Art Market Monitor

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$40m Color Field Collection to Saturate Sotheby’s May Sales

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Led by two Mark Rothko works with estimates at $7m and $9m, Blema and Arnold Steinberg’s collection heavy in color field art will be sold at Sotheby’s this May. Among the works with strong potential is this Helen Frankenthaler (above) called Newfoundland painted in 1975 and offered with a $1.5m low estimate. There are works by Agnes Martin, Robert Motherwell, Kenneth Noland and Adolph Gottlieb. The Steinberg’s more than 100 works acquired over a fifty-year period from the mid 1960s through 2014 will be sold across a range of sales in New York in May and this Fall. The collection carries a global estimate of $40m or more.

Here’s Sotheby’s release:

While representing the vast sphere of artistic innovation that took place across the United States and Canada in the post-war decades, from Abstract Expressionism to the Hard Edge and Minimalist movements, the heart of the Steinberg Collection lies in its extraordinary assemblage of Color Field painting – the finest ever to appear at auction. In addition to important works by Agnes Martin, Robert Motherwell, Helen Frankenthaler, Kenneth Noland and Adolph Gottlieb, the collection is led by two utterly captivating and transcendent paintings by Mark Rothko, both executed in the final year of his life: Untitled (Red and Burgundy Over Blue) (estimate $9/12 million) and Untitled (Red on Red) (estimate $7/10 million).

Michael Macaulay, Senior International Specialist of Sotheby’s Contemporary Art Department in New York, commented: “The Steinberg Collection represents one of the great private curatorial achievements of the past half century, and it is a great privilege to present Blema and Arnold Steinberg’s exceptional vision to the market this year. Informed by rare intelligence, dedicated research and a meticulous eye, the collection represents a pioneering spirit that perceived beyond existing boundaries and forged its own version of art history.”

Highlights from the collection will travel to Hong Kong, Los Angeles, San Francisco, Dallas and Chicago this spring, before returning to New York for a dedicated exhibition in Sotheby’s new galleries in New York.

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A View from the Contemporary Market: Kathryn Widing

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Mary Bauermeister, Neither-Or ($25-35k) $85k; Kathryn Widing

Kathryn Widing, Head of Sale, Midseason & Online Sales, Post-War and Contemporary Art spoke to us about her $20.9m sale in New York.

You put two works by Mary Bauermeister at the front of the sale and they did well. What was the story behind that strategy? 

I have always admired Mary Bauermeister’s work — she has a wholly unique style that is difficult to categorize or label. I have been consistently surprised by the gap between her primary and secondary prices on the market, and sought to close that gap. The placement of these two works at the beginning of the sale was a two-pronged approach; it was an educational placement as we introduced many clients to her work who were not previously familiar with her output, and it was a strategic placement as the works were estimated conservatively to generate competitive bidding and achieve standout results.

Jean-Paul Riopelle’s Rondo No. 10 did very well. Riopelle’s works have sold very well in Canada for several years. He was once considered a global Contemporary artist (as opposed to a Canadian one) Is your sale a reflection of his emerging from the national category? ​

Riopelle certainly deserves to be considered as a global contemporary artist. We have consistently sold his works very well in Paris and London, in addition to New York. The example in our sale was a true gem as it was in very good condition for its age as a 50s painting, and the intensely layered, punchy and colorful surface of the painting was one of the best we have seen. The estimate was also extremely conservative for works from this period. These factors fused together to create a successful result.

Beauford Delaney’s Abstraction Number 4 doubled the estimates. Is this a harbinger of interest in late Delaney abstract works? Delaney too has been sold mostly in African American art sales in recent years. Is his emergence a parallel to Sam Gilliam and thus driven by his abstract works? ​

We are in an opportunity-driven art market. Delaney’s works have long been undervalued, and clients responded to this realization in the sale. I strongly believe in Delaney as an artist and in his market, which is underscored by the work’s placement towards the front of the sale. I was glad to see this successful result, and believe that his works will continue to achieve high prices going forward, both abstract and figurative, with exposure internationally.

Can you tell us a little about the difference between the two Warhol flower paintings. Were the prices a function of the difference in size? ​

Certainly. Warhol Flowers are estimated depending on size using recent comparables, as well as by their color palettes (a green background is preferred to a white background, as an example). Warhol was quite prolific in producing the Flowers, as he often gave them out to friends and family as Christmas gifts.

A Tom Otterness bear similar to the Barney Ebsworth’s sold well? Is that the explanation? 

​Otterness’ bear sculptures have always performed well — both Melva Bucksbaum’s medium scale example and Barney Ebsworth’s large scale example performed extremely well against their pre-sale estimates. The bear’s saddened expression is infectiously endearing — everyone who sees the work smiles. It is that attraction that results in competitive bidding for these works, and these results are outliers from the general market for Otterness.

Sotheby’s Announces Lennard Collection with de Kooning, Bacon and Group of Gustons

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de Kooning, Untitled X ($8-12m)

The collection of commodities trader Gerald Lennard is being sold to fund a foundation in his name at Sotheby’s this May. There will be a Max Beckmann work in the Impressionist and Modern sales along with some day sale items. But the main feature of the collection are a de Kooning work from the 1970s, Francis Bacon’s last George Dyer painting and three Philip Guston works that come to auction after substantial restructuring of the artist’s market along with the support of a major dealer handling the estate:

Sotheby’s is pleased to announce that works from the Gerald L. Lennard Foundation Collection will highlight our marquee auctions of Contemporary and Impressionist & Modern Art this May in New York.  The Gerald L. Lennard Foundation’s interests include helping to promote programs involving visual and performing arts, healthcare, education and environmental sustainability.  Proceeds from the sale of the 37 works presented will help to benefit the Foundation’s mission now and in the future.

