Art Market Monitor

Global Coverage ~ Unique Analysis

Mugrabis Hope to Sell Warhol Coke Bottle for $40m

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Andy Warho, Coke (4) $40-60m

Christie’s is selling a Warhol Coke bottle with a $40m estimate this November. The work was bought by the Mugrabis from SI Newhouse in 1995 and follows the sale of another version a few years ago to Steven Cohen,. Although the bidding on Cohen’s version was subdued and the Warhol market has lacked top-notch material, Bloomberg marks this as one to watch:

“I don’t think it needed a guarantee,” said Alberto Mugrabi. “There’s only one other example of this painting; it belongs to Stevie Cohen.”

Warhol’s $60 Million Coke Faces Koons, Richter in Auction (Bloomberg)

Basquiat Market Fever Cooled by Vexed Seller

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If you wondered, as we did, why Christie’s Jean-Michel Basquiat painting “Museum Security” was withdrawn from the sale, your answer lies in the Daily News. The painting became part of a title dispute. In the process, the suit reveals some interesting details about the way third-party guarantees are structured and how some sellers just can’t accept the way a market works:

The highbrow brouhaha was set in motion in September 2011 when Churchill-Spencer sold the painting to the Mugrabi family firm, Jombihis Corporation, for $6.125 million.

Shortly afterward, the Mugrabis struck a deal with a third party to sell the Brooklyn-born Basquiat’s work at auction.

Christie’s estimated that the 1983 painting, titled “Museum Security (Broadway Meltdown),” would go for anywhere from $9-$12 million.

The Mugrabis’ buyer guaranteed that he would purchase the painting for at least $8.7 million — but if it sold for more at the auction, the profit would be split with the Mugrabis.

But an enraged Spencer-Churchill intervened, saying he was duped in his original deal with the Mugrabis.

According to the suit filed in Manhattan Supreme Court, Jose Mugrabi’s son, Alberto, tried to buy the painting from Spencer-Churchill for $5.5 million in early 2011.

Spencer-Churchill, whose father is a distant cousin of the legendary British leader, refused. He was so incensed by the offer he instructed his dealer to sell the painting for no less than $6 million to anyone but a member of the Mugrabi family.

The unidentified dealer ended up selling the painting to the Jombijis Corp. for $6 million — plus a commission of $125,000 and a bonus of one piece of art and an antique from the Mugrabi family collection, the suit says.

Winston Churchill relative has unjustifiable case of seller’s remorse over painting, according to lawsuit (NY Daily News)

Mugrabi Has 100 Warhols in Front of Authentication Board

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Kelly Crow reports that the Warhol Authentication Board has 175 works that have been submitted and must be ruled upon before they wind up:

Jose Mugrabi, a major dealer and collector who owns at least 800 Warhols, called the board’s dissolution “totally irresponsible.” He said there are still “hundreds” of Warhols in existence that have yet to be tracked down and authenticated by scholars. He said at least 100 of the Warhols before the board now belong to him.

“I have to sit down,” Mr. Mugrabi said when informed of the board’s vote. “They have an obligation to finish their job.”

What is striking about today’s decision is the Foundation’s unwillingness to address the serious concerns raised about the Authentication Board by critics like Richard Dorment. Shutting the board does nothing to restore the Foundation’s credibility.

Is That a Fake Warhol? Even His Foundation Isn’t Sure (Wall Street Journal)

The Economist v. Ségalot, pt. 2

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The Economist seems to be suggesting that there was a quid pro quo during the Phillips de Pury Carte Blanche sale. The magazine asks why so much money was paid for Warhol’s, The Men in Her Life:

Irving Blum, the Los Angeles dealer who gave Warhol his first solo show, was shocked by the disparity in results. The prices, he affirmed, were “incredibly peculiar.”

And suggests that the consignor, José Mugrabi, was behaving out of character when he bought two of the top lots in the sale:

José Mugrabi and his family have a reputation for being bargain-hunting dealers with large inventories of Andy Warhol, Jean-Michel Basquiat and Damien Hirst. In this sale, they acquired the lots that featured on both the front and back covers of the catalogue, in each case taking the unusual step of paying more than the high estimate. They bought Mr Cattelan’s “Stephanie” for $2.4m and Takashi Murakami’s “Miss ko2” for $6.8m.

A Passion that Knows No Bounds (Economist)

Mugrabi Chases Kossoff

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The ever-watchful Colin Gleadell points to the unexpected success of British painters in the London Contemporary sales. Frank Auerbach set a new Pound-denominated record even though he remains publicity shy. But the driving force behind the Kossoff record was Jose Mugrabi, better known as a collector of Warhol and Basquiat:

Also from Green’s collection at Sotheby’s was another large north London scene — King’s Cross, March Afternoon, painted in 1998 by Auerbach’s close friend Leon Kossoff. Even more media-shy than Auerbach, Kossoff is one of the least appreciated of the main School of London artists. Only three of his works have exceeded a quarter of a million pounds at auction, his best price previously being £337,500.Continue Reading

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