förg, FORG 93993 Untitled 2004 Acrylic on wood 24.1 x 28 x 1 cm / 9 1/2 x 11 x 3/8 in Mounted on wooden board: 41.5 x 52 x 2.8 cm / 16 3/8 x 20 1/2 x 1 1/8 in €38,000
  • Günther Förg FORG 93985 Untitled 2003 Acrylic on wood 28.1 x 21.1 x 1 cm / 11 1/8 x 8 1/4 x 3/8 in Mounted on wooden board: 51.1 x 41.5 x 2.8 cm / 20 1/8 x 16 3/8 x 1 1/8 in €35,000
  • Günther Förg, FORG 93988 Untitled 2003 Acrylic on wood 16.1 x 18 x 1 cm / 6 3/8 x 7 1/8 x 3/8 in Mounted on wooden board: 41.6 x 51.1 x 2.8 cm / 16 3/8 x 20 1/8 x 1 1/8 in €24,000
  • Günther Förg FORG 92405 Untitled 2006 Acrylic on canvas 150 x 130 cm / 59 x 51 1/8 in €250,000

David Zwirner

  • Yayoi Kusama painting from the Infinity Netsseries sold for over 1
    million USD
  • a work by Wolfgang Tillmans for 350,000 USD
  • Two Neo Rauch paintings sold at the fair on the first day for $650,000 & $325,000
  • All works were sold to local Taiwanese collectors

Georges Mathieu Returns to America After 30 Years at Nahmad Contemporary

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Georges Mathieu – Tuz Golu 22 mars 1978 © Comité Georges Mathieu – 2019 Artists Rights Society – ARS New York – ADAGP Paris

Nahmad Contemporary has a show of four giant works by Georges Mathieu whose private and public markets have been seeing renewed activity lately. Mathieu is from the generation of European abstract painters who combined their art making with performance.

The show of these four works from 1978 are each 19 feet wide and were created for the artist’s retrospective at the Grand Palais in Paris held the same year. The series comprised seven works. One is in the collection of the Centres Pompidou in Paris.

These works are not the only ones by the artist to cause a stir. Le Figaro wonders if the show, the first in the US in 30 years, might not mark “the beginning of an international reappraisal of [Mathieu’s] unjustifiably low prices.” It isn’t clear what Le Figaro believes justifies the price of art. Perhaps they believe that there ought to be demand for Mathieu on par with his peers like Zao Wou-ki or Pierre Soulages.

On the public market, there has been some movement in the last year but the record for the artist was set more than a decade ago when The Abduction of Henri IV by Archbishop Anno of Cologne made €1.15m in Paris. At the time, the price was three times the previous auction record.

Le Figaro reckons these later works are worth more than that:

How much might these monumental works be worth in the US? Probably around one and a half million euros. These prices are in line with those obtained recently in private sales. In particular, one which sold for two million euros in June 2018 at Art Unlimited during Basel Art fair—Hommage au Connétable de Bourbon, 1959 (2.5 x 6 meters), which Mathieu painted in public on April 2, 1959, in just 40 minutes, accompanied by Pierre Henry’s music at the Fleischmarkt Theater in Vienna. Presented at the fair by Parisian art dealer Franck Prazan, the work sold within hours to a private Swiss collector. For Prazan, an advocate of the artist’s historical works from 1940 to the 1960s, this was a great secondary market transaction.

Three Phases of the Auction Market, 2007-2018

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This analysis of the 12 years of Evening sales at Christie's, Sotheby's and Phillips was made possible with data from our friends at Pi-eX. It is available to AMMpro subscribers. Subscriptions begin with a free month for the curious. (Please note: these numbers do not include single-owner and curated sales that have punctuated the market at various times. The point of these charts is to show year-over-year changes and so the single-owner and curated sales are thought to interfere with a consistent comparison.)

This is the first of a series of posts on the auction market over the last 12 years. The chart above shows the number of lots sold in the Evening sales in New York and London. These numbers exclude special sales of either single-owner collections or curated sales. What we're trying to provide here is a year-over-year look at the auction market as it appears in Evening sales in New York and London.

What the data shows is three distinct phases. The first is the peak of the last boom and the fall out of the financial crisis. The second is the asset reflation period from 2010 to 2015 when the art market presented surprising growth in the face of a broader global climate of uncertainty. The third phase we see in these charts is the last three years where total volume of lots sold has been consistently lower than the second phase.

Remember, because we are only looking at Evening sales in Impressionist, Modern and Contemporary art in London and New York and excluding special sales, we're not measuring the entire art market. All this chart shows is that the number of lots sold in New York and London in the Evening sales remains fairly consistent over these periods. The latest phase may simply reflect the recognition that works of art at the top of the market are so valuable these days.  The number of lots sold may reflect the auction houses' allocation of resources. But because these are sold lots we also have some sense of the demand.

We can see a fair bit more when we shift toward looking at the value numbers.

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The Top of the Auction Market, 2007-2018

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This analysis of the 12 years of Evening sales at Christie's, Sotheby's and Phillips was made possible with data from our friends at Pi-eX. It is available to AMMpro subscribers. Subscriptions begin with a free month for the curious. (Please note: these numbers do not include single-owner and curated sales that have punctuated the market at various times. The point of these charts is to show year-over-year changes and so the single-owner and curated sales are thought to interfere with a consistent comparison.)

Making sense of the last 12 years of Evening sales at the three auction houses in London and New York, it helps to look at the breakdown of auction value by lot value. In other words, how much of the market is attributable to the most valuable lots or to the middle market lots. These are evening sales so the overall value of the lots is very high. Pi-eX has broken the lots down into those over $10m, works that sold for between $4m and $10m, works sold for $1-4m and works below $1m.

Sign up to Art Market Monitor Premium today

You need a membership to AMMpro to view this article and other exclusive content daily.

You can register today for $90 per month—with your first month free!—or for $756 per year (no free trial period.)

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Adam McEwen Opens Separate Shows at Lever House & Petzel

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TBT (3D Glasses) (2018) 37.5 x 50 inches (AE 18/056)

Adam McEwen is opening two new shows in New York starting next week. The first, opening on January 22nd at Petzel Gallery’s Upper East Side location at 35 East 67th St., will show new work like the image above. The second is a show at Lever House, where 200,000 people pass every day:

Lever House Art Collection is pleased to launch its 2019 programming with a large-scale installation by Adam McEwen. The exhibition, titled 10, FEELS LIKE 2, opens Wednesday, January 30 at Lever House, 390 Park Avenue, with a public opening from 6 to 8 pm.
McEwen‘s installation will transform the first floor of Lever House into an environment that evokes an icebox, arrayed with graphite sculptures of banal objects and paintings depicting icons of Americana. The floor will be covered in a translucent white surface that creates the appearance of an ice rink, and the entire installation will give an uncanny and unsettling cast to the optimism embedded in the modernist architecture of a Park Avenue skyscraper. 10, FEELS LIKE 2 is on view through May.
The Petzel Show continues some of the themes in the Lever House show:

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