Passionately assembled by successful commodities trader Gerard L. Lennard primarily in the 1970s and ‘80s, the collection features a number of evocative works executed by artists working at the peak of their powers. Highlights include: Willem de Kooning’s Untitled X, a stunning example from the group of works created in 1975 that marked the artist’s transition from a period of radical experimentation to the lush abstracts which are among his most celebrated and sought after works today (estimate $8/12 million); Francis Bacon’s Study for Portrait, the last of the artist’s famed portraits of his lover and muse George Dyer (estimate $12/18 million); the most comprehensive group of late works by Philip Guston ever to appear at auction, including Legs, Rug, Floor from 1976 (estimate $6/8 million) and Red Sky from 1978 (estimate $6/8 million); and signature portraits by Frank Auerbarch depicting his wife Julia Wolstenhome and his friend Catherine Lampert.

Works from the collection by Francis Bacon, Philip Guston, Frank Auerbach and Max Beckmann are now on view in Sotheby’s London galleries through 8 March. Additional highlights will travel to Hong Kong and Los Angeles before returning to New York for our exhibitions of Contemporary Art and Impressionist & Modern Art, opening to the public in Sotheby’s expanded and reimagined galleries in New York.

Guston, Legs, Rug, Floor 1976 ($6-8m)

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A View from the Contemporary Editions Market: Lindsay Griffith

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Julie Mehretu, Entropia (review) ($15-25k) $87.5k; Lindsay Griffith

Lindsay Griffith, International Head of Contemporary Editions at Christie’s, went over the results of her recent $1.74m Contemporary editions sale held in advance of the Armory Show in New York with us to give a little more color on the results.

Julie Mehretu’s Entropia signficantly out performed its $15-25k estimate. What’s the source of the demand for this work?

This work by Julie Mehretu was one of the the big narratives of the sale, we estimated Entropia (review) conservatively despite the fact that the work hadn’t been up to auction since 2010 (it sold for $28,125). Mehretu’s editions are sought-after both by important collectors as well as institutions. Additionally, Mehretu has not produced many prints in color making Entropia (review) particularly covetable. We know that in 2004 when this work was published, there were a lot of people who were clamoring to acquire it and couldn’t because of the relatively small edition size. As a result, on the day of the auction there many people bidding on this work which resulted in the impressive final price of $87,500.

James Rosenquist’s Shriek seems to be prefiguring interest in Rosenquist in the broader market or is this simply a reflection on this work?

I believe that James Rosenquist’s market is undervalued when compared to the other members of the Pop generation. Shriek, is a very commercial print and a great, colorful composition. It will be interesting to see where his market will go – we have an example of F-111, one of his most important monumental works in our April Print sale in New York and it will be interesting to see how it performs.

Damien Hirst’s Garden of Dreams, a recent print, and Love of God, from a decade ago both performed better than expectations. Is there are story line that connects these two works?

Damien Hirst continues to have a very broad collecting base. The success of Garden of Dreams reflects the continued popularity of his show The Veil Paintings at Gagosian in 2018. With Love of God, we continue to see well known images by Hirst resonate with collectors.

Jeff Koons had two balloon dog plates that sold at very different levels. Is that because the yellow plate is still being sold by Bernardaud? Nonetheless, the set of balloon animals performed far better. Can you provide some color on this part of the Koons market?

The Koons balloon animals are simply a well-known and well-loved multiple. We find that set of animals typically perform better than the plates because of their scale and smaller edition size

Keith Haring’s Chocolate Buddha 1-5 set performed very well. Again what color can you provide.

This Chocolat Buddah 1-5 set by Haring was in exceptional condition. The previous owner never framed it which kept the colors very vibrant. Keith Haring’s market is strong generally and for editions if the condition is excellent it typically will lead to a high price.

Sotheby’s Puts $25m Bouguereau in May Evening Sale

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There has been a quiet growth in the 19th Century and Victorian art markets for last several years. Now Sotheby’s is capitalizing on that with the sale of a huge Bouguereau painting that will be featured in the marquee Evening sale in May. The massive painting has a $25m estimate:

Sotheby’s is pleased to announce that the most important work of French Academic painter William-Adolphe Bouguereau’s celebrated career, La Jeunesse de Bacchus, will highlight our Impressionist & Modern Art Evening Sale in New York on 14 May.

Equally impressive in both scale and technical artistry, the monumental canvas stands an astounding 20 feet in length and 11 feet in height. The work has hung in Bouguereau’s studio in Paris since it was completed in 1884 – the culmination of two years of work – and has previously left only three times in its 135-year history: when initially presented at the Salon in 1884, followed by exhibitions in London and Antwerp through 1885, for the Paris Exposition Universelle in 1889, and as part of a retrospective touring the Musée du Petit-Palais in Paris, the Montreal Museum of Fine Arts, and the Wadsworth Atheneum in Hartford in 1984-85.

On offer this spring by the direct descendants of the artist, La Jeunesse de Bacchus will carry an estimate of $25/35 million in the Impressionist & Modern Art Evening Sale. Its appearance in this sale marks the first time that a work by Bouguereau will be offered in Sotheby’s marquee evening auctions.

The work will be on be view alongside Sotheby’s Asia Week exhibitions opening 14 March, and again for Sotheby’s Impressionist & Modern Art exhibitions beginning 3 May in the newly expanded and reimagined New York galleries.

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